The Total Value of Asia-Pacific(APAC) Card Payment Processing Market is Likely to Reach USD 13,329.5 mn by 2025, Growing at a CAGR of 22.45 % During 2020-2025
LONDON, UNITED KINGDOM, January 20, 2021 /EINPresswire.com/ — The Asia-Pacific (APAC) Card Payment Processing Market is expected to grow significantly over the forecast period (2020 to 2025). The rising preference for cashless payments owing to greater convenience, favorable government policies are the key drivers of the Card Payment Processing Market in the APAC region. The total addressable market for APAC Card Payment Processing Market is projected to reach USD 13,329.5 million by 2025, at a CAGR of 22.45 % over the forecast period (2020 to 2025), according to QuantAlign Research.
Over the past decade, payment technology has changed rapidly on account of rising e-commerce market, and rapid rise in smartphone penetration across the emerging economies. The demand for smartphone in APAC is increasing at the highest rate across the globe, and with technological advancement such as 5G, the number of consumers is expected to augment over the coming years. These developments have prompted retail stores, and other commerce services to adopt and integrate mobile payment applications, such as PayPal, Apple Pay, AliPay, and many others in order to accept payments. Opportunities in the APAC region have drawn the attention of major global payment processing players. With cards becoming the primary mode of payment online for the services and goods, the APAC Card Payment Processing Market is poised to grow at a significant CAGR.
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Based on payment card, Visa dominated the APAC market, and is projected to retain its dominance during 2020-2025. The segment growth is attributed to the company scale, and shift to digital commerce in APAC region
On the basis of payment mode, the E-Wallet segment has emerged as the largest mode of payment owing to large volume of cross border transaction
Regionally, China held the major market share of xx% in 2019, and is likely to maintain its dominance over the forecast period. Moreover, India is expected to emerge as a fastest growing market in APAC region over the forecast period
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On the basis of security standard, the PCI-DSS compliance holds the major share in the APAC Card Payment Processing Market in 2019, the implementation rate for PCI-DSS compliance growing at a healthy rate in APAC region. Geographically, organizations in the Asia-Pacific (APAC) region have shown a stronger ability to maintain greater compliance in comparison to Europe, Middle East and Africa (MEA) and the North America. PCI DSS helps organizations providing card payment services secure their payment processes from data breaches and fraud.
On the basis of end-use, the B2C segment is expected to register high growth in terms of revenue. The growth in B2C segment is attributed to increase in disposable income driving mobility in the cross-border transactions. Furthermore, APAC region is also experiencing an increase in the working-age population given the median population age of 29, which has led to growing popularity in B2C E-Commerce
On the basis of Country, Card Payment Processing Market is likely to register the highest CAGR over the forecast period, and is anticipated to exhibit a robust growth over the forecast period. The India card payment processing market is estimated to reach USD xx million by 2025, while augmenting at a healthy CGAR of xx% over the forecast period. The card transaction processing market in the region is led by China. China has the highest cross-border online penetration rates in APAC, and is also the largest e-commerce exporter holding xx% of the APAC card transaction market. The market for Australia's consumer e-commerce sector, have risen over the past few years at a double-digit pace. A stable economy and robust internet infrastructure have supported revenues, with a limited population, rather than a high number of consumers.
Key players operating in the APAC Card Payment Processing Market include: Stripe, Asia Pay, PayPal Pte Ltd., Afterpay, Chargebee, eWAY, Braintree, Alipay, 99bill.com, 2C2P Pte. Ltd., Razorpay, KGInicis Co., Ltd., GMO Payment Gateway, Amazon Pay, Doku, MOLPay, Adyen N.V. among others.
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Source: EIN Presswire