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, Growth Potential, Growth Potential Analysis, Competitive Market Share & Forecast, 2018 – 2024
Published on: 2024-07-07 | No of Pages : 240 | Industry : Media and IT
Publisher : MRA | Format : PDF&Excel
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, Growth Potential, Growth Potential Analysis, Competitive Market Share & Forecast, 2018 – 2024
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, Growth Potential, Growth Potential Analysis, Competitive Market Share & Forecast, 2018 – 2024
Asia Pacific Mobile Wallet Market Size
Asia Pacific Mobile Wallet Market valued at over USD 35 billion in 2017 and is anticipated to grow at a CAGR of more than 20% from 2018 to 2024.
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The surge in the number of smartphone users and internet penetration is driving the use of the mobile wallet market in the APAC region. In the last decade, there had been an extensive adoption of various smart devices due to advances in the connectivity infrastructure in the region. In 2017, the region had over 1.90 billion internet users accounting for over half of the global internet population, among which over 70% were smartphone users.
| Report Attribute | Details |
|---|---|
| Base Year | 2017 |
| Asia Pacific Mobile Wallet Market Size in 2017 | 35 Billion (USD) |
| Forecast Period | 2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR | 20% |
| 2024 Value Projection | 140 Billion (USD) |
| Historical Data for | 2013 to 2017 |
| No. of Pages | 140 |
| Tables, Charts & Figures | 172 |
| Segments covered | Type, Ownership, Technology, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
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The increasing penetration of smartphones has brought about a fundamental shift in the way users are conducting their financial transactions due to its cost-effectiveness and convenience. This is promoting financial establishments and tech players to invest in various mobile wallet applications to capitalize on the growing demand for mobile payment services.
Asia Pacific Mobile Wallet Market Analysis
The semi-closed mobile wallet market is anticipated to grow at a CAGR of over 18% over the forecast timeline due to the rise in the number of mobile wallet product offerings by tech players. This is credited to the shifting customer preferences toward mobile payment applications. The population within the age of 16 to 34 (millennials) prefer a bank-free existence in the future as they are increasingly tech-savvy and habituated to digital financial services offered by technology players.
The banks market is expected to register a growth rate of more than 17% over the forecast timeframe. The banking organizations are launching their own mobile wallets to monetize on myriad opportunities to upsell and cross-sell their financial services & policies. It also provides them with actionable insights to better understand customer preferences, helping them offer a tailor-made banking experience for their customers. The telco industry is anticipated to witness a CAGR of over 20% over the projected timeline. The rising number of partnerships among mobile networks and card issuers is spurring the growth of the telco-based mobile wallet market.
The tech companies accounted for over 70% of the revenue share in the Asia Pacific mobile wallet market in 2017. The tech enterprises including Flipkart, Uber, Ola, and MakeMyTrip have been increasingly investing in developing their own mobile wallets to offer a seamless banking experience to their customers. The players are leveraging on their tech infrastructure to build new & innovative product offerings for their users. Moreover, the supportive regulatory framework is further supplementing the growth of the market.
The optical/QR market is forecast to grow at a CAGR of over 17% during the projected time period. The inexpensive nature of mobile wallet applications is encouraging its use in the region as the technology does not incur any added costs apart for a smartphone. This has been the primary factor, which has been supplementing its adoption in countries, such as Thailand, Indonesia, and the Philippines, where the retail outlets do not have access to the point-of-sale infrastructure.
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China dominated the Asia Pacific mobile wallet market with over 95% share in 2017. This is attributed to the presence of numerous e-commerce platforms and a high degree of smartphone penetration in the country. Large players, such as Tencent, Alibaba, and Baidu, are forming tie-ups with various retail outlets and online platforms to increase the availability of product offerings across various channels. For instance, in May 2015, Tencent partnered with Didi, a taxi hailing application, to facilitate in-app payments for its customers for Didi rides. This partnership with Didi opened a broader universe of payment partners for the WeChat application, enabling in-app payments for everything from cell phone bills to utility fees.
Asia Pacific Mobile Wallet Market Share
The players operating in the Asia Pacific mobile wallet market landscape are
- Tencent Holdings
- Apple
- PayPal
- Samsung
- One97 Communications Limited
- Vodafone
- Amazon
- Ant Financial
- Union Pay
- Rakuten.
The companies present in the market are adopting inorganic growth strategies to develop a diversified & robust partnership network with associations and cooperative financing organizations, allowing them to penetrate various regional markets. For instance, in January 2019, Union Pay expanded its network of countries, accepting mobile payments, from its base of outbound Chinese travelers to over 46 countries. The additional features have allowed Chinese tourists to use the company’s mobile payment service across various overseas regions.
