Digital Payments - Asia

Asia

The [currentlayername] market asia is set to witness a remarkable surge, with the total transaction value projected to reach an astounding [revenueyeartoday] by the year 2024.
This impressive growth is expected to continue with an annual growth rate of 9.81% from 2024 to 2028, resulting in a projected total amount of AU$11.75tn by 2028.
Among the various segments within the [currentlayername] market, Digital Commerce stands out as the largest.
It is estimated to achieve a total transaction value of AU$4.93tn by 2024.
This segment's dominance is evident not only withasia but also on a global scale.
When comparing the cumulative transaction values across different countries, China emerges as the clear leader.
In 2024, China is expected to reach a staggering total transaction value of AU$5,752.00bn , surpassing all other countries in the market.
This highlights China's significant role in shaping the [currentlayername] landscape, not only withasia but also globally.
In China, mobile payment apps such as Alipay and WeChat Pay have become a dominant force in the digital payments market, transforming the way people make transactions.

Key regions: Japan, Germany, Brazil, United States, Asia

Market

Region

Region comparison

Currency

Analyst Opinion

The digital payments market is currently experiencing a surge in growth, driven by the increasing adoption of e-commerce and mobile payments, as well as the rise of contactless payments due to the COVID-19 pandemic. Digital wallets and mobile payment apps such as PayPal, Venmo, and Cash App have become increasingly popular among consumers, allowing for seamless and secure transactions. Additionally, the growth of fintech startups and the integration of blockchain technology into payment systems have contributed to the expansion of the digital payments market.
Several factors are driving the growth of the digital payments market. Firstly, the convenience and speed of digital payments have made them a preferred method of payment for consumers, particularly among younger generations. Secondly, the increasing digitization of businesses has led to a growing demand for digital payment solutions that can streamline transactions and reduce costs. Thirdly, the rise of e-commerce and online marketplaces has increased the need for secure and efficient payment systems that can facilitate cross-border transactions. Finally, the COVID-19 pandemic has accelerated the adoption of contactless payments as consumers and businesses prioritize safety and hygiene.
The global digital payments market is projected to grow at to have a postive growth in the coming years. The Asia-Pacific region is expected to dominate the market, followed by North America and Europe, owing to the increasing adoption of digital payments in these regions. The rising number of partnerships and collaborations among payment service providers and the implementation of advanced technologies such as blockchain and artificial intelligence are also expected to drive market growth in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.