APAC payments gateway market to rise 30% as cashless economy expands | Asian Business Review
Photo by Jonas Leupe via Unsplash.

APAC payments gateway market to rise 30% as cashless economy expands

The market is expected to grow by over 11% between 2023-2027.

The global payments gateways market is expected to expand by 11.72% over the next five years, with APAC playing a pivotal role in propelling this growth.

APAC’s regional market is estimated to witness a growth of 30% during the period thanks to the increasing adoption of digital payments, according to a report by market research company Technavio. 

Consumers in sectors such as e-commerce and BFSI, for example, are utilizing payment gateway solutions integrated in online platforms for more secure online transactions. They are also now using hardware devices like smartphones and PoS systems for more security.

Amongst markets, India and Japan lead in APAC, particularly in the UPI industry.

ALSO READ: Empathy deficit erodes customers’ trust in banks

The shift towards a cashless economy has also accelerated, Technavio noted.

“Amidst the pandemic, the shift towards a cashless economy has accelerated, with platforms like Flipkart-owned PhonePe and Worldline facilitating digital payments through bank apps, mobile-based apps, and internet banking,” the report said.

This growth of the cashless economy, alongside lingering effect of the COVID-19 pandemic, has helped the market for payment gateways to experience significant expansion.

ALSO READ: Are ATM cash withdrawals making a comeback?

Despite these benefits, financial losses and business interruptions due to cyberattacks remain a concern, Technavio warned. 

“As consumers continue to incline towards online payments, payment processing companies must prioritize security and customer relationships to maintain trust and build a cashless economy,” it said.

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Chinese insurers deem it wise to move to alternative investments
Analysts see new regulations driving a conservative shift as insurers seek stability amidst volatile markets.
Dharmais Cancer Hospital leads cancer treatment innovation in Indonesia
CEO Soeko Werdi Nindito Daroekoesoemo unveils advanced technology and seven flagship programmes for cancer treatment.
Is ‘Londonisation’ good for Asia’s M&A insurance market?
Industry experts dissect the region’s low usage rates for M&A insurance despite more industry players entering the field.
Blurring lines between online and offline retail in Asia Pacific
Foodpanda executive explains consistent service levels through efficient logistics and quality control measures.