Financial Cards and Payments in Asia Pacific

February 2024

The use of cash continues to lose out to electronic direct/ACH and card payments in the Asia Pacific region, although paper transactions still remain important in some countries. Digital wallets continue gaining in popularity due to their convenience, and they are also being accepted by increasing numbers of merchants. Mobile m-commerce will therefore continue to be a particularly dynamic area of the market, helped by the high smartphone penetration in the region.

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This report comes in PPT.

Key findings

Credit transaction value to overtake debit’s

Debit cards lead card payment transactions in China, the region’s biggest market, which helps them lead in Asia Pacific overall. However, credit cards have a greater share of overall card transaction value in many of the region’s countries, including dwarfing debit card value in Japan. With credit card transactions expected to record the stronger CAGR over the forecast period, they will overtake debit transaction value in the region by the end of 2023-2028.

Cards the most popular payment method in Asia Pacific as a whole

Although electronic direct/ACH transactions will continue to register a double-digit CAGR in personal payment transactions in Asia Pacific over the forecast period, financial cards will continue to dominate sales. Credit and debit cards will generate the bulk of new sales over 2023-2028, with credit cards even recording a slightly stronger CAGR than electronic direct/ACH transactions.

Increased utility and spending limits for teen-targeted credit cards

Revisions by South Korea’s financial authority in 2023 allow for increased utility and spending limits on credit cards targeted at teenagers. Samsung Card’s expansion of the Samsung iD Pocket card and Shinhan Card’s introduction of the My TeenS card reflect the industry’s response to evolving consumer needs. These changes enable teenagers to explore a broader range of businesses and services, emphasising responsible financial management.

Growth potential for digital wallets in developed markets

Digital wallets, favoured for their ease of use, continue gaining in popularity, with almost 70% of consumers in China using WeChat Pay daily and just over half of Indian consumers using Paytm every day. However, almost 60% of consumers in Japan and nearly 40% of South Koreans have not used a digital wallet. A good way to pique consumer interest in digital wallets has been seen in South Korea, with the introduction, by Hyundai, of Apple Pay in early 2023.


Key findings
Asia Pacific the biggest and most dynamic region for card payment transactions
Immediate rebounds seen after the declines recorded in 2020 and 2022
Personal payment transactions will continue seeing strong growth in Asia Pacific
Personal electronic direct/ACH payments to overtake personal cash transactions in 2028
China dominates electronic direct/ACH transactions in the region
Credit cards lead in most countries, but debit cards more popular in China
Dynamism in mobile proximity payments has been slowing in recent years
Indonesia continues to see dynamism in its electronic direct/ACH transactions
Credit cards dominate transactions but debit cards seeing strong growth in Japan
Card and electronic transactions continue to take share from paper payments
Preference for debit cards in China sees them add most new value in the overall region
Extremely concentrated card operators competitive landscape
UnionPay remains the dominant player in Asia Pacific card payment transactions
Visa and Mastercard present across the region
Chinese banks increasingly focusing on customer retention
Strong growth expected for card payment transactions over 2023-2028
Credit and debit cards will continue to account for the bulk of transaction value
Personal paper payment transactions will continue declining
Personal electronic direct/ACH transactions will record a double-digit CAGR
Positive growth expected for all types of m-commerce over 2023-2028
Mobile remote payments will continue to lead
China: Market Context
China: Card Payments and Competitive Landscape
China: Consumer Payments and M-commerce
Hong Kong, China: Market Context
Hong Kong, China: Card Payments and Competitive Landscape
Hong Kong, China: Consumer Payments and M-commerce
India: Market Context
India: Card Payments and Competitive Landscape
India: Consumer Payments and M-commerce
Indonesia: Market Context
Indonesia: Card Payments and Competitive Landscape
Indonesia: Consumer Payments and M-commerce
Japan: Market Context
Japan: Card Payments and Competitive Landscape
Japan: Consumer Payments and M-commerce
Malaysia: Market Context
Malaysia: Card Payments and Competitive Landscape
Malaysia: Consumer Payments and M-commerce
Philippines: Market Context
Philippines: Card Payments and Competitive Landscape
Philippines: Consumer Payments and M-commerce
Singapore: Market Context
Singapore: Card Payments and Competitive Landscape
Singapore: Consumer Payments and M-commerce
South Korea: Market Context
South Korea: Card Payments and Competitive Landscape
South Korea: Consumer Payments and M-commerce
Taiwan: Market Context
Taiwan: Card Payments and Competitive Landscape
Taiwan: Consumer Payments and M-commerce
Thailand: Market Context
Thailand: Card Payments and Competitive Landscape
Thailand: Consumer Payments and M-commerce
Vietnam: Market Context
Vietnam: Card Payments and Competitive Landscape
Vietnam: Consumer Payments and M-commerce

Consumer Finance

This is the aggregation of ATM, charge, credit, debit, e-purse and retail cards. Note that smart cards are not included in financial cards.

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