Digital Wallets on the Rise
APAC is rekt with digital wallet adoption, accounting for 77% of online spending and 62% of in-store spending in 2025. This trend is set to continue, with the Global Payments Report forecasting a 10% annual growth in digital wallet spending over the next five years.
The report highlights that digital wallets are not just a fad, but a game-over for traditional payment methods. In Hong Kong, digital wallets have already overtaken cards as the leading payment method, with 41% of e-commerce transaction value and 45% of point-of-sale transaction value in 2025.
US: Stuck in Card Hell
In contrast, the US remains a card-led market, with direct card use accounting for 49% of online spending and 71% of in-store spending in 2025. However, Gen Z is driving the shift towards mobile payments, with digital wallets already the most commonly used online payment method among 18-24 year olds (39%) and 25-34 year olds (41%).
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According to a report by Bloomberg, the US is lagging behind in digital wallet adoption, with only 23% of online spending using digital wallets in 2025. This is in stark contrast to APAC, where digital wallets dominate the payment landscape.
A2A Payments on the Rise
The Global Payments Report also highlights the growth of A2A (account-to-account) payments, which are expected to reach $23.4 trillion by 2030. This trend is driven by the increasing adoption of digital wallets and the need for faster, more secure payment methods.
As Read Next: McLaren Racing Accelerates into Web3 with Hedera Council Membership, the future of payments is being shaped by younger consumers who are driving the shift towards digital wallets and mobile payments. Businesses that fail to adapt to this trend will be left in the dust, while those that evolve their payment systems to serve every demographic will unlock the next wave of growth.
The Global Payments Report provides insights into how consumers and businesses transact across 42 global markets, tracking consumer payments when shopping online and at the point of sale. The report determines key payment trends and projects future scenarios for payment method shares and market size.
In the US, the shift towards digital wallets is being driven by Gen Z, who are more likely to use digital wallets for online and in-store payments. This demographic shift contributes to the report’s finding that direct use of cards in the US is forecast to fall online from 49% in 2025 to 43% in 2030, and in-store from 71% in 2025 to 64% in 2030.
Overall, the Global Payments Report signals the continuation of a trend towards digital wallet use and A2A payments, which goes some way to explaining an increasing push from the traditional powerhouses of the payments space to explore digital wallets and the blockchain space.