Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.
Table of Contents
The Importance of Localisation
When it comes to Forex (FX) companies looking to expand their market share in the Asia-Pacific (APAC) region, localizing their payment methods is crucial.
By offering payment options that are convenient and trusted by their target audience, FX companies can break down barriers to entry in new markets and increase customer satisfaction.
Opportunity Cost
The biggest opportunity cost for FX companies that do not localise their payment methods is lost revenue. Customers are more likely to use payment methods that are familiar to them as there’s embedded trust. FX companies do not offer local payment methods and may lose customers and market share to competitors who do.
According to a report by Statista, the digital payments segment is projected to reach US$9.47 trillion in 2023. While total transaction value is expected to show an annual growth rate of 11.79% resulting in a projected total of amount of US$14.79 trillion by 2027. Leading the growth are countries that are forsaking legacy structures and adopting new payment solutions.
For example, in China, Alipay and WeChat Pay are the most popular payment methods. According to a report by the Brookings Institution, Alipay and WeChat Pay together account for more than 90% of China's mobile payment market. FX companies that offer these payment methods can tap into this huge market and potentially increase their revenue significantly.
Similarly, in Brazil, Boleto is a popular payment method. According to a report by PPRO, Boleto accounts for approximately 25% of all online transactions in Brazil. FX companies that offer Boleto as a payment method can potentially increase their revenue by tapping into this market.
Find Out How You Can Unlock The Asia-Pacific Market For Your Business
Researchers have also found that payments with high transaction fees can discourage customers from using the platform offered by FX companies. Creating an added layer of friction, in a time-sensitive market.
Solving this problem does not have to be an expensive endeavour, find out how FX companies are able to unlock the Asia-Pacific Market by reading our full report below.
Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.
Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.