Asia Pacific Mobile Wallet and Payment Market Size and Forecast (2021

Description

List of Tables

The Asia Pacific Mobile Wallet and Payment Market is projected to experience significant growth, with an expected market size of approximately US$ 26,281.2 million by 2031, up from US$ 3,423.2 million in 2023. This growth translates to a remarkable compound annual growth rate (CAGR) of 29.0% from 2023 to 2031.

Executive Summary and Market Analysis

The rapid advancement of mobile technology and digital financial services is reshaping the economic and social landscape across the Asia Pacific region. As internet access and smartphone usage continue to rise, the adoption of digital payment methods is also increasing. A recent survey by PayPal revealed that 35% of respondents in the region utilize mobile wallets, while 13% engage in contactless payments through digital banking and online transactions on their mobile devices.

Countries such as China, Japan, India, and Malaysia are leading the charge towards becoming cashless economies. These nations are at the forefront of the e-wallet industry, driven by supportive government initiatives promoting cashless transactions and the growing acceptance of business models that facilitate digital payments.

Strategic Insights

Market Segmentation Analysis

The Asia Pacific Mobile Wallet and Payment Market can be segmented based on various criteria:

By Type: The market is divided into Proximity and Remote payment methods. In 2023, Proximity payments held the largest market share.
By Technology: The segmentation includes NFC (Near Field Communication), QR-based, Text-based, and Digital-only payment methods. QR-based payments dominated the market in 2023.
By End User: The market is categorized into Personal and Business users, with Personal users accounting for the largest share in 2023.

Market Outlook

The process of remitting money internationally can often be cumbersome due to varying conversion rates, high fees, and associated taxes. Multi-currency wallets are emerging as a solution, allowing users to manage multiple currencies within a single digital wallet, thus simplifying overseas payments and currency conversions. The advantages of multi-currency wallets include:

Secured Payments: These wallets offer enhanced security features and multiple authentication methods, ensuring the protection of account information and funds, which is crucial for secure international transfers and currency exchanges.
Convenience and Flexibility: Users can easily switch between currencies, pay bills, and conduct transactions in various currencies without the need to manage multiple accounts. This streamlines cross-border payments, making them more efficient.
No Foreign Exchange Hassles: Multi-currency wallets eliminate the stress associated with foreign exchange, allowing users to carry any currency for their international transactions without complications.
Reduced Transaction Costs: By minimizing international transaction fees and avoiding hidden costs associated with bank transfers, multi-currency wallets significantly lower the expenses related to cross-border payments.

These features make multi-currency mobile wallets an attractive option for businesses looking to expand their global reach and enhance customer experiences.

Country Insights

The Asia Pacific Mobile Wallet and Payment Market is further segmented by country, including major players like China, India, Japan, South Korea, Australia, and other regions within APAC. China is currently the largest market player as of 2023.

Although mobile payment technologies did not originate in China, their popularity has surged since the early 2010s, driven by technological advancements, innovative business models, and favorable regulatory environments. The mobile payment landscape in China is primarily dominated by Alipay and WeChat Pay, which are operated by Alibaba and Tencent, respectively. These companies have established their dominance through distinct strategies: Alipay was designed to provide a reliable payment solution for online transactions within Alibaba's e-commerce ecosystem, while WeChat Pay was integrated into WeChat, China's leading social media platform, to facilitate interpersonal payments.

Company Profiles

Key players in the Asia Pacific Mobile Wallet and Payment Market include:

Alphabet Inc
Telefonaktiebolaget LM Ericsson
Thales SA
Apple Inc
Visa Inc
ACI Worldwide Inc
AT&T Inc.
Mastercard Inc
Samsung Electronics Co Ltd
FIS Global
PayPal Holdings Inc
PayU
American Express Co
Bharti Airtel Ltd
PhonePe Pvt Ltd
Paytm E-Commerce Pvt Ltd
Early Warning Services, LLC
Alipay
One MobiKwik Systems Limited
Software Group

These companies are actively pursuing various strategies, including market expansion, product innovation, and mergers and acquisitions, to enhance their offerings and increase their market share in the rapidly evolving mobile wallet and payment landscape.

