tl;dr
A Mastercard report reveals Generation Alpha, born after 2010, is leading digital payment adoption in the Asia-Pacific region, with half owning digital wallets and nearly half having investment accounts. This tech-savvy group favors AI, blockchain, tokenized assets, and superapps, with low cash use ...
A new Mastercard report highlights Generation Alpha, born after 2010, as the frontrunner in digital payment adoption across the Asia-Pacific region. Approximately half of Gen Alpha own digital wallets, and nearly 50% have investment accounts, showcasing their tech-savvy nature fostered by early access to smartphones and tablets. This group exhibits a strong preference for advanced financial technologies such as artificial intelligence (AI), blockchain, tokenized assets, decentralized finance (DeFi), and superapps that combine payment, social, and shopping features. Notably, cash usage among Gen Alpha is the lowest compared to other demographics, indicating a significant shift toward digital finance. Countries like Indonesia and China are at the forefront of this movement, pushing superapp adoption among young users.
Meanwhile, the Benin Republic plans to launch an innovative national digital ID system integrated with a blockchain-based mobile wallet by 2026. Aristide Guy Adjinacou, Director General of the National Agency for the Identification of Persons (ANIP), revealed that this initiative aims to enhance inclusivity and data security by enabling citizens to store credentials and personal data securely. Although it is unclear if the digital wallet will support payment functions, the system will incorporate AI to help reach underserved and remote populations through data-driven strategies. This development aligns Benin’s efforts with broader African trends, as countries like Nigeria, Zambia, Ethiopia, Namibia, and São Tomé and Príncipe advance their own digital ID initiatives. The progress is supported by local legislation and a growing database, with more than 10 million individuals registered in the last six months.