The Asia Pacific Payment Orchestration Platform Market would witness market growth of 22.9% CAGR during the forecast period (2022-2028).
Whether the platform is usable depends on how accessible and simple it is to use. IT may be required to interfere in some POPs. However, if the platform is designed for corporate customers, managing it would not be very challenging. Users must link the orchestration platform's software to their payment channels before using it. Customers would then have access to POP's dashboard. Users have complete control over all payment-related operations through this dashboard, including billing, settings, user management, etc.
One of the major driving forces behind the market expansion is the rising popularity of the BNPL platform among suppliers. POPs provide ease and flexibility for consumers to pay for merchant services. Merchants are similarly enthusiastic about BNPL adoption because it increases average ticket sales and gives them a boost in customer conversion rates. As a result, companies can install the BNPL platform without making major technological advancements owing to payment orchestration providers. It is anticipated that the widespread use of smartphones and the internet would give the sector more prospects for expansion. Additionally, a lot of companies all over the world are improving their business models.
The Indian e-commerce market has experienced steady expansion. According to the International Trade Administration, after a spike in digital adoption during the COVID-19, the Gross Merchandise Value of the Indian e-commerce business was estimated to reach over $55 Bn in 2021. It is anticipated to reach a gross merchandise value of $350 billion annually by 2030. Additionally, nearly 140 million people were shopping online as of 2021 with over 348 million consumers transacting online. Some of the main factors driving this sector include the young population, rising internet and smartphone use, and relatively stronger economic performance. India is currently the second-largest internet market, with 830 million subscribers.
The China market dominated the Asia Pacific Payment Orchestration Platform Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $287.5 million by 2028. The Japan market is estimated to grow a CAGR of 22.1% during (2022 - 2028). Additionally, The India market would experience a CAGR of 23.7% during (2022 - 2028).
Based on Type, the market is segmented into B2B, B2C, and C2C. Based on End Use, the market is segmented into BFSI, E-commerce, Healthcare, Travel & Hospitality, and Others. Based on Functionalities, the market is segmented into Cross Border Transactions, Risk Management, and Advanced Analytics & Reporting. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Payment Orchestration Platform Market is Projected to reach USD 3.7 Billion by 2028, at a CAGR of 22.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include CellPoint Digital Ltd., IXOLIT Group, Payoneer, Inc., APEXX Fintech Ltd., Rebilly, Spreedly, Inc., Modo Payments, LLC, Akurateco BV, BNT SOF, and aye4fin GmbH.
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