McKinsey Projects Account-to-Account Payments Growth
McKinsey & Company forecasts wider account-to-account payment adoption and declining cash use across Asia-Pacific through 2035.
Updated on Nov. 5, 2026 in Financial Services
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McKinsey & Company projected that account-to-account payments will gain wider adoption across Asia-Pacific between 2026 and 2035, while cash use declines across the region through 2035. Account-to-account payments move money directly between bank accounts without using card networks.
Why it matters
The projections point to a shift in how payments are made across Asia-Pacific, with direct bank-to-bank transfers expanding as cash use falls. Low transaction fees have supported India's Unified Payments Interface, which has taken over some transactions previously made using cash.
McKinsey projects global payments technology spending to grow about 9% annually through 2030, compared with traditional bank transfers that take three to five business days to complete. The forecast does not address how these projections may vary by country or payment type.
The players
McKinsey & Company
A global management consulting firm whose research and forecasts are widely cited on banking, payments and financial services trends.
The details
Payment providers are using software that selects payment networks and forming partnerships with local operators to manage different payment systems. Stablecoins and tokenised bank deposits are mainly used for corporate payments rather than everyday consumer purchases, while card payments are projected to remain widely used in Oceania alongside growing account-to-account transfers.
Timeline
2026 to 2035: Account-to-account payments expected to gain wider adoption across Asia-Pacific.
Through 2030: Global payments technology spending projected to rise about 9% annually.
Through 2035: Stablecoin adoption expected to remain relatively limited across the region.
Market Landscape
India's Unified Payments Interface has already moved some transactions previously made in cash onto direct bank-to-bank transfers, and McKinsey's forecast extends that pattern across Asia-Pacific. The projection places account-to-account payments as a competing alternative to card networks in several markets through 2035.
Direct bank-to-bank transfers can offer lower transaction fees than some card-based payments, which may matter for everyday shoppers and businesses as account-to-account options expand. The timing of traditional bank transfers, which can take three to five business days, remains a practical consideration for anyone sending money.
The takeaway
Watch for account-to-account payment options at your bank or in apps you use, since the forecast points to them becoming a more common way to pay in Asia-Pacific. Comparing transfer fees and completion times can help you choose the method that fits your needs.
Further reading
Explore more on Financial Services for context on how payment systems are changing.
Source note: This article includes information reported by Asian Banking & Finance.
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