Market Research Report
Cards and Payments in Asia-Pacific
|Published by||Timetric||Product code||239965|
|Published||Content info||103 Pages
The Asia-Pacific region is becoming more cashless, since card reading instruments have reached saturation point in some countries, including Australia and Singapore, and mobile payment implementations are being introduced across the region. The value of Asian non-cash transactions will have reached over $300 trillion by 2020, a significant uplift on the $91 trillion recorded in 2010. This represents an average annual growth rate of 1.3%. Although this annual growth rate appears low, it will still allow the Asia-Pacific region to capture the world's largest amount of cashless transactions in 2020. Furthermore, the growth rate of non-cash transactions anticipated for developed regions is much lower. For example, the value of non-cash transactions is expected to reach a total of over $120 trillion in the US by 2020, after recording an average annual growth rate of 0.4%. In addition, the value of non-cash transactions in Europe is projected to reach over $200 trillion in 2020, after recording an average annual growth rate of 0.6%.