Asia-Pacific Mobile Payments Market 2021 Global Insights and Business Scenario – Google LLC, Samsung Group, Amazon.com Inc, Paypal Inc, Mastercard PLC, Visa Inc

The report presents an in-depth assessment of the Asia-Pacific Mobile Payments including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Asia-Pacific Mobile Payments investments from 2020 till 2025.

Asia-Pacific Mobile Payments market was valued at USD 559.29 billion in 2019 and is expected to reach USD 2074.32 billion by 2025, registering a CAGR of 23.91 % over the forecast period (2020-2025).

The Asia-Pacific Mobile Payments market is highly competitive and consists of a number of major players: Google LLC, Samsung Group, Amazon.com Inc, Paypal Inc, Mastercard PLC, Visa Inc, American Express Co., Comviva Technologies Limited (A Tech Mahindra Company), WeChat (Tencent Holdings Limited), Alipay.com Co. Ltd (Ant Financial)

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Industry News:

- April 2020 - South Korean retail company, Shinsegae Group, enhanced its mobile payment service, SSGPay, by adding banking service. This will enable the customers to run different tasks in different banks in the platform. This will also help the company improve the customers in South Korea to order essentials online using their website, without facing payment issues, during the coronavirus crisis.
- January 2020 - Tencent collaborated with the government-owned company, UnionPay, and combined a part of its authentication software with it. This collaboration is expected to expand UnionPays market penetration in the Chinese market and further support the Chinese government initiative for same-sector partnership._
- January 2020 - Paytm launched QR Code System to accelerate multi-platform payments and enable retailers to accept payments from diverse sources, including mobile wallets, as well as by UPI. The company also recently raised USD 1 billion in funding.

Scope of the Report                       

China to Occupy Significant Market Share

- hinese customers have been the fastest adopters of online retail, financial, and on-demand services, and predominantly use mobile payments, due to its superior convenience._
- Due to the increasing prominence and ease of mobile payments, the number of mobile payment users in China increased from 527 million in 2017 to 583 million in 2018, according to data released by China Internet Network Information Center. According to the People's Bank of China, in 2018, the total transaction value of mobile payments increased to CNY 277.39 trillion, with an approximately 37% increase from the previous year._
- The mobile payment market in the country is led by AliPay and WeChat Pay, owned by Ant Financial (Alibaba parent company) and Tencent Holdings. Moreover, money in the country flows through a digital system that blends social media, commerce, and banking._
- In addition to this, WeChat Pay is the primary mobile payment method for small-scale daily transactions in China. WeChat users' numbers crossed 1 billion in December 2018. The total daily payment transaction volume for WeChat in 2018 exceeded 1 billion, primarily driven by rapid growth in monetary payments, representing more than half of transactions.

Key Market Trends

India to be the Fastest Growing Adopters of Mobile Payments

- The Indian market has historically been dominated by cash, is rapidly evolving to meet the demands of digital payment culture, as a result of an increase of e-commerce and m-commerce culture, and cards and digital wallets rising in prominence. With the growth of various digital wallet companies in India, mobile payment is expected to increase._
- According to the Internet World Stats, India ranks second when it comes to the number of internet users globally. It comprises of approximately 560 million internet users in India, in 2019. This can be attributed to the availability of cheap smartphones, enhanced connectivity, and affordable services._
- Additionally, India's mobile payment market is also fueled by the government's policies that support electronic payments._
- The demonetization scheme announced by Prime Minister Narendra Modi, in 2016, led to a surge in the adoption of digital payments across the country. The government further bolstered cashless transactions through mobile devices by launching the BHIM application in 2016, based on the unified payment interface (UPI). The BHIM app registered about 913 million sales in FY 2018._
- Amidst the coronavirus outbreak, India's government urges consumers to use digital payment methods as a precautionary method as a safety measure. Also, the RBI has proposed the customers to use digital banking systems. NPCI also started a campaign called 'India pay safe' to boost digital payments since exchanging cash could spread Coronavirus.

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Asia-Pacific to Dominate the Asia-Pacific Mobile Payments Market Share

Asia-Pacific is witnessing huge economic growth and the countries in the region are focusing economic cooperation by getting into trade agreements across the world. Such developments lead to surge in trade activities and import-export between nations which results in growth in transport of commodities via sea routes which in turn promulgates the demand for Asia-Pacific Mobile Payments. The oil & gas offshore activities in Asia-pacific countries is also witnessing growth with policy level focus on driving the offshore sector. Thus, the growing end-user industries in Asia Pacific makes it a major geographical market for Asia-Pacific Mobile Payments.

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What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: Asia-Pacific Mobile Payments Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market. 

The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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