What’s driving the Asia Pacific Mobile Wallet Market Trends? | Top Key Players are Tencent Holdings, Apple, PayPal, Samsung, One97 Communications, Vodafone, Amazon, Google, Ant Financial, Union Pay, Rakuten, ICICI Bank

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.

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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 APAC mobile wallet market.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Tencent Holdings
2. Apple
3. PayPal
4. Samsung
5. One97 Communications
6. Vodafone
7. Amazon
8. Google
9. Ant Financial
10. Union Pay
11. Rakuten
12. ICICI Bank

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

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.

Asia Pacific mobile wallet market in 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.

Rising internet and smartphone penetration, increasing awareness of mobile payments has also resulted in more and more Asian nations shifting from cash payments to cashless transactions for an array of services. The all-in-one payment experience provided by mobile wallets has redefined the way customers carry-out their everyday payment activities. Online as well as offline promotion of mobile wallets has significantly contributed to the growing popularity of mobile wallets which has encouraged more websites to accept them as a form of payment, thereby expanding the Asia Pacific mobile wallet market size.

Browse key industry insights spread across 140 pages with 144 market data tables & 28 figures & charts from the report, “Asia Pacific Mobile Wallet Market Size By Type (Open, Semi-closed, Closed), By Ownership (Banks, Telco’s, Device, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-Based), Industry Analysis Report, Regional Outlook (Australia, China, India, Japan, Singapore, South Korea, Indonesia, Thailand, Philippines), Growth Potential, Growth Potential Analysis, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/asia-pacific-mobile-wallet-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.

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.

Powered by an array of factors such as affordable smartphones, emerging middle-class, high network speeds, and decline in mobile data costs the Asia Pacific has established itself as a mobile-first region. Considering the increasing popularity of mobile wallets, market players are also integrating newer features and services for mobile payments, which indicates mobile wallets would continue to become more ubiquitous in the Asia Pacific marketplace. In terms of industry growth, the Asia Pacific mobile wallet market is estimated to surpass $140 billion by 2024.

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.

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