APAC instant payments value to reach $170.2b in 2029: GlobalData

China, Japan, South Korea, and India are leading the way.

Instant payments in 14 Asia Pacific markets are expected to register a compound annual growth rate of 11.6% between 2025 to 2029 and be valued at $170.2b, according to estimates by GlobalData.

Growing preference for electronic payments, improving payment infrastructure, rising banked population, and growing financial awareness will support the growth, the data and analytics company said in a report.

China, Japan, South Korea, and India already have robust instant payments markets with high instant payments value, said Ravi Sharma, lead banking and payments analyst at GlobalData.

China leads the instant payments market in APAC, with market value expected to reach $81.9t in 2029.

South Korea and Japan followed, with expected instant payments value of $35.8t and $31.5t by 2029, respectively.

India distantly follows the three East Asian countries, with its instant payments market valued at $7.5t. However, India leads the APAC region in terms of the number of instant payment transactions, which accounted for 191.5 billion in 2024.

The growth of India’s digital payments space is driven by the significant growth of its Unified Payments Interface (UPI), its national payment scheme.

Increasing cross-border linkages grants new business opportunities, said Sharma.

“Looking ahead, the total instant payments market in APAC is expected to continue its upward trajectory, driven by the ongoing government initiatives, improving payment infrastructure, high preference of QR code-based payments over traditional POS, and a consumer shift towards electronic payments,” Sharma said.