Asia Pacific Digital Payment Market

The APAC digital payment market is expected to grow from US$ 18,669.91 million in 2021 to US$ 56,718.42 million by 2028; it is estimated to grow at a CAGR of 17.2% from 2021 to 2028.

Financial services companies are emphasizing open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector, and use superior offers and services to avoid being disintermediated by new entrants. Companies such as PayPal and Visa are supporting open banking projects. Also, in several countries, open banking initiatives are progressively becoming the norm because banks are legally required to make account information accessible via APIs. Open Banking APIs boost a bank's attractiveness and enable it to meet the changing expectations of existing clients, along with attracting new ones. The APIs may also be used as a one-of-a-kind solution to boost customer interaction and respond to consumer requirements in a safe, agile, and future-proof way. Open Banking APIs are significant assets for financial services organizations because they allow them to expand service offerings, boost client interaction, and create new digital income channels.

China is the most crucial manufacturer and industrial producer, as it trades more manufacturing goods than any other country across the world. A study by Center for Strategic and International Studies reported a drop in the Gross Domestic Product (GDP) of China in 2020. Other major economies, such as India, South Korea, Australia, and Japan, have also been impacted by the pandemic, and they experienced a sharp decline in growth in 2020. However, the increasing number of COVID-19 cases and high death rates in countries, such as India and various Southeast Asian countries, had a slight effect on the digital payment market growth in 2020. Mobility restrictions and cancellation/postponement of various business conferences and events also hampered the overall market in APAC. However, since employees of many enterprises started working from home, the demand for digital payment solutions increased gradually in 2020, which helped mitigate the initial repercussions of the pandemic.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC digital payment market. The APAC digital payment market is expected to grow at a good CAGR during the forecast period.

APAC Digital Payment Market Revenue and Forecast to 2028 (US$ Million)
 

APAC Digital Payment Market Segmentation    

APAC Digital Payment Market, by Component

• Solution
  • Payment Gateway
  • Payment Processing
  • Payment Security and Fraud Management
  • Point of Sale
  • Payment Wallet
• Services
  • Professional Services
  • Managed Services

APAC Digital Payment Market, by Deployment

• On-Premise
• Cloud-Based

APAC Digital Payment Market, by Organization Size

• SMEs
• Large Enterprises

APAC Digital Payment Market, by Industry

• BFSI 
• Retail and Ecommerce
• Healthcare
• Travel and Hospitality
• Media and Entertainment
• IT and Telecom
• Others

APAC Digital Payment Market, by Country

• China         
• Japan
• India
• Australia
• South Korea
• Rest of APAC

APAC Digital Payment Market – Companies Mentioned

• ACI Worldwide, Inc.
• Adyen
• Block, Inc.
• Financial Software & Systems Pvt. Ltd.
• Fiserv, Inc.
• Global Payments Inc.
• Novatti Group Ltd
• PayPal Holdings, Inc.
• PayU

Asia Pacific Digital Payment Market Strategic Insights

Asia Pacific Digital Payment Market Segmentation Analysis

Asia Pacific Digital Payment Market Report Highlights

Asia Pacific Digital Payment Report Scope

Asia Pacific Digital Payment Market Country and Regional Insights