Industry Background
As the digitalization across the industries rising, the banking sector is also going through a phase of digital disruption. the market dynamics are changing and customers ae gaining more power over the organization. The emergence of the fintech companies and the increasing competition among the financial institutes is forcing financial institutes to provide better customer experience. As a result, these players are focusing on developing more customer centric products.
Table of Content
Report Content
Chapter 1. Methodology & Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope
1.1.5. Definition
1.1.6. Methodology & forecast parameters
1.2. Data Sources
1.2.1. Secondary
1.2.1.1. Paid
1.2.1.2. Public
1.2.2. Primary
1.3. Abbreviations
Chapter 2. Executive Summary
2.1. Mobile wallet industry 360º synopsis, 2013 - 2024
2.2. Business trends
2.3. Regional trends
2.4. Type trends
2.5. Ownership trends
2.6. Technology trends
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
Chapter 4. Competitive Landscape, 2017
4.1. Introduction
4.2. Market leaders, 2017
4.3. Market challengers, 2017
4.4. Other prominent vendors
Chapter 5. Asia Pacific Mobile Wallet Market, By Type
5.1. Key trends, by type
5.2. Open
5.2.1. Market estimates and forecast, 2013 – 2024
5.3. Semi-closed
5.3.1. Market estimates and forecast, 2013 – 2024
5.4. Closed
5.4.1. Market estimates and forecast, 2013-2024
Chapter 6. Asia Pacific Mobile Wallet Market, By Ownership
6.1. Key trends, by ownership
6.2. Banks
6.2.1. Market estimates and forecast, 2013 - 2024
6.3. Telco’s
6.3.1. Market estimates and forecast, 2013 - 2024
6.4. Device
6.4.1. Market estimates and forecast, 2013 – 2024
6.5. Tech companies
6.5.1. Market estimates and forecast, 2013 – 2024
Chapter 7. Asia Pacific Mobile Wallet Market, By Technology
7.1. Key trends, by technology
7.2. Near Field Communication (NFC)
7.2.1. Market estimates and forecast, 2013 - 2024
7.3. Optical/QR code
7.3.1. Market estimates and forecast, 2013 - 2024
7.4. Digital only
7.4.1. Market estimates and forecast, 2013 - 2024
7.5. Text-based
7.5.1. Market estimates and forecast, 2013 - 2024
Chapter 8. Asia Pacific Mobile Wallet Market, By Region
8.1. Key trends, by region
8.2. Asia Pacific
8.2.1. Mobile wallet transaction volume, 2013-2024
8.2.2. Mobile wallet transaction value, 2013-2024
8.2.3. Market estimates and forecast, 2013 - 2024
8.2.4. Market estimates and forecast, by type, 2013 – 2024
8.2.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.6. Market estimates and forecast, by technology, 2013 – 2024
8.2.7. Australia
8.2.7.1. Mobile wallet transaction volume, 2013-2024
8.2.7.2. Mobile wallet transaction value, 2013-2024
8.2.7.3. Market estimates and forecast, 2013 - 2024
8.2.7.4. Market estimates and forecast, by type, 2013 – 2024
8.2.7.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.7.6. Market estimates and forecast, by technology, 2013 – 2024
8.2.8. China
8.2.8.1. Mobile wallet transaction volume, 2013-2024
8.2.8.2. Mobile wallet transaction value, 2013-2024
8.2.8.3. Market estimates and forecast, 2013 - 2024
8.2.8.4. Market estimates and forecast, by type, 2013 – 2024
8.2.8.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.8.6. Market estimates and forecast, by technology, 2013 – 2024
8.2.9. India
8.2.9.1. Mobile wallet transaction volume, 2013-2024
8.2.9.2. Mobile wallet transaction value, 2013-2024
8.2.9.3. Market estimates and forecast, 2013 - 2024
8.2.9.4. Market estimates and forecast, by type, 2013 – 2024
8.2.9.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.9.6. Market estimates and forecast, by technology, 2013 – 2024
8.2.10. Japan
8.2.10.1. Mobile wallet transaction volume, 2013-2024
8.2.10.2. Mobile wallet transaction value, 2013-2024
8.2.10.3. Market estimates and forecast, 2013 - 2024
8.2.10.4. Market estimates and forecast, by type, 2013 – 2024
8.2.10.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.10.6. Market estimates and forecast, by technology, 2013 – 2024
8.2.11. South Korea
