The Asia Pacific mobile wallet market is poised to garner commendable gains in the coming years primarily driven by the rising penetration of smartphones and growing number of internet users in the region. According to Ericsson, there are presently over 2.6 billion smartphone users worldwide, and by 2020 the number is estimated to grow to 6.1 billion users, driven by substantial growth in less mature markets.
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.
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Ericsson further predicts that emerging markets, including the Asia Pacific, will account for 80 percent of overall new subscriptions in the coming years. However, the emergence of smartphones has dramatically changed the way people use internet, making it a one-stop solution for all the needs, including financial transactions. Somewhere around four years back, Ericsson also claimed that mobile data usage would observe tenfold growth by 2020, and Asia Pacific would contribute to around 45% of that growth. It does not come as a surprise therefore, that Asia Pacific mobile wallet market share is on a steady rise of late.
The NFC (near field communications) technology being used by mobile wallet providers is another factor that has favored the growth of Asia Pacific mobile wallet industry share. Apparently, NFC interactions and payments work in a manner that is considered largely secure as they cannot be easily interfered with. For instance, an NFC-enabled smartphone has to be held fairly close to a contactless payment reader in order for NFC payment to work. This makes it highly secure as the user’s phone cannot be scanned from halfway across the store.
The increasing uptake of non-contact payment solution along with integration of NFC chips in the smart devices (such as wearables and smartphones) is proving to be beneficial for transforming Asia Pacific mobile wallet market outlook. In fact, NFC technology-enabled APAC mobile wallet market size is projected to expand at an annual growth rate of more than 29 percent over the forecast timeframe.
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Improving digital infrastructure, data plans, better communication systems, and stable networks would be integral to the continued success of mobile wallets in the Asia Pacific region. Moreover, the gradual increase in the awareness regarding the benefits of e-payments is getting a greater number of people on the digital payment bandwagon. Amazon Pay, Paypal, Apple, Samsung, Google, Union Pay, Paytm, Wechat Pay, Alipay, Rakuten Pay, Xiaomi, and Vodafone Pay are some of the key players constituting the competitive hierarchy of the industry. Reports predict that the Asia Pacific mobile wallet market size will exceed USD 140 billion by 2025.
Some Points From Table Of Content: –
Chapter 5. Asia Pacific Mobile Wallet Market, By Type
5.1. Key trends, by type
5.2.1. Market estimates and forecast, 2013 – 2024
5.3.1. Market estimates and forecast, 2013 – 2024
5.4.1. Market estimates and forecast, 2013-2024
Chapter 6. Asia Pacific Mobile Wallet Market, By Ownership
6.1. Key trends, by ownership
6.2.1. Market estimates and forecast, 2013 – 2024
6.3.1. Market estimates and forecast, 2013 – 2024
6.4.1. Market estimates and forecast, 2013 – 2024
6.5. Tech companies
6.5.1. Asia Pacific mobile wallet market estimates and forecast, 2013 – 2024
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