Online payment processors in Asia

Features

eCommerce growth

eCommerce revenue in Asia is expected to reach USD 2.82 trillion by 2027*. * Source: Statista, 2023
eWallets phenomenon

eWallets have emerged as the preferred payment method in Asia, accounting for 69% of the total eCommerce purchases in the region*. * Source: Statista, 2023
Internet users

The internet penetration rate in Asia doubled from 2011 to 2022, reaching 67.4%*. * Source: Statista, 2023
Online shoppers

The number of online shoppers in Asia is forecast to reach 3.38 billion by 2027*. * Source: Statista, 2023

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Bangladesh

Bangladesh is a fast-growing eCommerce market, mainly due to the boost received from the Bangladesh Bank since the late 2000s. With a significant dependency on the Cash-on-Delivery payment method, currently used in 90% of online transactions, the credit and debit card usage is gradually gaining speed. Twelve million people (7% of the country’s population) use debit cards, and approximately 1 million (less than 1%) use credit cards. Understanding Bangladesh consumers and offer local payment methods are the key for all merchants looking to set their footprint in this market.

Online bank transfers
- Standard Charterd
- MidlandBank
- MTB
- City Bank
- Brac Bank

China

China has the largest eCommerce revenue in the world: USD 1.305B*.

* Source: Statista. 2023

Credit and debit cards
- Union Pay
Online bank transfers
- Bank of China
- Agricultural Bank of China
- China Construction Bank
- China Minsheng Bank
- SPD Bank
- China Everbright Bank
- Postal Savings Bank of China
- China Merchants Bank
- Bank of Beijing
- Bank of Communications
- Bank of Jiangtsu
- Bank of Ningbo
- Bank of Shangai
- China Bohai Bank
- China Citic Bank
- China Guangfa Bank
- China Zheshang Bank
- Hengfeng Bank Co.
- ICBC
- Industrial Bank Co., Ltd
- Ping An Bank
- Shanghai Pudong Development Bank

Learn more about China View Documentation

Philippines

The projected market volume is expected to reach $25 billion by 2027.

Credit and debit cards
- Visa
- Mastercard
Wallets
- GrabPay
- Paymaya
- GCash
Cash-based payments
- Seven Eleven
Online bank transfers
- Union Bank
- BPI

Learn more about Philippines View Documentation

India

The world's most populated country is growing in business opportunities.

Credit and debit cards
- Visa
- Mastercard
- RuPay
- Maestro
Wallets
- Freecharge
- Jio
- Ola Money
- MobikWik
- PayTM
- Phone PE
Online bank transfers
- Canara Bank
- State Bank of India
- Union Bank of India
- Axis Bank
Unified payment service (UPI)
- UPI
Pay later
- Simpl
- ICICI Bank
- Epay Later

Learn more about India View Documentation

Indonesia

eWallets are the most popular payment method in Indonesia*.

* Source: IDC InfoBrief, 2022

Credit and debit cards
- Union Pay
- Visa
- Mastercard
- American Express
- JCB
- Diners
Wallets
- QRIS
- Link aja
- Dana
- OVO
- GoPay
- ShopeePay
Cash-based payments
- Lawson
- DAN+DAN
- Indomaret
- Alfamart
Online bank transfers
- Maybank
- ATM Bersama
- Alto
- Prima
- Permata Bank
- BNI
- Mandiri
- Bank Bri
- BCA
- Flip

Learn more about Indonesia View Documentation

Malaysia

The country's eCommerce is projected to be one of the largest in Southeast Asia, with an annual growth rate of 13.25%*.

* Source: Statista, 2023

Credit and debit cards
- Union Pay
- Visa
- Mastercard
Wallets
- GrabPay
- Boost
- Touch n'go
- Duitnow
Cash-based payments
- Seven Eleven
Online bank transfers
- Citi
- PUBLIC BANK
- Maybank
- OCBC Bank
- Standard Charterd
- BANK ISLAM
- AmBank
- AFFIN BANK
- RHB BANK
- CIMB BANK
- Hong Leong Bank
- FPX
- DuitNow
Pay later
- Atome

Learn more about Malaysia View Documentation

Pakistan

The fastest growing alternative payment method in Pakistan, a country with a population of over 241 million, is the eWallet. eWallets such as JazzCash and Easypaisa making eCommerce, transactions and coverage easier than ever for businesses and consumers alike. Previously, many digital purchases were paid using cash-on-delivery (CoD), but this is slowly changing as internet access becomes more common.

The rapid growth of internet penetration has risen rapidly, averaging over 35% per year. This has caused a shift in many businesses to become mobile first. Digital transactions and internet banking are expected to grow as the over 100 million Internet subscribers become more acquainted with eCommerce.

*Sources: worldometers.info & trade.gov

Credit and debit cards
- Visa
- Mastercard
Wallets
- easypaisa
- jazz cash
- Bank Alfalah
- Konnect by HBL
Online bank transfers
- Simpaisa

Saudi Arabia

In Saudi Arabia, with a population of over 37 million, eCommerce growth has been pushed by a very high income level, good logistics within cities, and a high level of social media usage. Saudi Arabia is in the top three countries with the highest internet penetration rate (98%) sitting next to Norway and the United Arab Emirates. To put this in perspective, the global average is 64%.

In 2022 there were over 19.3 million online shoppers. Saudi Arabia experiences a hybrid consumer culture – consumers are willing to go to physical stores as well as purchasing on the online versions.

Online bank transfers

*Only for Payouts
- Riyad Bank
- SABB
- Al Rajhi Bank
- anb
- NCB

Thailand

With a population of 69 million people, Thailand has a GDP of US$ 500 billion and an eCommerce market value of US$ 26 billion. Card payments lead as the payment method of choice in the Land of Smiles at 25.7% of market share with bank transfers (23.8%) and eWallets (22.8%) close behind, although the usage of digital wallets is predicted to increase and gain a market share of 28%.

Credit and debit cards
- Union Pay
- Visa
- Mastercard
Wallets
- ShopeePay
- Rabbit line pay
- WeChat Pay
- Alipay
- True Money
- Thai QR Payment
Cash-based payments
- Tesco Lotus
- BigC
Online bank transfers
- WeChat Pay

View Documentation

Turkey

Turkey is home to 82 million people who are increasingly digitally savvy and urbanized. Turkish eCommerce market, worth $10.5 billion, is projected to grow at an annual rate of 12.4%. There are currently 33.3 million eCommerce users in Turkey, with an additional projected 10 million new users by 2020. Mobile commerce is already taking a 29% share of all eCommerce transactions and only expected to grow as smartphone penetration grows. Credit cards account for most domestic online transactions and Turkish consumers enjoy taking advantage of monthly installments offered by local issuers.

Credit and debit cards
- Visa
- Mastercard
- American Express
- Troy

View Documentation

Vietnam

Merchants selling into Vietnam can accept international cards such as Visa, MasterCard and UCB, as well as local credit cards and wallets such as VTC Pay, Vietcombank, Techcombank, and more.

Credit and debit cards
- Visa
- Mastercard
- JCB
- Napas
Wallets
- Ninepay
- VT PAY
Online bank transfers
- PUBLIC BANK
- Sacombank
- BAOVIET
- SCB
- KIENLONG BANK
- PV COM BANK
- OCB
- GP BANK
- VRB
- VPBank
- BAC A BANK
- LienVietPostBank
- ABBANK
- TP Bank
- SAIGON BANK
- SeABank
- EXIMBANK
- ACB
- PG BANK
- HDBank
- AGRIBANK
- VietinBank
- DONGA Bank
- MB
- TECHCOMBANK
- Vietcombank