In the 10 years since the first Global Payments Report (GPR) in 2015, digital payments — digital wallets, account-to-account (A2A), buy now pay later (BNPL), and cryptocurrencies—have stolen the crown from cash and cards, according to the Worldpay Global Payments Report 2025.

This milestone 10th edition of Worldpay's GPR highlights a dramatic shift: digital payments grew from 34% of e-commerce transaction value in 2014 to 66% in 2024, effectively flipping the market share previously held by cash and cards. “The transformation is even more pronounced in-store, with digital payments’ share surging from 3% of global transaction value in 2014 to 38% in 2024”, the report states.

The push for faster payments—driven by the need to enhance speed, security, and convenience, as well as consumer preferences and corporations’ desire for greater operational efficiency and reduced systemic risks—has accelerated the adoption of digital payments. Additionally, the rapid evolution of digital payment technologies, supportive regulations, the rise of innovative payment methods, and the growing digitization of businesses seeking to optimize payment costs have further fuelled the widespread adoption of digital payments across global markets.

While corporate payments are increasingly central to treasury operations, it is equally important for corporate treasurers and their teams to stay informed about key developments in consumer payments—particularly in the Asia Pacific (APAC) region, which leads the world in digital payment adoption, according to the Worldpay GPR 2025, and in North America, which accounted for the highest digital payments revenue share of around 36% in 2024, as per Precedence Research.

APAC: Spearheading digital payments adoption

“APAC consumers have long been leaders in digital payment adoption”, notes the Worldpay GPR 2025. In 2014, digital payments comprised 42% of e-commerce (E-com) and 6% of point of sale (POS) value, driven primarily by China’s rapid adoption.

                                                     APAC Payment Methods

Source: Worldpay Global Payments Report (GPR) 2025

Today, the gap between E-com and POS digital payments has narrowed, with digital wallets emerging as the preferred online payment method in eight of the 14 APAC markets—Australia, China, India, Indonesia, New Zealand, the Philippines, Singapore, and Vietnam—based on findings from the Worldpay report.

The dominance of digital wallets in APAC extends beyond online payments. In 2024, APAC became the only global region where digital wallets accounted for the majority of both POS and e-commerce transaction values. This shift may have been driven by uneven credit card usage across the region and a significant decline in cash payments over the past decade.

Regarding credit card use in APAC, it was the leading payment method by value in 2024 in markets such as Hong Kong, Singapore, South Korea, and Taiwan. However, credit card penetration remains comparably lower in countries like Indonesia, the Philippines, and Thailand, as highlighted in the report.

The reduction in cash usage has been particularly pronounced across APAC, with total cash transaction value plummeting by 78%—from US$10.6 trillion in 2014 to under US$2.3 trillion in 2024. However, the scale of this drop varies significantly across the region, with cash usage remaining low in markets such as China (5%) and South Korea (7%) but substantially higher in Japan (39%) and the Philippines (41%) in 2024.

North America: A card-dominated market

Unlike APAC, North America remains a card-centric region, with credit, debit, and prepaid cards accounting for the majority of both e-commerce (49%) and POS (71%) transaction values in 2024.

                                                       North America Payment Methods

Source: Worldpay Global Payments Report (GPR) 2025

While digital payments reached parity (50%) with cards and cash in e-commerce, adoption at POS has lagged due to consumer inertia and the continued “Presence of a high-functioning card system”, as noted in the Worldpay report.

The contrast between APAC and North America underscores how consumer preferences and payment infrastructure influence regional adoption trends. While APAC has rapidly transitioned away from cash and toward digital wallets, North America continues to rely heavily on credit, debit, and prepaid cards, which collectively drove $9.3 trillion in direct spending, making up 67% of all e-commerce and POS transaction value in 2024. Even within digital wallets, the majority of spending in North America (the US and Canada) is funded via cards (credit and debit cards), further reinforcing their dominance, adds the Worldpay report. This highlights the region's continued reliance on card-based payments, even as digital wallets and alternative payment methods (A2A and BNPL) gain traction.

To conclude, while both regions are advancing toward a more digital-first payments landscape, their preferred payment methods differ significantly. APAC has undergone a dramatic shift away from cash, with digital wallets becoming the dominant payment method for both e-commerce and POS transactions. Meanwhile, North America remains firmly rooted in traditional card-based payments, even as digital payment adoption continues to grow among consumers.

For finance heads, corporate treasurers and their teams, keeping pace with regional payment trends is essential for navigating the evolving global payments ecosystem. As digital payment technologies, alternative payment methods, and regulatory changes continue to reshape the industry, staying informed will be critical for corporations operating internationally.