Asia-Pacific Digital Payment Market Analysis Report 2023-2027: Rapid Rise of Real-Time Payments, Proximity Mobile Payments, China's Dominance

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Nov 13, 2023, 17:15 ET

DUBLIN , Nov. 13, 2023 /PRNewswire/ -- The "Asia-Pacific Digital Payment Forecasts 2023-2027" report has been added to ResearchAndMarkets.com's offering.

By 2026, the non-cash transaction volume worldwide is projected to almost double

The global digital payments market is primed for substantial growth, with non-cash transaction volumes worldwide anticipated to surge by over 57% starting in 2023, ultimately exceeding an astonishing 2 trillion transactions by 2026.

A standout revelation from the report is the rapid ascent of real-time payments throughout the Asia-Pacific region. Real-time payment volumes are poised to skyrocket, escalating from 49.2 billion in 2022 to an impressive 300 billion-plus by 2027, marking a nearly sevenfold surge. In a more granular examination of the region, the report anticipates that real-time payments will expand their share of total electronic payments from 11% in 2022 to 12% by 2027.

Notably, Southeast Asia is positioned for remarkable growth in proximity mobile payments, with Indonesia leading the pack, expected to reach 34 million users by 2026. Thailand follows closely with 19 million users, and the Philippines with 11 million users.

Japan's cashless payment market is projected to flourish, exceeding EUR 1 trillion by 2025

China is set to solidify its global leadership in digital payments as real-time transactions experience a substantial surge. This report underscores the profound shifts underway in the digital payment landscape across the APAC region.

As real-time payments continue their remarkable ascent, and nations increasingly adopt digital payment solutions, the global non-cash transaction volume is poised for unparalleled growth in the coming years. Specifically, China, a financial juggernaut on the world stage, is forecasted to further fortify its position in the digital payment arena, with the number of real-time transactions projected to surpass 29 billion by 2027.

On a different note, Japan presents a unique scenario within the APAC region. Despite only 8% of Japanese adults using digital wallets daily in May 2022, a significant 49% did not use digital wallets at all during that period. Nevertheless, the cashless payment market in Japan is expected to thrive, reaching over EUR 1 trillion by 2025, albeit with a declining annual growth rate beginning in 2023.

Questions Covered in the Report:

What's the projected global non-cash transaction volume growth by 2026?
How much will Asia-Pacific's real-time payment volume grow from 2022 to 2027?
Which Southeast Asian countries are set for significant growth in proximity mobile payments by 2026?
What's the 2027 forecast for real-time transactions in China?
How will Japan's cashless payment market size change by 2025?

Key Topics Covered:

1. Management Summary

2. Global Developments

Digital Payments Market Size, in USD trillion, 2023e & 2030f
Non-Cash Transaction Volume, by Regions, in billions, and Y-o-Y Change of Global Value, in %, 2021e-2026f
B2B Non-Cash Transaction Volume, by Regions, in billions, and Y-o-Y Change of Global Value, in %, 2020-2026f
Number of Contactless Transactions, in trillions, 2022e & 2027f
Number of Contactless Mobile Payment Users, in billions, 2022e & 2024f
Digital Wallet Transaction Value, in USD trillion, 2023e & 2028f
Share of Shoppers Who Paid For Their Most Recent Physical Purchase With a Mobile Payment, in % of Shoppers, Q1 2022, Q2 2022 & Q3 2022
Share of Online Shoppers Who Paid For Their Most Recent Online Purchase With a Mobile Wallet, in % of Online Shoppers, Q1 2022, Q2 2022 & Q3 2022

3. Asia-Pacific
3.1. Regional

Real-Time Payments Volume, in billions, 2022 & 2027f
Real-Time Payments Share of Total Electronic Payments, in %, 2022 & 2027f
Proximity Mobile Payment Users, by Country, in millions, 2022e-2026f

3.2. China

Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f

3.3. Japan

Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
Cashless Payment Market Size, in USD trillion, 2021-2025f
Share of Shoppers Who Paid For Their Most Recent Physical Purchase With a Mobile Payment, in % of Shoppers, Q1 2022, Q2 2022 & Q3 2022
Share of Online Shoppers Who Paid For Their Most Recent Online Purchase With a Mobile Wallet, in % of Online Shoppers, Q1 2022, Q2 2022 & Q3 2022

3.4. South Korea

Number of Real-Time Payment Transactions, in billions, 2022 & 2027f

3.5. India

Mobile Wallet Payments Value, in USD billion, 2023e & 2027f
Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f

3.6. Indonesia

Digital Banking Transaction Value, in USD billion, January 2022 & January 2023
Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f

3.7. Singapore

Share of Shoppers Who Paid For Their Most Recent Physical Purchase With a Mobile Payment, in % of Shoppers, Q1 2022, Q2 2022 & Q3 2022
Share of Online Shoppers Who Paid For Their Most Recent Online Purchase With a Mobile Wallet, in % of Online Shoppers, Q1 2022, Q2 2022 & Q3 2022
Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f

3.8. Philippines

Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f

A selection of companies mentioned in this report includes

Alipay
Android Pay
Apple Pay
Paypal
Samsung Pay

For more information about this report visit https://www.researchandmarkets.com/r/bg8crt

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