Mobile Wallets to Surpass Cards by 2027 Across Asia-Pacific, While AI and Regulation Drive Payment Innovation, yStats.com Reports
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Mobile Wallets Lead in Key Markets, While Cards and Cash Retain Importance
By 2028, non-cash transactions in Asia-Pacific are projected to reach 1.5 trillion, driven by an over +5% compound annual growth rate (CAGR) from 2023. Digital wallets are expected to account for 66% of POS transactions by 2027, up from 50% in 2023. Markets like China, Indonesia, and South Korea lead mobile wallet adoption, supported by QR code ecosystems, super-app integration, and government-backed digitalization initiatives. Meanwhile, cards continue to dominate in Japan and Australia, where consumer trust, financial infrastructure, and reward programs sustain their popularity. In markets such as Hong Kong, Vietnam, and Malaysia, cash remains significant, especially for offline purchases and cash-on-delivery services, highlighting the coexistence of digital and traditional methods.
Artificial Intelligence Advances Payments, with Regional Differences
AI is increasingly integrated into the payments sector, particularly in fraud detection, credit xaccess, and back-office automation. Visa has invested over USD 3 billion in AI and data infrastructure, launching solutions such as Visa Protect to enhance fraud prevention across card-not-present and real-time payment channels. In Southeast Asia, companies anticipate achieving 7–9% cost savings and up to 9% revenue growth through AI and generative AI by 2027. However, the pace of AI adoption varies across the region, with digitally advanced markets showing stronger momentum.
Regulatory Efforts Enhance Interoperability and Cross-Border Payments
Regulatory initiatives, including India’s global UPI rollout, China’s e-CNY pilots, and Indonesia’s QRIS system, are improving payment interoperability and enabling cross-border transactions in an otherwise fragmented regional environment. These measures are helping align domestic innovations with regional and global commerce opportunities.
Access the Full Report
For a detailed look at consumer payment trends, digital wallet growth, instant payments, and the evolving role of AI and regulation in Asia-Pacific, access the full yStats.com report, Asia-Pacific Digital Payments 2025: Payment Methods, Trends, & Consumer Shifts. Contact press@ystats.com for more information.
