According to a report by GlobalData, the Asia Pacific (APAC) card payment market is projected to grow to $39.6 trillion by 2029, with a compound annual growth rate (CAGR) of 6.9% between 2025 and 2029. The market’s value was $22.6 trillion in 2024.
China is expected to lead this growth, with its market value reaching an estimated $24.9 trillion by 2029. Other key players with strong markets include Japan ($1.2 trillion), South Korea ($1.1 trillion), and Australia ($895.9 billion). This growth is driven by well-developed payment infrastructure and the adoption of new technologies.
However, card usage is much lower in countries like India, Indonesia, Thailand, and Vietnam. In these regions, card payments face significant challenges, including:
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Competition from popular QR-based mobile payments and digital wallets.
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Limited infrastructure, such as a lack of point-of-sale (POS) terminals.
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Low financial awareness among consumers.
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High costs for merchants to implement card payment systems.
Many consumers in these countries have skipped traditional card payments entirely, moving directly from cash to digital wallets. The widespread availability of affordable smartphones and increased internet access have contributed to this shift towards mobile digital payments.
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