One payment processing firm’s data snapshot of e-commerce/POS usage patterns for 2024 offers a glimpse into digital wallet/cash/credit card popularity levels.
Based on a survey of 66,749 consumers across 40 markets in H1 2024*, with data integrated into a proprietary modeling alongside central bank, card scheme and government data, a payment processing and financial technology firm has shared its findings and speculations on Asia-Pacific^ e-commerce and point-of-sale (POS) payments with the media.
First, cryptocurrencies accounted for 1% of e-commerce transaction value specifically in Singapore respondents in the 2024 data. The projections in the report quantified Singapore’s e-commerce crypto payments at SG$216m, forecast to rise to SG$712m in 2030 at a projected compound annual growth rate (CAGR) of 24%.
Second, in India, survey data integrated with transaction modeling indicated that Unified Payments Interface-linked wallets were used for 64% of e-commerce and 58% of POS value in the 2024 data. Cash usage had fallen from 78% of POS value (2016 reference) to 15% in 2024 data.
Other findings
Third, in the Thailand data, the PromptPay real-time transfer system was associated with 44% of e-commerce and 41% of POS payments, for the analysis period of 2024. Also:
| Market | E-com Payment Shares (2024) | POS Payment Shares (2024) | Cash at POS | Key Payment Systems/Wallets | Notes |
|---|---|---|---|---|---|
| Indonesia | A2A: 32% (BI-Fast, QRIS) | A2A: 21% (BI-Fast, QRIS) | 38% (↓ from 82%) | BI-Fast, QRIS | – |
| Philippines | A2A: 12% (InstaPay, PESONet) | A2A: 6% (InstaPay, PESONet) | 41% | GCash (83% preferred) | – |
| Vietnam | Digital wallets + A2A: 65% | – | 35% (↓ from 85% in 2019) | MoMo | – |
| Japan | Credit cards: 55%, Wallets: ~20% | Wallets: ~15% | 39% (↓ to 26% by 2030) | PayPay, Rakuten Pay, au Pay | Wallets forecast at 15% CAGR to 2030 |
| South Korea | Digital wallets: 30% | Cards: 54%, Wallets: 20% | 7% (↓ from 16%) | Naver Pay, Alipay, WeChat Pay | Wallets up from 1% POS in 2014 |
| China | Digital wallets: 84% | Digital wallets: 70% | 5% | Alipay, WeChat Pay | Lowest cash in APAC |
| Hong Kong | Credit cards: 39%, Wallets: 36%, A2A: 15% | A2A: 15% (FPS) | 8% | Faster Payment System (FPS) | – |
| Malaysia | A2A: 32% (DuitNow, FPX), Wallets: ~33% | A2A: 21% (DuitNow, FPX) | – | DuitNow, FPX, Touch ’n Go, GrabPay | – |
| Taiwan | Credit cards: 43%, Wallets: 33% | – | 24% | – | Cards used for 33% of wallet top-ups |
| Australia | Digital wallets: 39%, Cards: 39% (19% credit, 20% debit/prepaid), BNPL: 15% | Cards: 66% (28% credit, 38% debit/prepaid), Wallets: 19%, A2A: 3% | 10% (↓ from 36%, to 7% by 2030) | NPP (PayTo, PayID) | Highest BNPL in APAC (H1 2024 survey data) |
| New Zealand | Cards: 49% (26% credit, 23% debit/prepaid), Wallets: 29%, BNPL: 13% | Cards: 74% (33% credit, 41% debit/prepaid), Wallets: 13%, A2A: 3% | 7% | Apple Pay, Google Wallet, PayPal | – |
aAccording to report by Worldpay, the firm sharing its findings: “APAC consumers have long been leaders in digital payment adoption… credit card use is spread unevenly across the region, and cash usage has been reduced in the past decade but varying considerably across the region in 2024: from lows of 5% in China and 7% in South Korea, to highs of 39% in Japan and 41% in the Philippines.”
*The survey data is external and independent, used by Worldpay as part of a comprehensive analysis rather than sourced directly from its own client or supplier ecosystem.
^specifically, the 14 countries of APAC mentioned above
