Top APM Platforms in Asia-Pacific by Country

Asia-Pacific has grown into the world's largest market for cashless transactions with an annual growth rate of 16%xanpay blog - top alternative and local payment methods in asia pacific by country

In 2021, a report by Research and Markets highlighted how Asia-Pacific has grown into the world's largest market for cashless transactions with a predicted annual growth rate of 16%.

All of which can be attributed to the COVID pandemic, growth in the e-commerce sector, and mandatory social distancing requirements.

And with the region's business-friendly regulations and dynamic economy, there are plenty of reasons businesses are looking east.

Explore these article sections

To help businesses leverage all this, let's take a look at the top alternative payment platforms used in the Asia-Pacific, beginning with:

Asia Pacific: Top Alternative Payment Methods

1. AUSTRALIAXanPay Blog - Australia Alternative Payment Methods Platform - PoLi and PayID

Also known as the Land Down Under, Australia is famed for its developed economy, minimal restrictions on imported goods, and rich natural resources. And as an added plus, cashless transactions are expected to dominate the market by the time 2025 rolls around.

PayID allows users to send and receive money without referring to BSBs or account numbers. To use PayID, customers only need a mobile number and device.

They can then sign up for a PayID account with their email address, mobile number, or Australian business number. It's so convenient that many Australian businesses have turned to PayID as an alternative to cash.

As an added plus, PayID is also compatible with banks in New Zealand - no surprise given the two country's close ties.

POLi is an alternative payment method that allows businesses to receive money directly into their bank accounts. And like PayID, POLi offers support for bank account holders in New Zealand.

Unlike PayID - which the Reserve Bank of Australia manages, POLi is owned by SecurePay Holdings, a payments gateway and e-commerce service provider.

However, some banks in New Zealand have advised customers against using POLi as the service requires them to provide sensitive information such as login IDs and passwords.

2. HONG KONGXanPay Blog - Hong Kong Alternative Payment Methods Platform - PayMe and FPS Faster Payment System

Like China, Hong Kong is also a big proponent of alternative payment methods. And given the city's past experience dealing with SARS and COVID, it's easy to see why cashless payments have taken off in such a big way.


The Faster Payment System (FPS) is Hong Kong's real-time payment service that allows customers to send and receive funds seamlessly. Transactions are performed by either scanning a QR code or keying the recipient's email address or telephone number.

Given Hong Kong's proximity to China, FPS supports payments made in the Hong Kong Dollar and the Chinese Renminbi.


PayMe is HSBC’s e-wallet that lets customers transfer funds to Hong Kong-based businesses and banks.

Users only have to input a telephone number or scan a QR code to complete their transactions - all of which makes the e-wallet incredibly convenient to use.

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3. INDIAXanPay Blog - India Alternative Payment Methods Platform - UPI and Paytm

Being the 6th largest economy globally, India combines a vast consumer market with a relatively tech-savvy population. While the country has previously struggled with the lack of access to financial services for its rural poor, India has made great strides in recent years.

UPI, or Unified Payments Interface, is one of India's most popular alternative payment platforms and is responsible for 10% of all retail transactions made in India.

It is a real-time payment system that allows users to use their mobile devices to perform peer-to-peer (P2P) or peer-to-merchant (P2M) transactions. As an added plus, UPI is integrated with countries like Singapore’s PayNow, Bhutan’s BHIM app, and even Nepal’s NIPL.

Launched in 2009 and owned by One97 Communications, Paytm is one of India’s most popular e-wallets with a user base of more than 300 million.

Paytm’s app provides customers with a variety of financial services - from fund transfers to bill payments and even insurance and microfinancing

4. INDONESIAXanPay Blog - Indonesia Alternative Payment Methods Platform - GoPay and OVO

With plenty of natural resources, vast tracts of land, and a huge population, Indonesia has long been regarded by many analysts as ASEAN's sleeping giant. Besides that, the country is also home to one of Asia-Pacific's most exciting economies.

A digital wallet provided by homegrown tech giant Gojek, GoPay allows users to pay bills, transfer funds, and even earn money - all on a single platform. Gojek blurs the line between alternative payment platforms and lifestyle apps.

One of Indonesia’s 6 unicorns, OVO boasts tech giants Grab and Tokopedia as part of its roster of investors. The financial services app provides a host of financial services including financing and e-money transfers.

Indonesia has recently introduced a real-time payment service platform in the form of Bank Indonesia Fast Payment or BI-FAST. Currently, BI-FAST is still in the rollout stage with selected banks offering this service to their customers.

5. MALAYSIAXanPay Blog - Malaysia Alternative Payment Methods Platform - DuitNow and Touch n Go

In between Thailand and Singapore, you have Malaysia. A country blessed with a well-diversified economy, sizable middle class, and stable government.

