Digital Payments - Asia
Asia- Total transaction value in the Digital Payments market is projected to reach US$*****tn in ****.
- Total transaction value is expected to show an annual growth rate (CAGR *********) of ****% resulting in a projected total amount of US$*****tn by ****.
- The market's largest market is Mobile POS Payments with a projected total transaction value of US$****tn in ****.
- From a global comparison perspective it is shown that the highest cumulated transaction value is reached in United States (US$*****tn in ****).
Definition:
The Digital Payments market segment is led by consumer-to-business transactions and includes payments for products and services which are made over the Internet as well as digital payments at point of sale (POS). Digital Payments in this definition includes payments made via digital wallet applications, account-to-account (A2A) transfers, buy now, pay later (BNPL), payments via cryptocurrencies, and credit, debit and prepaid cards. Digital Payments in this definition is focused on consumer-to-business payments and excludes business-to-business payments, person-to-government, and person-to-person payments.Structure:
The markets in Digital Payments include Digital Commerce and Mobile PoS payments.Additional Information:
The market comprises transaction values, average transaction value per user, users and user penetration rates. Transaction values in the Digital Payments market segment refers to consumer transactions made via the Internet.- Digital wallets
- Account-to-Account (A2A)
- Buy Now, Pay Later (BNPL)
- Cryptocurrencies
- Credit, Debit and Prepaid cards
- Cash payments
- Cash on delivery (COD)
- Post-pay transactions
- Business-to-business payments
- Person-to-government payments
- Person-to-person payments
Transaction Value
Users
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:
Figures are based on transaction values, revenues, 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 data provided by the World Bank, annual financial reports of key players industry reports, third-party reports, publicly available databases, annual market size estimates, country flow estimates, and survey results from primary research (e.g., the Statista Consumer Insights). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, inflation rates, exchange rates, unemployment, 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 particular market. In this market, we use a multiple linear regression method to forecast future development. The main drivers for the Digital Payments market are consumer spending, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. The scenario analysis is based on a Monte Carlo simulation approach generating a range of possible outcomes by creating random variations in forecasted data points, based on assumptions about potential fluctuations in future values. By running numerous simulated scenarios, the model provides an estimated distribution of results, allowing for an analysis of likely ranges and confidence intervals around the forecast.Additional notes:
The market is updated twice a year in case market dynamics change.Finance
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