Asia Pacific Real Time Payment Market Size (2024 - 2029)

APAC Real Time Payment Market Analysis

Asia Pacific Real-Time Payment Market is expected to grow by 32.5% CAGR in the forecasted period. The growing number of smartphone users around the region and the faster transaction speeds compared to alternative methods are propelling the market forward. Over the forecast period, increased acceptance of real-time payment solutions among retailers and retail shop owners is expected to boost market expansion. Although, cybersecurity worries and the difficulties encountered during financial transfers are two factors that may have a detrimental impact on market growth.

• Consumers, businesses, and governments in emerging nations such as India, China, Thailand, Vietnam, etc., are adopting quick payments to gain greater ease and financial security, driving up demand for the solutions.
• The market is primarily supported by the growing use of cell phones worldwide and the ever-increasing desire for quick clearing and reimbursement of money transactions between vendors and purchasers. Furthermore, the market is predicted to develop due to the growing acceptance of real-time payment solutions by web-based business sellers and retail location owners. These systems offer advantages such as faster transaction speeds than other electronic techniques, real-time communications, extensive data transactions, and vendor and corporate organization accessibility 24 hours a day, seven days a week.
• Additionally, rising volumes of cashless transactions and a growing shopper preference for systems like net and mobile banking will add to industry expansion. Due to the increasing popularity of FinTech administrations such as Samsung Pay, Google Pay, and Apple Pay, the industry is likely to grow significantly. Furthermore, expanding the combined efforts of these services/service organizations and regional banks to launch advancements, such as the provision of speedy advances and money-less payments, would accelerate the industry even further.
• According to ACI Worldwide and the Centre for Economics and Business Research's research, Globaldata's Prime-Time for Real-Time 2022, (Cebr). Thailand was the fourth-largest country in the world regarding real-time transactions, with 9.7 billion. In 2021, widespread adoption of real-time payments was expected to save businesses and consumers USD 1.3 billion, resulting in USD 6 billion in additional economic production, representing 1.12% of the country's GDP.
• Lockdowns imposed as a result of COVID-19 enhanced e-commerce and food apps, driving the real-time payments business as well. Real-time payments, for example, accounted for 31.3 percent of overall payments transaction volume in India in 2021, according to ACI, owing to merchant acceptance of UPI-based mobile payment apps and QR code payments, as well as increasing use of digital payments during the Covid-19 outbreak.

APAC Real Time Payment Industry Segmentation

Real-time payments are instant or immediate payments and are defined by the Euro Retail Payments Board (ERPB) as electronic retail payment solutions that are available 24/7/365. Immediate payments enable businesses and consumers to make and receive payments in real-time, providing convenience, speed, and faster availability of funds.

Asia Pacific Real-Time Payment Market is segmented by Type (P2P, P2B) and by Country (China, India, Japan, South Korea, and the Rest of the Asia-Pacific).