The Asia Pacific Digital Payment Market would witness market growth of 21.8% CAGR during the forecast period (2020-2026). The increasing penetration of smartphones in the developing countries is anticipated to boost the growth of the market. In addition, the adoption of digital payment services is expected to increase with the launch of mobile wallets around the world where a user needs to add money to the wallet for its further use.
Factors like favorable government policies, more convenience, and developing consumer behavior are boosting the demand for cashless payments. Many governments are trying to reduce their cost incurred in the printing of currencies and address the issue of fake currency that affects the economic growth with digitalization, thus making a favorable environment for cashless and digital payments.
In recent years, Facial recognition technology has gained massive traction around the globe. Many companies are trying to offer payment methods based on facial recognition to the retail stores. With the help of this technology, vendors can reduce a customer’s checkout time in their stores. One of the main factors that fuel the market growth is the rising e-commerce sales around the world. There is an increasing usage of contactless cards and mobile payment apps among people to make online payments in recent times.
Based on Component, the market is segmented into Solutions and Services. Solutions Segment is further bifurcated across Payment Processing, Payment Gateway, Application Program Interface, Transaction Risk Management, Payment Security & Fraud Management and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Retail & eCommerce, Transportation & Logistics, Healthcare, Telecom & IT, Media & Entertainment and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The China market dominated the Asia Pacific Small & Medium Enterprises Digital Payment Market by Country 2019, growing at a CAGR of 21 % during the forecast period. The Japan market is experiencing a CAGR of 22.7% during (2020 - 2026). Additionally, The India market is poised to grow at a CAGR of 24% during (2020 - 2026).
The BFSI market dominated the Malaysia Digital Payment Market by End User 2019, thereby, achieving a market value of $838.8 million by 2026. The Retail & eCommerce market is showcasing a CAGR of 24.5% during (2020 - 2026). The Transportation & Logistics market would exhibit a CAGR of 27% during the forecast period. Additionally, The Healthcare market is expected to witness a CAGR of 27.3% during (2020 - 2026).
Free Valuable Insights: Digital Payment Market in Asia Pacific is expected to register a CAGR of 21.8% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fidelity Information Services (FIS), Inc., Fiserv, Inc., PayPal Holdings, Inc. (eBay), Visa, Inc., Mastercard, Inc., Apple, Inc., Naspers Limited (PayU Group), Adyen N.V., Square, Inc., and Global Payments, Inc.
By Component
By Deployment Type
By Enterprise Size
By End-User
By Country
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