Mobile payment apps have continued to proliferate in countries around the world, with Mercedes Pay soon likely to join the more familiar Apple Pay and Samsung Pay. Local apps in Asia, ranging from Paylah! in Singapore to Kakao in South Korea, offer mobile payments as well.

Credit card issuance and usage wane as digital and mobile payments increase in popularity.

Increasing adoption of digital payments has resulted in stiff competition within the industry. Non-bank payment players have become more aggressive, aiming to grow into full scale financial service providers.

Regulators in Asia Pacific such as Indonesia's OJK are actively planning for measures to promote the growth of fintech in the region.

Globally, banks and non-banks are testing whether QR codes to merchants and consumers can provide a simple solution for payments.