India's Real-Time Payment Transactions to Triple by 2027, Driving Asia-Pacific's Digital Payment Transformation
DUBLIN, Nov. 7, 2023 /PRNewswire/ -- The "Asia-Pacific Online Payment Methods Market 2023" report has been added to ResearchAndMarkets.com's offering.
Asia-Pacific B2C e-Commerce payment value is projected to grow at over 6% CAGR from 2023, surpassing EUR 4 trillion by 2027. This publication provides insights into the current state and future trends of online payments in the region. Among its key findings, the report highlights that not all countries have experienced a boom in digital payment adoption.
China is among the leading countries in digital payment adoption
Digital payment adoption continues to rise in the Asia-Pacific region, as outlined in the report, with China at the forefront of the move toward a cashless society in the APAC region. Online payment user penetration in China has exceeded a high double-digit percentage of the country's Internet users, although user growth has significantly slowed in recent years. Furthermore, China is among the countries projected to experience a double-digit CAGR in B2C e-Commerce payment value from 2023 to 2027.
Cards and digital wallets dominate payment methods in most Asia-Pacific countries
According to the report, the use of alternative payment methods has continued to increase in the APAC region, although the growth rate is forecasted to decline in the coming years. When it comes to the most widely used online payment methods, card payments and digital wallets consistently rank as the top two choices in many countries in the region. In China and India, over 8 out of 10 and 9 out of 10 adults have owned and used a mobile wallet, respectively, in the past year, with the mobile wallet payments value in India expected to grow at a double-digit CAGR between 2023 and 2027. While some countries are experiencing rapid digital payment adoption, countries like Japan and Vietnam are still in the early stages of transitioning to cashless economies.
Real-time payment adoption growing in the APAC region
Another emerging payment form in the Asia-Pacific region is real-time payments, as an increasing number of users seek to replace cash in their daily lives. The Asia-Pacific region is leading the real-time payment domain, with high adoption rates across various countries in the region. According to the publication, India is one of the leading countries in this field and is expected to witness significant growth in the number of real-time payment transactions by 2027, nearly tripling the 2022 figures. Hong Kong is also projected to triple its real-time payment transaction numbers by 2027, experiencing a mid-range double-digit CAGR from 2022.
Key questions answered:
Countries covered in the report:
Key Topics Covered:
1. Key Takeaways
2. Management Summary
3. Global Developments
4.2. Advanced Markets
4.2.2. South Korea
4.2.4. New Zealand
4.3. Emerging Markets
4.3.3. Hong Kong
For more information about this report visit https://www.researchandmarkets.com/r/q2tzgk
SOURCE Research and Markets