I’m excited to announce that Forrester’s Now Tech: Merchant Payment Providers In Asia Pacific, Q4 2021, is now live. This is the first time that Forrester has analyzed the merchant payment provider landscape in Asia Pacific.

Forrester defines merchant payment providers as “technology enablers that provide merchants with access to the payment network to process payments globally. Services include acquiring, processing, gateway, security solutions, and, commonly, a number of other adjacent services.”

Fast-growing economies and e-commerce businesses have made APAC a fertile ground for alternative digital payment methods such as digital wallets and “buy now, pay later” (BNPL) models. But these alternative payment methods and some merchants’ rapid migration to e-commerce also engender novel and sophisticated payment risks, such as payment fraud. Merchants in APAC need payment vendors to support fast, seamless alternative payment methods to meet consumers’ high expectations of payment experiences. Merchants must also incorporate risk mitigation capabilities from payment vendors to avoid potentially significant revenue loss and customer churn.

Merchants in Asia Pacific can turn to merchant payment providers to:

  • Accept multiple new and alternative payment methods. Asia Pacific boasts many super apps and digital platforms such as Alipay, Grab, Paytm, Rakuten, and WeChat. The diversity of these digital platforms adds to the complexity of the alternative payment landscape; APAC has multiple coexisting digital wallets and BNPL plans. To satisfy the variety of customer payment preferences, merchants seek payment solutions that readily accept multiple local alternative payment methods.
  • Reduce fraud and improve security and compliance. As digital commerce and new payment methods proliferate in the region, payment fraud and risks become more sophisticated and occur in real time. Merchants seek payment risk mitigation capabilities and leading payment providers that bring a portfolio of risk management solutions to the table.
  • Get richer data insights to drive digital business growth. More brick-and-mortar merchants in Asia Pacific are embracing online and digital sales, especially after the outbreak of COVID-19. Payment vendors can provide value-added services, such as transaction data insights, to merchants and accelerate their digital transformation journeys.

In the report, we identified 19 representative merchant payment providers that have a strong presence in APAC, including global players such as Adyen, Checkout.com, Fiserv, and Stripe and local players such as 2C2P, Ant Group, Cashfree, and Gojek.

To see more details about these representative merchant payment providers’ revenue, geographic and vertical focus, and representative merchant clients, Forrester clients can find the full report here. If you’re interested in digging deeper into the findings or want to discuss merchant payment providers in APAC more broadly, please schedule an inquiry.