Digital payments market to witness over 57% surge by 2023

The global digital payments market is primed for substantial growth, with non-cash transaction volumes worldwide anticipated to surge by over 57% starting in 2023, ultimately exceeding an astonishing 2 trillion transactions by 2026, according to Research and Markets.

A standout revelation from the report is the rapid ascent of real-time payments throughout the Asia-Pacific region. Real-time payment volumes are poised to skyrocket, escalating from 49.2 billion in 2022 to an impressive 300 billion-plus by 2027, marking a nearly sevenfold surge. In a more granular examination of the region, the report anticipates that real-time payments will expand their share of total electronic payments from 11% in 2022 to 12% by 2027.

Notably, Southeast Asia is positioned for remarkable growth in proximity mobile payments, with Indonesia leading the pack, expected to reach 34 million users by 2026. Thailand follows closely with 19 million users, and the Philippines with 11 million users.

Japan’s cashless payment market is projected to flourish, exceeding EUR 1 trillion by 2025

China is set to solidify its global leadership in digital payments as real-time transactions experience a substantial surge. This report underscores the profound shifts underway in the digital payment landscape across the APAC region.

As real-time payments continue their remarkable ascent, and nations increasingly adopt digital payment solutions, the global non-cash transaction volume is poised for unparalleled growth in the coming years. Specifically, China, a financial juggernaut on the world stage, is forecasted to further fortify its position in the digital payment arena, with the number of real-time transactions projected to surpass 29 billion by 2027.

On a different note, Japan presents a unique scenario within the APAC region. Despite only 8% of Japanese adults using digital wallets daily in May 2022, a significant 49% did not use digital wallets at all during that period. Nevertheless, the cashless payment market in Japan is expected to thrive, reaching over EUR 1 trillion by 2025, albeit with a declining annual growth rate beginning in 2023. Research and Markets