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What are the potential opportunities in the APAC Mobile Wallet Market? Alipay, Amazon.com, Apple, Google, One Mobikwik System, One97 Communications, PayPal, Rakuten, Samsung Electronics, Tencent, Union Mobile Pay, Vodafone
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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 APAC mobile wallet market share is on a steady rise of late.
In addition to 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 APAC mobile wallet market.
The NFC (near field communications) technology being used by mobile wallet providers is another factor that has favored the growth of APAC mobile wallet market 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 APAC mobile wallet market outlook. In fact, NFC technology-enabled market is projected to expand at an annual growth rate of more than 29 percent over the forecast timeframe.
The continued success of mobile wallets in the Asia Pacific region can be attributed to the presence of financial powerhouses such as India and China. While bill payments, mobile recharges, taxi bookings remain the strong digital payment opportunities in these nations, numerous e-payment service providers are trying to expand into other sectors as well. Few of the mobile wallets are trying to add their interface to hotels, coffee shops, small retail enterprises, and much more, even going to the extent of branching into the education sector by enabling students to pay for coaching classes through digital payment platforms.
Moreover, increasing number of supportive government policies and initiatives across APAC countries has resulted in a swift rise in the mobile wallet transactions over the past few years. Reportedly, the India mobile wallet market is forecast to expand at a CAGR of close to 30 percent in the upcoming years. With an aim to promote the penetration of financial services via digital channels, the Indian government had launched the Digital India Campaign in 2015. Additionally, the demonetization of Indian rupee announced by the government in 2016 benefited the mobile wallet providers immensely.
The aforementioned initiatives are being backed by significant policy changes in the financial ecosystem of India. For instance, the Finance Minister recently announced in the union budget 2019 that the government would levy TDS of 2 percent on cash withdrawals surpassing INR 1 crore annually from a bank account. This would discourage business payments in cash and promote digital payments, impelling India mobile wallet market trends.
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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 APAC mobile wallet market will exceed USD 140 billion by 2025.
List of Charts & Figures from APAC Mobile Wallet Market Report:
FIG. 1 Industry segmentation
FIG. 2 Asia Pacific mobile wallet transaction volume, 2013-2024, (Billion)
FIG. 3 Mobile wallet transaction value, 2013-2024, (USD Billion)
FIG. 4 APAC mobile wallet market, 2013-2024, (USD Million)
FIG. 5 Mobile banking users, 2014-2017 (Million)
FIG. 6 Internet banking users, 2014 - 2017 (Millions)
FIG. 7 Mobile wallet industry ecosystem
FIG. 8 Mobile wallet market evolution
FIG. 9 Growth Potential Analysis
FIG. 10 Porters analysis
FIG. 11 PESTLE analysis
FIG. 12 Company analysis of market leaders, 2017
FIG. 13 Company analysis of market challengers, 2017
FIG. 14 SWOT Analysis, Ant Financial Service Group
FIG. 15 SWOT Analysis, Amazon.com, Inc.
FIG. 16 SWOT Analysis, Apple, Inc.
FIG. 17 SWOT Analysis, Ping An Insurance Company of China, Ltd.
FIG. 18 SWOT Analysis, Google LLC
FIG. 19 SWOT Analysis, ICICI Bank Limited
FIG. 20 SWOT Analysis, One Mobikwik Systems Pvt. Ltd.
FIG. 21 SWOT Analysis, One97 Communication Limited
FIG. 22 SWOT Analysis, PayPal Holdings, Inc.
FIG. 23 SWOT Analysis, Rakuten Inc.
FIG. 24 SWOT Analysis, Samsung Electronics Co., Ltd.
FIG. 25 SWOT Analysis, Tencent Holdings Limited
FIG. 26 SWOT Analysis, Fukuoka Financial Group
FIG. 27 SWOT Analysis, Union Mobile Financial Technology
FIG. 28 SWOT Analysis, Vodafone Group PLC
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