Market Size of Asia-Pacific Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 13.93 Trillion |
| Market Size (2029) | USD 26.03 Trillion |
| CAGR (2024 - 2029) | 13.32 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Payments Market Analysis
The Asia-Pacific Payments Market size is estimated at USD 13.93 trillion in 2024, and is expected to reach USD 26.03 trillion by 2029, growing at a CAGR of 13.32% during the forecast period (2024-2029).
- In Asia-Pacific, consumers are increasingly moving to contactless and electronic payments. They continue to move away from using cash. The main reason for this change is the incredible speed at which payment technology is evolving in the region.
- In emerging and developing regions such as the Asia Pacific, mobile payments have grown tremendously due to the ease of transactions, the widespread use of smartphones, and the financial inclusion capabilities of technology.
- With the spread of smartphones and the Internet, the adoption of mobile wallets has been accelerating over the years. China and India now make up more than 50% of the world's smartphone population, making e-Wallet use the mainstream. They provide convenience and security for payment processing and are currently at the forefront of payment changes. Additionally, the unique characteristics of the payment environment in the Asia-Pacific region are that the government is actively pursuing policies that encourage cashless payments.
- However, data privacy remains a big challenge for mobile phone applications providing payment services. Companies continuously attempt to create simpler and safer methods of authenticating their clients' identities, increasing their policies' safety and dependability. Some companies look forward to integrating official papers like driver's licenses to verify users and avoid fraudulent accounts. Such measures help to strengthen mobile payments.
- •During the COVID-19 pandemic, digital payments accelerated in the Asia-Pacific region. Physical or contactless cards and digital wallets were the most common payment methods during the pandemic, but in some countries, during the Covid-19 pandemic cash remained the primary payment method. Further, to seamlessly transition to mobile payments, which may be an integral part of the more digital post-COVID-19 world, the Asian economies are poised to strengthen their regulatory frameworks and invest in digital networks and infrastructure, such as those enabling the usage of digital IDs.