During the COVID pandemic, Malaysia saw massive growth in the e-commerce sector as most citizens headed online for all their shopping needs,

DuitNow, or colloquially known as "do it now," literally means "money now" in English. It also forms the basis of all alternative payment systems in Malaysia.

Supported by the country's primary monetary authority, Bank Negara, DuitNow can be used for direct bank transfers or e-wallet transactions. Customers only have to scan the DuitNow QR code with their e-wallet of choice, and they're good to go.

First introduced in 1997 as a payment card for highway tolls, Touch ‘n Go or TnG has come a long way since then. Nowadays, Touch ‘n Go’s e-wallet can be used for purchases at a variety of online and offline retailers.

And with the addition of GO+, users can deposit funds to earn steady rates of return on low-risk investments managed by CIMB Bank.

6. THE PHILIPPINESXanPay Blog - Philippines Alternative Payment Methods Platform - PESONet and Instapay

While the Philippines has been somewhat slow to get aboard the digital money train, the outbreak of COVID changed all that. Although financial exclusion and a lack of trust still plague many Filipinos, the country's central bank believes that digital payments will continue growing.

With InstaPay, users can instantly transfer funds from their bank account or make payments in real-time.

As an RTP, InstaPay only requires merchants to provide customers with a printable QR code which can then be scanned. From here, the transaction can then be easily completed with minimal fuss.

Launched in 2017, PESONet is a fund transfer service which is often used to facilitate high-volume, high-value transactions.

Unlike InstaPay, transactions made with PESONet are only cleared after 1- 3 days. The advantage here is that an individual is free to transfer as much funds as they want without any limits.

7. SINGAPOREXanPay Blog - Singapore Alternative Payment Methods Platform - PayNow and DBS PayLah!

Commonly known as Asia's tech hub, it's no surprise that more than 50% of Singaporeans prefer to go cashless. Given the ease and convenience of such solutions, we can expect this number to rise in the years to come.

Similar to Malaysia's DuitNow, PayNow is an RTP that allows users to top up their digital wallets or transfer funds directly into a merchant's bank account.

Alternatively, users can also scan PayNow QR codes with their GrabPay wallets to perform a transaction. This interoperability is the result of the Malaysian tech giant's popularity in the city-state of Singapore.

Arguably one of the most popular e-wallets in Singapore, DBS PayLah! functions as both a store of value and lifestyle superapp. With it, users can transfer funds by either scanning a QR code or providing a mobile phone number.

DBS PayLah also lets users pay bills, book rides, and perform a myriad of other transactions as they gather points to earn rewards.

8. THAILANDXanPay Blog - Thailand Alternative Payment Methods Platform - PromptPay and TrueMoney

According to a study performed by Visa, 9 in 10 Thai customers use cashless payment solutions. Besides the fear of COVID infection, many respondents felt more comfortable going cashless and found that more businesses offered cashless payment solutions.

Powering this cashless revolution is PromptPay - an RTP that allows users to receive and transfer funds using their Citizen ID or mobile phone number. It is owned by Bangkok Bank and is used by an impressive 80% of the population in Thailand.

Yes it’s true - TrueMoney is Thailand’s most-downloaded e-wallet with more than 15 million users. And with its low acceptance fees, TrueMoney is also exceptionally popular with Thai merchants.

It’s also easy-to-use and helps users pay bills, transfer funds, book rides, and perform a variety of transactions.

9. VIETNAMXanPay Blog - Vietnam Alternative Payment Methods Platform - Viettalpay and NAPAS

With over 70% of its population under the age of 35, it's no wonder that Vietnam has one of the most dynamic and exciting economies in ASEAN. Hence, it's easy to see why 70% of retail transactions in the country were made with non-cash payment options.

Like most countries worldwide, Vietnam saw a spike in cashless payments, and ViettelPay has benefited most from this. Regarded as the fastest growing fintech app in Vietnam, ViettelPay provides all manner of financial services, including bank transfers and payments via QR code.

NAPAS or The National Payment Corporation of Vietnam is Vietnam’s own real-time payment service that provides users with a variety of financial services. These range from 24/7 instant fund transfers to payment for e-commerce purchases.

Cross-Border Payments and Its Complexitiesxanpay blog - the rise of alternative and local payment methods in asia

But with more than a dozen different countries in the region, how can businesses make sense of it all?

Navigating all this is difficult, from paperwork to local regulations and payment complications. And probably one of the many reasons why most businesses fail to successfully expand beyond their country's borders.

Fortunately, there is a simple solution to all this - and that's XanPay.

With XanPay, merchants now can accept payments from almost all countries located in the Asia-Pacific region. It does this by interfacing with mainstream local payment methods - thus allowing businesses to cater to customers from all over Asia-Pacific.

XanPay is easy to integrate, charges zero currency conversion fees, and has no chargebacks. More importantly, XanPay is compliant with local regulations and does not require businesses to set up a local entity.

And given the popularity of e-wallets in this region, businesses should definitely not overlook the potential of such platforms.

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