Asia-Pacific (APAC) stands as a global frontrunner in the widespread adoption of real-time payment (RTP) schemes, with a collaborative spirit among central banks driving their development. The region’s commitment to innovation is further evidenced by the surge in Buy Now, Pay Later (BNPL) services, particularly notable in China, where embedded offerings within major eCommerce platforms and super apps propelled BNPL to account for 4% of the country’s eCommerce transaction value in 2022. Across APAC, BNPL transactions surged to USD 100 billion in the same year.

Moreover, APAC witnesses a transformative shift in payment behaviors, with cash usage projected to halve between 2021 and 2026, plummeting from 16% to 8% of point-of-sale (POS) transaction value. This dramatic decline is propelled by the widespread adoption of mobile payments and the increasing prevalence of QR code-based transactions.