Asia Pacific Mobile Wallet Growth, Status and Forecast by 2024
The Asia Pacific Mobile Wallet market report coverage is inclusive of various parameters such as the market size, regional growth opportunities, major vendors in the market, drivers and constraints, segmental analysis, as well as the competitive landscape.
Asia Pacific mobile wallet industry size is set to reach a valuation of more than USD 140 billion by 2024. This has subsequently resulted in a paradigm shift in the payment methods towards mobile payments and transactions, encouraging industry players to invest in mobile wallets to capitalize on the vast opportunity available in the region.
With the escalating penetration of smartphones leading to a rise in internet users, Asia Pacific mobile wallet market share is expected witness significant growth over the coming years. A notable increase in disposable income at hand of the consumers accompanied by the decreasing prices of mobile connectivity has led to this ostensible surge in the number of both smartphones and internet users.
Major industry players working in the Asia Pacific mobile wallet market include Amazon Pay, Vodafone pay, Xiaomi, Union Pay, One97 Communications Limited, Rakuten, Paytm, PayPal, Samsung, Apple, Tencent Holdings and Google. These players are constantly involved in the implementation of inorganic growth strategies like collaborations and partnerships to obtain a competitive edge.
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There has been a major rise in the e-commerce sector across the emerging economies, which has been presenting major opportunities for the mobile wallets industry. Players in the e-commerce sectors such as Uber, MakeMyTrip, Flipkart and Ola have been involved in the development of new products that help provide a smooth payment experience to the customers.
These players have been focusing on the investment to develop their own mobile wallets. Meanwhile, financial service providers have been prompted to build customer-centric products that cater to the needs of the consumers due to the dramatic surge in the digitization, which is supported by intense competition, within the market, which is likely to help fuel Asia Pacific mobile wallet market share.
The NFC technology segment is experiencing significant gains owing to steadily blooming interest of all the manufacturers in the smartphones sector towards mobile wallet solution. Various smartphone manufacturers like Samsung, Xiaomi and Apple have been working towards the deployment of NFC chips in smartphones, which could help offer smooth connectivity for payments.
The NFC technology segment is expected to register a CAGR of more than 29% over the forecast timeframe. Furthermore, the integration of such technology into smartphones as well as wearable devices to be able to offer payment through no contact presents a substantial opportunity for digital payment providers.
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Several initiatives have been taken by government agencies that have proven to be favorable for the growth of the mobile wallet industry. For example, the Indian government had launched a Digital India Campaign which was particularly aimed at providing government services via digital channels.
This campaign promoted several financial institutions as well as banks to implement this digital channel to deliver financial services. In addition to this, the government of India also announced the demonetization of its currency, which resulted in a sudden spurt in the number of mobile wallet transactions. Mobile wallet industry in India is set to observe a CAGR of over 30% in the projected period of time, providing a major boost to the overall APAC mobile wallet landscape over the coming decade.
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