1 in 2 Gen Alpha has digital wallet, investment account

Over half uses a digital wallet, and nearly the same share has an investment account

Over nine in ten (94%) of Gen Alpha— the digital first generation born 2010 onwards— already have access to a financial account, at least those in the Asia Pacific region, according to a study by Mastercard.

Over half (58%) already hold digital wallets. Nearly one in two has an investment account (49%) or a credit card (48%), based on 9,131 respondents in Asia Pacific, based on a study conducted by the Harris Poll on behalf of Mastercard in September 2024.

Nearly half of their parents (47%) said that their children introduced them to digital financial tools they did not know about.

To truly connect with Gen Alpha—and their parents—the payments sector needs to speak their language, said Sandeep Malhotra, executive vice president, core payments APAC, Mastercard.

“They’re low-key money bosses, tapping phones before they can tie shoes and turning budgeting apps into their playground. Cash? Not their go-to. Today, it’s all Tap & Go,” Malhotra said in a press release.

APAC consumers embrace tech
APAC consumers of all generations have indicated preference for non-cash and card payment methods, with 53% saying such. These include Tap & Go mobile payments, biometrics payments, QR codes, and mobile wallets.

Only 25% in North America and 24% in Europe said the same.

Preferences vary per market. Whilst 70% of Vietnamese respondents prefer the new payment methods, only 35% of those in Japan indicated the same, and 25% in Australia.

“Several factors contribute to this trend: markets like Vietnam, Indonesia, and Malaysia are leapfrogging straight into mobile-first ecosystems, while more developed economies such as Australia and Japan still rely heavily on more entrenched payments infrastructure like physical cards and cash,” Mastercard stated.

Superapps are the new baseline, with 70% of APAC consumers desiring all-in-one apps to manage payments, shopping, and more. Indonesia (86%) and China (84%) are leading in this regard, Mastercard found.