Asia Pacific Mobile Wallet Market Latest Trends, Development, Growth Analysis And Forecast by 2024

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.

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.

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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.

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

NFC technology 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.

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.

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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 Content

Chapter 1. Methodology & Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definition

1.1.6. Methodology & forecast parameters

1.2. Data Sources

1.2.1. Secondary

1.2.1.1. Paid

1.2.1.2. Public

1.2.2. Primary

1.3. Abbreviations

Chapter 2. Executive Summary

2.1. Mobile wallet industry 360º synopsis, 2013 - 2024

2.2. Business trends

2.3. Regional trends

2.4. Type trends

2.5. Ownership trends

2.6. Technology trends

Chapter 3. Mobile Wallet Industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2013 – 2024

3.3.1. Mobile wallet transaction volume, 2013-2024

3.3.2. Mobile wallet transaction value, 2013-2024

3.3.3. Mobile wallet market, 2013-2024

3.4. Industry statistics

3.4.1. Mobile banking users

3.4.2. Mobile banking users, by country

3.4.3. Internet banking users

3.4.4. Internet banking users, by country

3.5. Industry ecosystem analysis

3.6. Mobile wallet evolution

3.7. Regulatory landscape

3.7.1. Health Insurance Portability and Accountability Act (HIPAA)

3.7.2. Payment Card Industry Data Security Standard (PCI DSS)

3.7.3. Chinan Electric Reliability Corp. (NERC) standards

3.7.4. Federal Information Security Management Act (FISMA)

3.7.5. The Gramm-Leach-Bliley Act (GLB) Act of 1999

3.7.6. The Sarbanes-Oxley Act of 2022

3.7.7. General Data Protection Regulation (GDPR)

3.7.8. Alternative Investment Fund Managers Directive (AIFMD)

3.7.9. Anti-Money Laundering Directive 2015/849/EU (AMLD)

3.7.10. Dodd–Frank Wall Street Reform and Consumer Protection Act

3.7.11. European Market Infrastructure Regulation (EMIR)

3.7.12. Foreign Account Tax Compliance Act (FATCA)

3.7.13. Markets in Financial Instruments Directive (MiFID)

3.8. Technology and innovation landscape

3.8.1. Biometrics

3.8.2. Artificial Intelligence (AI)

3.8.3. Application Processing Interface (API)

3.8.4. Blockchain

3.9. Industry impact forces

3.9.1. Growth drivers

3.9.1.1. Increasing penetration of smartphones

3.9.1.2. Rise of various e-commerce platforms

3.9.1.3. Supportive government initiatives

3.9.1.4. Attractive discounts and cashback offer by mobile wallet providers

3.9.1.5. Changing customers preferences towards digital payments

3.9.2. Industry pitfalls & challenges

3.9.2.1. Data security issues

3.9.2.2. Lack of clear regulatory framework

3.10. Growth potential analysis

3.11. Porter’s analysis

3.12. PESTEL analysis

Chapter 4. Competitive Landscape, 2017

4.1. Introduction

4.2. Market leaders, 2017

4.3. Market challengers, 2017

4.4. Other prominent vendors