Mobile Wallets to Surpass Cards by 2027 Across Asia-Pacific, While AI and Regulation Drive Payment Innovation
Mobile Wallets Surge, but Cards and Cash Stay Relevant
By 2028, non-cash transactions in Asia-Pacific are set to hit 1.5 trillion, with digital wallets making up 66% of POS payments by 2027, up from 50% in 2023. China, Indonesia, and South Korea lead this shift, thanks to QR codes, super-apps, and government initiatives. Still, cards hold strong in Japan and Australia due to trusted systems and loyalty programs, while cash remains widely used in Hong Kong, Vietnam, and Malaysia, especially for offline spending.
AI Drives Payment Innovation with Uneven Uptake
Artificial intelligence is reshaping payments, boosting fraud prevention, credit access, and operations. Visa has put over USD 3 billion into AI tools like Visa Protect to strengthen real-time payment security. Southeast Asian firms expect 7-9% cost savings and up to 9% revenue gains from AI by 2027, though adoption rates differ across markets.
Regulations Boost Cross-Border Payment Connectivity
Efforts like India’s UPI expansion, China’s e-CNY pilots, and Indonesia’s QRIS system are improving cross-border and domestic payment links. These regulatory moves are streamlining fragmented systems and opening new opportunities for regional and global commerce.
Questions Covered
- What share of Asia-Pacific POS transactions will be made by digital wallets in 2027?
- What cost savings do Southeast Asian companies expect from AI by 2027?
- What is the projected growth of India’s E-Commerce payments market by 2028?
- What growth is expected in South Korea’s card transaction value by 2028?
- What is the projected size of Japan’s mobile payments market by 2030?
Countries Covered
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Vietnam
- Thailand
- Singapore
- Philippines
- Malaysia
- Hong Kong
- New Zealand
Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report
Table of Contents
1. Key Takeaways2. Management Summary
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Alipay
- WeChat Pay
- MoMo
- Zalopay
- NAPAS
- Bao Kim
- BRI (Bank Rakyat Indonesia)
- Bank Mandiri
- BCA (Bank Central Asia)
- Bank ICBC Indonesia
- Sumitomo Mitsui
- PayPay
- NEC
- DCS Singapore
- StraitsX
- dtcpay
- Maya
- OpenRice
- Woori Card
- Ant Bank (AlipayHK)
- Octopus
- Wonder
- Apple Pay
- Google Pay
- Samsung Wallet
- EFTPOS
- Afterpay
- Visa
- Mastercard
- American Express
- Grab
- Tencent
- LINE Pay
- Lendbuzz
- Upstart
- Scienaptic AI
- Enova
- HighRadius
- Tabs
