The number of digital B2B payments in Asia-Pacific was far lower than the number processed in retail, even if B2B is forecast to double in market size after 2023. This is according to research from Capgemini Research Institute for Financial Services Analysis. In 2023 - the most recent year estimated by the source - 33.6 billion cashless transactions were carried out in Asia-Pacific for B2B. This was behind Europe and North America, unlike for retail where Asia-Pacific is seen as the market leader for digital payments. The source mentions that emerging countries like Vietnam and India rely much more on cash in B2B than business hubs like Singapore and Australia. The source does not clearly state clear whether the figures shown include domestic and cross-border payments. It does point towards the importance of Swift and ISO 20022, as these initiatives hope to improve B2B cross-border payments in regions such as Asia-Pacific.
Total number of cashless B2B and retail payment transactions in Asia-Pacific (APAC) from 2014 to 2023, with forecasts for 2024 and 2028
(in billions)
The B2B digital transaction volume for Asia-Pacific is projected a 14.0 percent increase in 2024, and a 14.7 percent CAGR for 2023-2028; The retail digital transaction volume for Asia-Pacific is projected a 20.7 percent increase in 2024, and a 17.8 percent CAGR for 2023-2028.
Supplementary notes
The source adds that commercial payments consists of payments between businesses, and do not include individuals. Figures for "retail" have been calculated by Statista.
The source does not provide figures for individual countries. It does add that APAC included Australia, Singapore, Vietnam, and India.
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Statista, & Capgemini. (October 22, 2024). Total number of cashless B2B and retail payment transactions in Asia-Pacific (APAC) from 2014 to 2023, with forecasts for 2024 and 2028 (in billions) [Graph]. In Statista. Retrieved May 03, 2025, from https://www.statista.com/statistics/1551619/asia-pacific-number-of-cashless-payments-in-b2b/
Statista, und Capgemini. "Total number of cashless B2B and retail payment transactions in Asia-Pacific (APAC) from 2014 to 2023, with forecasts for 2024 and 2028 (in billions)." Chart. October 22, 2024. Statista. Accessed May 03, 2025. https://www.statista.com/statistics/1551619/asia-pacific-number-of-cashless-payments-in-b2b/
Statista, Capgemini. (2024). Total number of cashless B2B and retail payment transactions in Asia-Pacific (APAC) from 2014 to 2023, with forecasts for 2024 and 2028 (in billions). Statista. Statista Inc.. Accessed: May 03, 2025. https://www.statista.com/statistics/1551619/asia-pacific-number-of-cashless-payments-in-b2b/
Statista, and Capgemini. "Total Number of Cashless B2b and Retail Payment Transactions in Asia-pacific (Apac) from 2014 to 2023, with Forecasts for 2024 and 2028 (in Billions)." Statista, Statista Inc., 22 Oct 2024, https://www.statista.com/statistics/1551619/asia-pacific-number-of-cashless-payments-in-b2b/
Statista & Capgemini, Total number of cashless B2B and retail payment transactions in Asia-Pacific (APAC) from 2014 to 2023, with forecasts for 2024 and 2028 (in billions) Statista, https://www.statista.com/statistics/1551619/asia-pacific-number-of-cashless-payments-in-b2b/ (last visited May 03, 2025)
Total number of cashless B2B and retail payment transactions in Asia-Pacific (APAC) from 2014 to 2023, with forecasts for 2024 and 2028 (in billions) [Graph], Statista, & Capgemini, October 22, 2024. [Online]. Available: https://www.statista.com/statistics/1551619/asia-pacific-number-of-cashless-payments-in-b2b/