8.2.11.1. Mobile wallet transaction volume, 2013-2024
8.2.11.2. Mobile wallet transaction value, 2013-2024
8.2.11.3. Market estimates and forecast, 2013 - 2024
8.2.11.4. Market estimates and forecast, by type, 2013 – 2024
8.2.11.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.11.6. Market estimates and forecast, by technology, 2013 – 2024
8.2.12. Singapore
8.2.12.1. Mobile wallet transaction volume, 2013-2024
8.2.12.2. Mobile wallet transaction value, 2013-2024
8.2.12.3. Market estimates and forecast, 2013 - 2024
8.2.12.4. Market estimates and forecast, by type, 2013 – 2024
8.2.12.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.12.6. Market estimates and forecast, by technology, 2013 – 2024
8.2.13. Indonesia
8.2.13.1. Mobile wallet transaction volume, 2013-2024
8.2.13.2. Mobile wallet transaction value, 2013-2024
8.2.13.3. Market estimates and forecast, 2013 - 2024
8.2.13.4. Market estimates and forecast, by type, 2013 – 2024
8.2.13.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.13.6. Market estimates and forecast, by technology, 2013 – 2024
8.2.14. Philippines
8.2.14.1. Mobile wallet transaction volume, 2013-2024
8.2.14.2. Mobile wallet transaction value, 2013-2024
8.2.14.3. Market estimates and forecast, 2013 - 2024
8.2.14.4. Market estimates and forecast, by type, 2013 – 2024
8.2.14.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.14.6. Market estimates and forecast, by technology, 2013 – 2024
8.2.15. Thailand
8.2.15.1. Mobile wallet transaction volume, 2013-2024
8.2.15.2. Mobile wallet transaction value, 2013-2024
8.2.15.3. Market estimates and forecast, 2013 - 2024
8.2.15.4. Market estimates and forecast, by type, 2013 – 2024
8.2.15.5. Market estimates and forecast, by ownership, 2013 – 2024
8.2.15.6. Market estimates and forecast, by technology, 2013 – 2024
Chapter 9. Company Profiles
9.1. Alipay
9.1.1. Business Overview
9.1.2. Financial Data
9.1.3. Product Landscape
9.1.4. Strategic Outlook
9.1.5. SWOT Analysis
9.2. Amazon.com, Inc.
9.2.1. Business Overview
9.2.2. Financial Data
9.2.3. Product Landscape
9.2.4. Strategic Outlook
9.2.5. SWOT Analysis
9.3. Apple Inc.
9.3.1. Business Overview
9.3.2. Financial Data
9.3.3. Product Landscape
9.3.4. Strategic Outlook
9.3.5. SWOT Analysis
9.4. China Ping An Group
9.4.1. Business Overview
9.4.2. Financial Data
9.4.3. Product Landscape
9.4.4. Strategic Outlook
9.4.5. SWOT Analysis
9.5. Google LLC
9.5.1. Business Overview
9.5.2. Financial Data
9.5.3. Product Landscape
9.5.4. Strategic Outlook
9.5.5. SWOT Analysis
9.6. ICICI Bank Limited
9.6.1. Business Overview
9.6.2. Financial Data
9.6.3. Product Landscape
9.6.4. Strategic Outlook
9.6.5. SWOT Analysis
9.7. One Mobikwik System Pvt Ltd.
9.7.1. Business Overview
9.7.2. Financial Data
9.7.3. Product Landscape
9.7.4. Strategic Outlook
9.7.5. SWOT Analysis
9.8. One97 Communications Limited
9.8.1. Business Overview
9.8.2. Financial Data
9.8.3. Product Landscape
9.8.4. Strategic Outlook
9.8.5. SWOT Analysis
9.9. PayPal Holdings, Inc.
9.9.1. Business Overview
9.9.2. Financial Data
9.9.3. Product Landscape
9.9.4. Strategic Outlook
9.9.5. SWOT Analysis
9.10. Rakuten, Inc.
9.10.1. Business Overview
9.10.2. Financial Data
9.10.3. Product Landscape
9.10.4. Strategic Outlook
9.10.5. SWOT Analysis
9.11. Samsung Electronics Co., Ltd.
9.11.1. Business Overview
9.11.2. Financial Data
9.11.3. Product Landscape
9.11.4. Strategic Outlook
9.11.5. SWOT Analysis
9.12. Tencent
9.12.1. Business Overview
9.12.2. Financial Data
9.12.3. Product Landscape
9.12.4. Strategic Outlook
9.12.5. SWOT Analysis
9.13. The Bank of Fukuoka,Ltd.
9.13.1. Business Overview
9.13.2. Financial Data
9.13.3. Product Landscape
9.13.4. Strategic Outlook
9.13.5. SWOT Analysis
9.14. Union Mobile Pay
9.14.1. Business Overview
9.14.2. Financial Data
9.14.3. Product Landscape
9.14.4. Strategic Outlook
9.14.5. SWOT Analysis
9.15. Vodafone Group PLC
9.15.1. Business Overview
9.15.2. Financial Data
9.15.3. Product Landscape
9.15.4. Strategic Outlook
9.15.5. SWOT Analysis