Asia Pacific Embedded Payment Market Report 2022: Asia has Become a Testing Ground for Embedded Payment Innovation

DUBLIN, March 10, 2022 /PRNewswire/ -- The "Asia Pacific Embedded Payment Business and Investment Opportunities - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.

Asia Pacific's Embedded Payment industry is expected to grow by 41.8% on annual basis to reach US$54,298.7 million in 2022.

The embedded payment industry is expected to grow steadily over the forecast period, recording a CAGR of 23.8% during 2022-2029. The embedded payment revenues 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 only 30 years old. The manner in which these digitally aware customers pay for products and services is critical to their whole digital experience. As a result, Asia has become a testing ground for embedded payment innovation.

Foreign players are launching new solutions to expand their foothold in Japan

The Covid-19 pandemic has hastened the expansion of the e-commerce sector in Japan, and as more Japanese people embrace online buying, electronic payments are becoming increasingly popular. With the growing demand for seamless payment options in Japan, the competition is growing intense among market players to provide an enhanced customer experience. Moreover, market players are launching new products to acquire more clients in Japan and tap the attractive opportunity. 

• In May 2021, Dutch-based payment platform provider Adyen launched a new solution to expand its procurement capabilities in Japan. This new launch followed the launch of Adyen's local acquisition capabilities in Australia, New Zealand, Hong Kong, Malaysia, and 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 serve Japanese buyers better.

Market players are obtaining new licenses in Singapore to expand their foothold in the country

Singapore's lengthy history of support for new sectors explains why many of the world's most innovative enterprises are looking forward to expanding their foothold in Singapore. The country has become a global hotspot for fintech startups.

However, the customers in Singapore still prefer making payments through cash. While Singapore has no plans to replace cash usage with contactless payment technologies soon completely, the Monetary Authority of Singapore has sponsored several initiatives altering the way people in the city-state use money.

With this growing support from the Singapore government, market players are obtaining the required licenses to expand their foothold in the country. 

• In May 2021, a global platform provider, Adyen Singapore Pte Ltd, received approval from the Monetary Authority of Singapore (MAS). Under this approval, the company can implement merchant acquisition and domestic money transfer services under the Payment Services Act 2019 (PSA).
• In January 2022, Australia-based fintech platform Airwallex expanded its presence in Singapore. The company obtained its grant of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

With the Singapore government's expanding support for fintech businesses, the country is anticipated to see an influx of new product launches and technological development in payment platforms in the next few quarters.

Market players are partnering to develop cross border payment capabilities

With the ever-growing competition in the payment industry, market players are joining hands to combine their expertise and jointly develop cross-border payment capabilities.

• In November 2021, Singapore-based cross-border payment provider and fintech firm Thunes entered into a strategic partnership with United Kingdom-based financial software provider Finastra Limited.
• Under this partnership, the companies will allow Finastra clients to access new payment rails across 115+ markets. The customer will access new payment rails in 115+ markets, allowing them to send money to countries or utilize payment methods they previously couldn't use. The new product launch is expected to deliver an enhanced cross-border payment experience.

Scope

Embedded Payment Market Size and Forecast

Embedded Payment by Consumer Segments, 2020 - 2029

• B2B
• B2C

Embedded Payment by End-Use Sector, 2020 - 2029

• Embedded Payment in Retail & Consumer Goods
• Embedded Payment in Digital Products & Services
• Embedded Payment in Utility Bill Payment
• Embedded Payment in Travel & Hospitality
• Embedded Payment in Leisure & Entertainment
• Embedded Payment in Health & Wellness
• Embedded Payment in Office Supplies & Equipment
• Embedded Payment in Other

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 about this report visit https://www.researchandmarkets.com/r/dapbw8

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SOURCE Research and Markets