Tencent-backed payments firm Primer says it saw a 239% increase in payment volumes in Asia Pacific in 2024. The region is its fastest-growing region globally, founder and CEO [Gabriel Le Roux] (https://www.linkedin.com/in/gabriel-le-roux-2a62434a/) (left) said.

The firm attributed this to the addition of new travel clients like Pelago and HappyEasyGo, as well as crypto firm Banxa. It also expanded the number of new integrations available on the platform to 160.

Like an “app store of services,” Primer strings together different apps – from payment services like Stripe, communication tools like Slack, to fraud providers. Online businesses can integrate multiple services with a few clicks.

The company, which operates fully remotely in more than 30 countries, has also established a legal entity in Singapore to better tap into the city-state’s talent pool.

In the coming year, Primer says it expects strong adoption of its solution in China, driven by demand from gaming and travel sectors, as well as online creators.

🔗 Source: Primer

🧠 Food for thought

1️⃣ APAC payment gateway market represents massive opportunity amid rapid digital transformation

Primer’s strategic expansion into Singapore comes amid explosive growth projections for the Asia-Pacific payments sector, which helps explain their reported 239% increase in payment volume.

The Asia-Pacific payment gateways market alone was valued at USD 11.88 billion in 2024 and is projected to reach USD 25.42 billion by 2033, representing a CAGR of 8.38%1.

This growth is primarily driven by rapid digital transformation across the region, with China leading digital payment adoption at 88% of mobile internet users actively engaging in digital payments2.

For infrastructure providers like Primer, the fragmented nature of APAC’s payment landscape, dominated by local players with varying regulations and preferences, presents both challenges and opportunities for companies that can successfully navigate this complexity.

The region’s fintech sector is further bolstered by initiatives like Project Nexus, which aims to connect real-time payment systems across Asia to facilitate smoother cross-border transactions2.

2️⃣ Strategic corporate investments reshaping fintech competitive landscape

Tencent’s 2023 investment in Primer reflects a broader pattern of strategic corporate investments in payment infrastructure, particularly in high-growth regions.

The global fintech funding landscape is experiencing remarkable expansion, with projections suggesting growth from $51.9 billion in 2024 to $1,152 billion by 20323, indicating strong investor confidence despite market uncertainties.