APAC card payments to hit $39.6t by 2029 on improved infrastructure

In markets with low adoption, cards compete with QR payments and inadequate infrastructure.

The Asia Pacific card payment market is forecasted to be valued at $39.6t in 2029, expanding at a compound annual growth rate (CAGR) of 6.9% between 2025 to 2029, said GlobalData.

Card payment value in APAC reached $22.6t in 2024, according to an August 2025 report by the data and analytics company.

China, South Korea, Japan, and Australia boast robust card payments markets with high card payments values, said Ravi Sharma, lead banking and payments analyst at GlobalData.

“Other markets within the region are also catching up, supported by improving payment infrastructure, a rising middle-income population, growing financial awareness, and banks offering lucrative benefits in terms of reward programs and installment facilities,” Sharma said.

China dominated the card payments market in the region, with its market value expected to reach $24.9t in 2029.

Japan’s card payments value, meanwhile, is expected to be valued by $1.2t by the same year; South Korea at $1.1t; and Australia at $895.9b.

Growth in these markets were driven by “a well-developed payment infrastructure and the adoption of new payment technologies,” said GlobalData.

In contrast, card usage is comparatively low in countries such as Indonesia, India, Thailand, and Vietnam. These countries see card payments competing with the growing popularity of QR-based mobile payments, as well as facing inadequate point-of-sale (POS) infrastructure for cards and limited financial awareness for card payments, said GlobalData.

“[The] high costs involved in POS infrastructure for merchants and high preference for digital wallets amongst consumers remain challenges for faster growth in card payments in the region,” said Sharma.

Many consumers in the region have leapfrogged from cash to digital wallets skipping card payments.

“The availability of low-cost smartphones, rising internet penetration, growing awareness of mobile payments and the proliferation of digital wallets have resulted in Asian countries shifting from cash transactions to mobile digital payments,” Sharma said.