However, it has also resulted in reduced discretionary spending, lower trade volumes and declining interest rates. Consequently, Asia payments are likely to witness a revenue decline of approximately 10% in 2020.
(July 17): Asia generated over US$900 billion ($1.252 trillion) in payments revenues in 2019, nearly half of the worldwide total. Asia’s payments revenues also outpaced other regions, averaging over 9% annually over the past decade. The importance of payments to banking in Asia has increased as well, representing 44% of aggregate banking revenues in the region.
Covid-19 has accelerated several ongoing trends in Asia payments, most notably driving an unprecedented rise in contactless payments, with the digital user base growing by up to 20% in select Asian markets over the last three months and with 50% to 80% of new adopters expected to continue usage.
