- Asia-Pacific cashless payments to reach 45% of global volume by 2030.
- Region’s fintech revenue growth outpaces North America and EMEA.
- Adapting to local preferences crucial for fintech success in Asia-Pacific.
According to S&P Global Market Intelligence, Asia-Pacific is poised to become a cashless payments powerhouse.
The region’s cashless transaction volume is projected to reach $26.7 trillion by 2030, accounting for nearly 45% of global payments.
This marks a significant increase from 2023, when the region represented 39% of global payment volume at $14 billion.
Fintech feast in the east
Despite currently ranking third in payment processing revenue behind North America and EMEA, Asia-Pacific is expected to outpace both regions in growth.
The forecast compound annual growth rate (CAGR) for the region is an impressive 12% from 2023 to 2030, potentially reaching $35.4 billion in revenue.
This growth is attracting both global and homegrown fintechs, including Adyen, Stripe, and Singapore’s 2C2P.
Cashing in on opportunities
Sampath Sharma Nariyanuri, Senior Fintech Research Analyst at S&P Global Market Intelligence, emphasizes the importance of adapting to local payment preferences and regulations for fintechs to succeed in the region.
He also highlights the potential in developing omnichannel capabilities, expanding value-added services, and innovating affordable payment solutions for small merchants.
The resurgence of travel presents additional opportunities in cross-border payments, making Asia-Pacific a hotbed for fintech innovation and growth.
