Payments in Asia/Pacific 2023: Real-Time, Cross-Border, and Localization Trends Dominate

Payments in Asia/Pacific 2023: Real-Time, Cross-Border, and Localization Trends Dominate

The IDC Market Perspective analyzes notable developments in Asia/Pacific in 2023 and beyond. Although the region is diverse in its spread of development and financial services, several key themes, such as real-time payments, buy-now-pay-later payment schemes, cross-border payments, local payment networks, and payments as a service, are driving the development of a unique payment composition in the region that is both localized and harbors international ambitions."Although the Asia/Pacific region has always distinguished itself with its unique trajectory in payments, it is further diversifying with unique payment options. For instance, cross-border real-time payments at the scale seen in Southeast Asia, which take into account different regulatory environments and legal requirements, can be seen as a remarkable success and continues to grow. The region is trying to forge its own direction in payments and create scalable networks that can enhance economies and trade between markets. For technology suppliers serving this market, they need to be acutely aware of payment player needs and how their technologies can assist in forging new future innovation," says Michael Sek Pheng Yeo, associate research director, IDC Asia/Pacific.

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