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Asia Pacific Mobile Wallet Market Outlook and Opportunities in Grooming Regions with Forecast to 2024

Author : Ronak Bora | Published Date : 2020-09-14 

Asia Pacific Mobile Wallet Market is expected to surpass USD 140 billion in revenue by 2024. The market is driven by the increase in the number of internet users along with the rising smartphone penetration in the region. In the last decade, a significant rise in the number of the internet and smartphone users has been witnessed due to an increase in the disposable income of the individuals along with the decline in the price of smartphones. As a result, a paradigm shift in the mobile payment transactions has been witnessed. This is encouraging market players to invest in the mobile wallet space to capitalize on the opportunity present in the Asia Pacific mobile wallet market.

The Asia Pacific mobile wallet market is driven by the increase in the number of internet users along with the rising smartphone penetration in the region. In the last decade, a significant rise in the number of the internet and smartphone users has been witnessed due to an increase in the disposable income of the individuals along with the decline in the price of smartphones. As a result, a paradigm shift in the mobile payment transactions has been witnessed. This is encouraging market players to invest in the mobile wallet space to capitalize on the opportunity present in the Asia Pacific mobile wallet market.  

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Moreover, the rise of e-commerce in emerging economies also presents huge opportunities for the mobile wallets market. The e-commerce players, such as Flipkart, Ola, Uber, and MakeMyTrip, are working on developing new products to provide a seamless payment experience to their customers. They are also investing heavily to develop their own mobile wallets. Additionally, the increasing digitization along with the intensive competition in the market is encouraging financial service providers to develop customer-centric products to cater to customer needs.

However, data safety and security issues associated with mobile wallets are hindering their adoption among the customers. The absence of the dedicated regulatory framework for mobile wallets is also restricting the growth of the Asia Pacific mobile wallet market.

One of the major reasons for the upsurge in the popularity of mobile wallets is acceptance and usage by the region’s youth population. Countries like India are considered to be a key battleground for digital payment providers owing to its massive population, comprising of young and tech-savvy individuals with smartphones and high-speed internet connectivity. According to the YouGov-Bernstein Proprietary survey, mobile wallets have displayed high acceptance among the urban youth with 89% claiming to use mobile wallets of some form or the other. Considering, the increasing adoption for digital services by tech-savvy youth across the region, the Asia Pacific mobile wallet market is forecast to observe lucrative growth over the coming years.

Apart from the abovementioned factors, some government initiatives and reforms have also had a significant impact on the remuneration graph of the mobile wallet industry over the last few years. A classic example for the same includes India’s demonetization of INR 500 and INR 1000 notes, which amplified the adoption of cashless payments by leaps and bounds in the nation. Post demonetization, India saw rapid adoption of mobile wallet apps like Paytm, PhonePe, Mobikwik, and Freecharge. Moreover, in November 2017, India witnessed 105 million UPI-based transactions, which then grew to 482 million in 2018 as against 0.2 million in 2016. Driven by supportive government initiatives and industry reforms, the India mobile wallet market is estimated to grow at a CAGR of around 30% over 2018-2024.

The Asia Pacific is one of the foremost marketplaces for e-commerce globally and is highly anticipated to lead the way in the global transition to mobile commerce. According to payment processing company Worldpay, mobile is the fastest growing sales channel in China reaching a compound annual growth rate of 12%, while in Hong Kong mobile commerce is poised to become the most popular shopping channel in the coming months with it accounting for more than 50% of all online sales. The exponential growth in mobile shopping will have a definite impact on the Asia Pacific mobile wallet market, as more and more customers seek quick payments options without having to enter credit card information.

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Some of the key players operating in the Asia Pacific mobile wallet market are Paytm, Amazon Pay, Paypal, Vodafone pay, Samsung, Google, Xiaomi, Apple, Union Pay, Tencent Holdings, One97 Communications Limited, and Rakuten. These players are leveraging on inorganic growth strategies, such as partnerships and collaborations, that have helped them penetrate various markets. For instance, in 2017, Vodafone Group entered into a partnership with the Ridlr app to provide a unified BEST Bus ticket booking service. The partnership has helped the company to gain a competitive edge over its local competitors such as Jio Money and Paytm.

Table of Contents (ToC) of the report:

Chapter 6. Asia Pacific Mobile Wallet Market, By Ownership

6.1. Key trends, by ownership

6.2. Banks

6.2.1. Market estimates and forecast, 2013 - 2024

6.3. Telco’s

6.3.1. Market estimates and forecast, 2013 - 2024

6.4. Device

6.4.1. Market estimates and forecast, 2013 – 2024

6.5. Tech companies

6.5.1. Market estimates and forecast, 2013 – 2024

Chapter 7. Asia Pacific Mobile Wallet Market, By Technology

7.1. Key trends, by technology

7.2. Near Field Communication (NFC)

7.2.1. Market estimates and forecast, 2013 - 2024

7.3. Optical/QR code

7.3.1. Market estimates and forecast, 2013 - 2024

7.4. Digital only

7.4.1. Market estimates and forecast, 2013 - 2024

7.5. Text-based

7.5.1. Market estimates and forecast, 2013 - 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/asia-pacific-mobile-wallet-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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