As global consumers rapidly embrace digital transactions, a new report by Worldpay underscores a surprising continuity: cards remain central to the payments ecosystem, even as the market surges forward on a tide of mobile innovation and fintech disruption.

The Global Payments Report by Worldpay offers a detailed analysis of evolving consumer payment behaviours and presents a forecast of future trends through 2030. While the dominance of digital wallets and account-to-account (A2A) systems is growing, especially in regions like Asia Pacific (APAC), cards are far from obsolete.

On the contrary, they are adapting and, in many cases, thriving.

Over the past decade, smartphones and fintech platforms have reshaped how consumers transact. Contactless technology, mobile wallets, and regulatory shifts have pushed consumers and merchants alike toward digital-first solutions.

As a result, cash usage has plummeted globally. In 2014, 44 per cent of point-of-sale (POS) value was in cash; in 2024, that figure has dropped to 15 per cent, according to the report.

Worldpay projects this decline will continue at a modest two per cent compound annual growth rate (CAGR) through 2030. Yet, the report acknowledges that “cash will remain essential in high-cash markets,” where digital infrastructure or consumer habits lag.

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Cards hold their ground

Despite the hype surrounding fintech innovations and real-time payments, cards are projected to account for 56 per cent of global consumer payment value by 2030, equivalent to a staggering US$32.5 trillion. Much of this resilience stems from their dual role: both as a direct payment tool and as the principal funding mechanism for digital wallets.

“The card industry has responded to competition by innovating, not retreating,” the report notes. Tools such as Click to Pay and the Visa Flexible Credential demonstrate how legacy card networks are modernising.

In fact, card-based funding was cited by 56 per cent of global consumers as their typical method for fuelling mobile wallets: 27 per cent through debit cards, 23 per cent via credit cards, and six per cent with prepaid options.

This symbiosis between cards and wallets is particularly pronounced in countries such as the US and Australia, where 70 per cent of consumers prefer to fund digital wallets using cards.

The APAC region is often viewed as the world’s most dynamic digital payments market, where mobile-first behaviour is dominant and e-commerce continues to rise. However, Worldpay’s findings reveal that cards remain embedded in the region’s payment structure.

In 2024, cards accounted for 29 per cent of e-commerce and 41 per cent of POS transaction value in APAC.

“In advanced markets like Hong Kong, Singapore, South Korea, and Taiwan, credit cards are still the leading payment method by value,” the report states.

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Meanwhile, emerging economies in the region paint a more nuanced picture. In Vietnam, the government’s push toward financial inclusion has buoyed debit and prepaid card usage, which made up 22 per cent of e-commerce and 27 per cent of POS value. Credit card penetration, however, remains limited, representing just 14 per cent and five per cent in those respective segments.

In Thailand, A2A payments have surged to dominance, yet cards still claim a foothold with 11 per cent of both e-commerce and POS value is transacted via credit cards.

Interestingly, only 25 per cent of Thai respondents use cards to fund their digital wallets, compared to significantly higher figures in card-centric economies.

Rather than a zero-sum competition between payment methods, the report suggests a more blended future.

“It is not that cards are being replaced; it is that their role is evolving,” said a Worldpay spokesperson. “Digital wallets often depend on card rails for funding and authentication.”

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Image Credit: Blake Wisz on Unsplash

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