APAC Leads the Way in Digital Payments Growth, India Sees Significant Surge
India witnesses rapid growth in digital payments, surpassing other APAC countries, with China dominating the market.
Digital PaymentsApacIndiaChinaE CommerceReal Estate NewsJun 18, 2024
Led by China, alternative payment methods have gained traction, with India closely following. This growth has propelled India to second place in share growth, increasing from 20.4% in 2018 to 58.1% in 2023. The Asia-Pacific region favors digital wallets for e-commerce transactions, thanks to the increasing accessibility of smartphones and the internet.
Other countries in the region, such as the Philippines, Malaysia, and Indonesia, have also witnessed significant growth in alternative payment methods. China dominates the market, with over 65% of e-commerce transaction value. A survey conducted in Q2 2023 with over 50,000 respondents across 40 countries has revealed the growing trend towards digital payments.
This shift towards digital payments is expected to continue, driven by the increasing adoption of smartphones and the internet, as well as the convenience and security offered by online payment methods. As a result, businesses and individuals alike are expected to benefit from the rapid growth of digital payments in the Asia-Pacific region.
Information
The Asia-Pacific region has been at the forefront of digital payment adoption, driven by the increasing use of smartphones and the internet. Countries such as China, India, and Indonesia have made significant strides in promoting digital payments, with the aim of reducing cash transactions and increasing financial inclusion.
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Frequently Asked Questions
What is driving the growth of digital payments in APAC?
The growth of digital payments in APAC is driven by the increasing adoption of smartphones and the internet, as well as the convenience and security offered by online payment methods.
Which country dominates the digital payment market in APAC?
China dominates the digital payment market in APAC, with over 65% of e-commerce transaction value.
What is the share growth of digital payments in India?
The share growth of digital payments in India has increased from 20.4% in 2018 to 58.1% in 2023.
What is the preferred payment method for e-commerce transactions in APAC?
Digital wallets are the preferred payment method for e-commerce transactions in APAC, due to the increasing accessibility of smartphones and the internet.
How many respondents were surveyed in the Q2 2023 survey?
Over 50,000 respondents across 40 countries were surveyed in the Q2 2023 survey.
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