Account-to-Account Payments to Gain Ground in Asia
Payment providers and merchants in the region will need to plan for bank-transfer options that bypass card networks.
Updated on Nov. 5, 2026 in Financial Services
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McKinsey & Company projects that account-to-account payments will gain wider adoption across Asia-Pacific between 2026 and 2035, while cash use declines over the same period. Payment providers that operate across the region are the businesses most directly affected by the shift.
Why it matters
Account-to-account transfers move money directly between bank accounts without card networks, which can change the fee structure and settlement speed that merchants and payment providers depend on. The projection reflects low transaction fees in markets such as India, where the Unified Payments Interface has already absorbed some transactions previously made in cash.
McKinsey & Company projects global payments technology spending to rise roughly 9% annually through 2030, and expects payments revenue to grow 4%. Traditional bank transfers typically take three to five business days, the speed gap that account-to-account systems aim to close.
The players
McKinsey & Company
A global management consulting firm whose payments and financial services research advises banks and payment providers on market structure and growth.
The details
Account-to-account payments route money straight between bank accounts, bypassing card networks. Payment providers are responding with software that selects which payment network to use for a given transaction and with partnerships with local operators that manage differing national systems. India's Unified Payments Interface is the leading example, and low transaction fees are a key reason it has taken over transactions formerly settled in cash. McKinsey expects account-to-account payments to remain widely used in India through 2035.
Timeline
Account-to-account payment adoption is projected to grow across Asia-Pacific between 2026 and 2035.
Global payments technology spending is projected to rise about 9% annually through 2030.
Stablecoin adoption is expected to remain relatively limited through 2035.
Market Landscape
India's Unified Payments Interface shows how an account-to-account system can absorb transactions previously made in cash when transaction fees are low. McKinsey's projection extends that pattern across Asia-Pacific, while stablecoins remain expected to stay limited to mainly corporate payments.
Payment providers and merchants should weigh how account-to-account options could reduce reliance on card networks as adoption grows through 2035. Finance teams should track transaction fee levels and settlement times, since those factors drive the shift.
The takeaway
Plan payment acceptance strategies for a future in which account-to-account transfers carry a larger share of transactions in Asia-Pacific. Review payment provider contracts for network flexibility and fee terms before the 2035 adoption horizon.
Further reading
Explore more on the Financial Services sector and how payment systems are reshaping it.
Source note: This article includes information reported by Asian Banking & Finance.
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