Asia Pacific Mobile Wallet Market - Demand Outlook and Regional Growth Insights to 2024

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 industry.

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Asia Pacific Mobile Wallet Market is expected to surpass USD 140 billion in revenue by 2024.

The cashback and attractive offers provided by semi-closed mobile wallet providers are driving the Asia Pacific mobile wallet market.

NFC technology in Asia Pacific mobile wallet market is anticipated to grow at a CAGR of over 29% during the projected time period. The rising interest of smartphone manufacturers in the mobile wallet solution is driving the NFC technology market. The smartphone manufacturers, such as Apple, Samsung, and Xiaomi, are working on deploying NFC chips into their smartphones to provide seamless connectivity for the payments. Moreover, the integration of the NFC chips into smartphones and the wearable devices to provide non-contact payment presents a huge opportunity for the NFC technology market.

Asia Pacific mobile wallets market to witness huge business opportunities due to rise of e-commerce in emerging economies. 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.

The semi-closed mobile wallet market will grow at a CAGR of over 18% during the forecast period. The growth is credited to the increasing interest of tech giants in mobile payments along with the emergence of Fintech players. Furthermore, the integration of advanced technologies, such as blockchain and NFC, into payments is accelerating the adoption of semi-closed mobile wallets.

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The mobile wallet market in India is forecast to grow at a CAGR of more than 30% over the forecast period. The growth is driven by favorable initiatives taken by the government. For instance, in 2015, a Digital India Campaign was launched by the government, which was aimed at delivering government services through digital channels. The campaign has also promoted financial institutions and the banks to implement the digital channel for the delivery of financial services. Moreover, in 2016, the government has announced to demonetize its currency, which has lead to a sudden increase in the number of mobile wallet transactions.

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.

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.

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