Asia Pacific E-Commerce Payment Market Growth Prospects 2023 Strategies for Scaling Your Business

The Asia Pacific E-Commerce Payment market held a market value of USD 2,080 Billion in 2021 and is projected to reach USD 14,557.1 Billion by the year 2030. The market is anticipated to grow at a CAGR of 24.51% from 2022 to 2030.

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When a good or service is purchased online, the payment is done using an electronic medium. The payment mode, without the use of cheque or cash is known as an e-commerce payment system. The market is expected to be driven by the increasing penetration of smart payments technologies coupled with the growing e-commerce industry. Furthermore, the multi-channel payment infrastructure is also estimated to fuel the market growth. Despite the driving factors, the user privacy and safety concerns during online payment is also expected to hinder the market growth.

Growth Influencers:

Multi-channel payment infrastructure
Multi-channel payment offer customers various mobile and/or online channels to pay. Multi-channel payments make the payments more easier as well as faster, which attracts more customers as well as appeal the existing ones. The payment method makes it convenient to choose their payment method. Some of the e-commerce giants such as Flipkart, Alibaba, and Amazon, among others use multichannel payment systems for retaining their customers. Therefore, multi-channel payment infrastructures are expected to boost the market growth.

Segments Overview:

The Asia Pacific E-Commerce Payment market is segmented into transaction type and application.
By Transaction Type,

? Credit Card
? Debit Card
? Smart Card
? Bank Transfer
? Cash on Delivery
? E-Wallet
? E-Commerce Payment Gateways
? Others

The E-wallet segment is expected to account for the largest market share in 2021 owing to its ease of use. It is estimated to account for more than 2/5th of the market share. Furthermore, the debit card segment is anticipated to witness the fastest growth rate of around 25.2% over the forecast period owing to the rising adoption of debit cards globally.

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By Application,
? Fashion
? Electronics & Media
? Furniture
? Food
? Personal Care
? Bookings & Tickets
? Bills & Recharge
? Medical
? Others

The fashion segment accounted for the largest market share of more than 20% in 2021 as it is one of the most frequently purchased e-commerce category. According to Rapyd Ltd, in 2020, in South Korea, around 77% of the clothing, shoes, and accessories shopping was carried out using e-commerce platforms. The food segment is estimated to witness the fastest growth rate of around 26% owing to the growing number of online food applications. The electronics and media segments holds an opportunity of more than USD 2,000 during 2022 to 2030.

Country Overview

By country, the Asia Pacific E-Commerce Payment market is divided into China, India, Japan, South Korea, Australia & New Zealand, ASEAN, and the Rest of Asia Pacific. ASEAN is further classified into Malaysia, Thailand, Philippines, Vietnam, Singapore, and Indonesia.

China segment is estimated to hold the largest market share of around 70% in 2021 owing to the growing e-commerce industry in the country. India is expected to witness the fastest growth rate of around 28.6% owing to the growing adoption of digital payments in the country.

On the other hand, within the ASEAN region, Thailand is expected to account for the largest market share, amounting to around USD 30 Billion in 2021. This is owing to the high usage of the online payment method in the country. According to Rapyd, as of 2020, around 66% of the people in Thailand use True Money, a popular payment method in the country. Similarly, Malaysia is estimated to witness the fastest growth rate of around 26.02% owing to the high smartphone penetration in the country, According to Rapyd, as of 2020, around 64% people in Malaysia used smartphones.

Competitive Landscape

Major players in the Asia Pacific E-Commerce Payment market include Affinpay, Alipay, Amazon Payments, Inc., American Express Company, Authorize.Net, Bigcommerce, CCBill, LLC, Circle, Dailypay, Google Pay, MasterCard Incorporated, PayPal Holdings, Inc, Remitly, Stripe Inc., UnionPay International Co., Ltd., Visa, Inc., WePay Inc. and Other prominent players. The cumulative market share of the four major players is over 38%. These market players are engaged in mergers & acquisitions, collaborations, and new product launches, among other initiatives, to strengthen their market presence. For instance, in December 2021, American Express expanded its partnership with Nova Credit, for expanding credit access to its customers from Dominican Republic, Nigeria, Brazil, and Kenya, who have moved to the U.S.

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The Asia Pacific E-Commerce Payment market report provides insights on the below pointers:

? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Asia Pacific E-Commerce Payment market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Comparison Between Top E-Commerce Payment Gateways: Top Gateways in Asia Pacific, Cash Free Payment Gateway Charges in India, Pay U Payment Gateway Charges in India, Instamojo Payment Gateway Charges

The Asia Pacific E-Commerce Payment market report answers questions such as:

? What is the market size and forecast of the Asia Pacific E-Commerce Payment Market?
? What are the inhibiting factors and impact of COVID-19 on the Asia Pacific E-Commerce Payment Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Asia Pacific E-Commerce Payment Market?
? What is the competitive strategic window for opportunities in the Asia Pacific E-Commerce Payment Market?
? What are the technology trends and regulatory frameworks in the Asia Pacific E-Commerce Payment Market?
? What is the market share of the leading players in the Asia Pacific E-Commerce Payment Market?
? What modes and strategic moves are considered favorable for entering the Asia Pacific E-Commerce Payment Market?

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