Asia has become a testing ground for integrated payments innovation

DUBLIN, March 10, 2022 /PRNewswire/ — The “Business and Investment Opportunities in Integrated Payments in Asia-Pacific – Q1 2022 Update” report has been added to from ResearchAndMarkets.com offer.

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Asia Pacific The integrated payment industry is expected to grow 41.8% on an annual basis to reach US$54,298.7 million in 2022.

The in-app payment industry is expected to grow steadily over the forecast period, registering a CAGR of 23.8% during 2022-2029. Revenue from integrated payments in the region will increase from US$54,298.7 million in 2022 to reach US$170,981.6 million by 2029.

the Asia Pacific is home to half of the world’s Internet users, with a median age of just 30. How these digitally conscious customers pay for products and services is critical to their entire digital experience. As a result, Asia has become a testing ground for integrated payment innovation.

Foreign players are launching new solutions to establish themselves in Japan

The Covid-19 pandemic has accelerated the expansion of the e-commerce sector in Japan, and as more Japanese people embrace online shopping, electronic payments are becoming increasingly popular. With the growing demand for transparent payment options in Japan, competition is intensifying between market players to offer an enriched customer experience. Additionally, market players are launching new products to acquire more customers in Japan and tap on the attractive opportunity.

  • In May 2021Dutch payment platform provider Adyen has launched a new solution to expand its provisioning capabilities in Japan. This new launch follows the launch of Adyen’s local acquisition capabilities in Australia, New Zealand, hong kong, Malaysiaand Singapore.

  • This announcement expands Adyen’s local acquisition capabilities in Asia Pacific. This new launch is fueled by growing demand from international and domestic merchants to better serve Japanese buyers.

Market players obtain new licenses in Singapore to expand their presence in the country

that of Singapore long history of supporting new sectors is why many of the world’s most innovative companies are eager to expand their presence in Singapore. The country has become a global hotspot for fintech startups.

However, customers of Singapore always prefer to make cash payments. While Singapore does not intend to completely replace the use of cash with contactless payment technologies soon, the Monetary Authority of Singapore sponsored several initiatives changing the way the people of the city-state use money.

Thanks to this growing support from the Singapore government, market players obtain the necessary licenses to expand their presence in the country.

  • In May 2021a global platform provider, Adyen Singapore Pte Ltd, has received approval from the Monetary Authority of Singapore (MAS). Under this approval, the company can implement domestic merchant acquiring and money transfer services under the Payment Services Act (PSA) 2019.

  • In January 2022, AustraliaThe fintech platform Airwallex has expanded its presence in Singapore. The company has obtained its major payment institution license (MPI) from the Monetary Authority of Singapore.

With the Singapore With growing government support for fintech companies, the country is expected to see an influx of new product launches and technology development in payment platforms in the coming quarters.

Market players team up to develop cross-border payment capabilities

With ever-increasing competition in the payments industry, market players are coming together to combine their expertise and jointly develop cross-border payment capabilities.

  • In November 2021, SingaporeCross-border payments and fintech provider Thunes has entered into a strategic partnership with UKfinancial software provider Finastra Limited.

  • Under this partnership, the companies will enable Finastra customers to access new payment rails in more than 115 markets. The customer will gain access to new payment rails in more than 115 markets, allowing them to send money to countries or use payment methods that they could not use before. The launch of the new product is expected to provide an improved cross-border payment experience.

Scope

In-App Payments Market Size and Forecast

Integrated payment by consumer segments, 2020 – 2029

Integrated payment by end-use sector, 2020 – 2029

  • Integrated payment in retail and consumer goods

  • Integrated payment in digital products and services

  • Payment integrated into utility bill payment

  • Integrated Payment in Travel and Hospitality

  • Integrated payment in leisure and entertainment

  • Integrated payment in health and well-being

  • Integrated payment in office supplies and equipment

  • Embedded payment in Other

The region and countries included in this report are:

  • Australia

  • Bangladesh

  • China

  • India

  • Indonesia

  • Japan

  • Malaysia

  • South Korea

  • Philippines

  • Singapore

  • Taiwan

  • Thailand

  • Vietnam

For more information on this report, visit https://www.researchandmarkets.com/r/dapbw8

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Research and Markets
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