February 12, 2020
According to a recent study titled ‘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’, available with Market Study Report LLC, Asia Pacific mobile wallet market is anticipated to cross USD 140 billion by the year 2024.
Increasing number of internet users and rising disposable income, in tandem with availability of wide variety of smartphones at varying price range are driving the growth of Asia Pacific mobile wallet market. Rapid growth of e-commerce has encouraged the adoption of mobile wallets for online transactions. Inflowing investments by major e-commerce players, such as Flipkart, Ola, and MakeMyTrip, to develop a seamless payment experience for their customers is enhancing the business outlook.
Furthermore, increasing digitization has encouraged financial institutions to develop their own mobile wallets, hence contributing towards market renumeration. However, data safety and security concerns associated with mobile wallets, coupled with the lack of a dedicated regulatory framework will hamper the growth of Asia Pacific mobile wallet market in the coming years.
Based on the wallet type, semi-closed mobile wallet segment is slated to register a CAGR of 18% over the analysis period. Growing interest of tech giants and fintech players towards mobile payments, along with implementation of advanced technologies such as blockchain and NFC into online payment solutions is fueling the segmental share.
Based on the technology scope, Asia Pacific mobile wallet market from near field communication (NFC) segment is presumed to grow with a CAGR of 29% through 2024. Increasing deployment of NFC chips in smartphones produced by companies like Apple, Samsung, and Xiaomi, is driving the segment growth. Increasing number of smartphones and wearable devices with NFC feature to execute contactless payment will present new growth opportunities in the coming years.
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Considering the regional outlook, India mobile wallet market is projected to register a CAGR of over 30% during 2018-2024, owing to favorable government initiatives like Digital India Campaign and demonetization. While the former encouraged the banks and government institutes to offer their services through digital platforms, the latter compelled the population to rely on online transactions and mobile wallets.
The major players of Asia Pacific mobile wallet market are Amazon Pay, Paytm, Paypal, Samsung, Vodafone Pay, Google, Apple, Xiaomi, Union Pay, One97 Communications Limited, Tencent Holdings, and Rakuten.
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