Product Code: TIPRE00041639

1. Introduction

1.1 Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macroeconomic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country-level data:

4. Mobile Wallet and Payment Market Landscape

4.1 Market Overview
4.2 Ecosystem Analysis
- 4.2.1 Mobile Wallet Providers
- 4.2.2 Fintech Startups and High-Tech Firms
- 4.2.3 Banks
- 4.2.4 Value-Added Service Providers
- 4.2.5 Regulatory Bodies
- 4.2.6 List of Vendors in the Value Chain

5. Asia Pacific Mobile Wallet and Payment Market - Key Market Dynamics

5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Future Trends
5.5 Impact of Drivers and Restraints:

6. Mobile Wallet and Payment Market - Asia Pacific Market Analysis

6.1 Asia Pacific Mobile Wallet and Payment Market Revenue (US$ Million), 2023 - 2031
6.2 Asia Pacific Mobile Wallet and Payment Market Forecast and Analysis

7. Asia Pacific Mobile Wallet and Payment Market Revenue Analysis - by Type

7.1 Proximity
- 7.1.1 Overview
- 7.1.2 Proximity: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.2 Remote
- 7.2.1 Overview
- 7.2.2 Remote: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

8. Asia Pacific Mobile Wallet and Payment Market Revenue Analysis - by Technology

8.1 NFC
- 8.1.1 Overview
- 8.1.2 NFC: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.2 QR-based
- 8.2.1 Overview
- 8.2.2 QR-based: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.3 Text-based
- 8.3.1 Overview
- 8.3.2 Text-based: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.4 Digital-only
- 8.4.1 Overview
- 8.4.2 Digital-only: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

9. Asia Pacific Mobile Wallet and Payment Market Revenue Analysis - by End User

9.1 Personal
- 9.1.1 Overview
- 9.1.2 Personal: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.2 Business
- 9.2.1 Overview
- 9.2.2 Business: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

10. Asia Pacific Mobile Wallet and Payment Market - Country Analysis

10.1 Asia Pacific
- 10.1.1 Asia Pacific Mobile Wallet and Payment Market Revenue and Forecast and Analysis - by Country
  - 10.1.1.1 Asia Pacific Mobile Wallet and Payment Market Revenue and Forecast and Analysis - by Country
  - 10.1.2.2 China: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 10.1.2.2.1 China: Asia Pacific Mobile Wallet and Payment Market Share - by Type
    - 10.1.2.2.2 China: Asia Pacific Mobile Wallet and Payment Market Share - by Technology
    - 10.1.2.2.3 China: Asia Pacific Mobile Wallet and Payment Market Share - by End User
  - 10.2.3.3 India: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 10.2.3.3.1 India: Asia Pacific Mobile Wallet and Payment Market Share - by Type
    - 10.2.3.3.2 India: Asia Pacific Mobile Wallet and Payment Market Share - by Technology
    - 10.2.3.3.3 India: Asia Pacific Mobile Wallet and Payment Market Share - by End User
  - 10.3.4.4 Japan: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 10.3.4.4.1 Japan: Asia Pacific Mobile Wallet and Payment Market Share - by Type
    - 10.3.4.4.2 Japan: Asia Pacific Mobile Wallet and Payment Market Share - by Technology
    - 10.3.4.4.3 Japan: Asia Pacific Mobile Wallet and Payment Market Share - by End User
  - 10.4.5.5 South Korea: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 10.4.5.5.1 South Korea: Asia Pacific Mobile Wallet and Payment Market Share - by Type
    - 10.4.5.5.2 South Korea: Asia Pacific Mobile Wallet and Payment Market Share - by Technology
    - 10.4.5.5.3 South Korea: Asia Pacific Mobile Wallet and Payment Market Share - by End User
  - 10.5.6.6 Australia: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 10.5.6.6.1 Australia: Asia Pacific Mobile Wallet and Payment Market Share - by Type
    - 10.5.6.6.2 Australia: Asia Pacific Mobile Wallet and Payment Market Share - by Technology
    - 10.5.6.6.3 Australia: Asia Pacific Mobile Wallet and Payment Market Share - by End User
  - 10.6.7.7 Rest of APAC: Asia Pacific Mobile Wallet and Payment Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 10.6.7.7.1 Rest of APAC: Asia Pacific Mobile Wallet and Payment Market Share - by Type
    - 10.6.7.7.2 Rest of APAC: Asia Pacific Mobile Wallet and Payment Market Share - by Technology
    - 10.6.7.7.3 Rest of APAC: Asia Pacific Mobile Wallet and Payment Market Share - by End User

11 Competitive Landscape

11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration

12 Industry Landscape

12.1 Overview
12.2 New Product Development
12.3 Merger and Acquisition
12.4 Other Strategic Developments

13 COMPANY PROFILES

13.1 Alphabet Inc
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
13.2 Telefonaktiebolaget LM Ericsson
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
13.3 Thales SA
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
13.4 Apple Inc
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
13.5 Visa Inc
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
13.6 ACI Worldwide Inc
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
13.7 AT&T Inc.
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
13.8 Mastercard Inc
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
13.9 Samsung Electronics Co Ltd
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
13.10 FIS Global
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
13.11 PayPal Holdings Inc
- 13.11.1 Key Facts
- 13.11.2 Business Description
- 13.11.3 Products and Services
- 13.11.4 Financial Overview
- 13.11.5 SWOT Analysis
- 13.11.6 Key Developments
13.12 PayU
- 13.12.1 Key Facts
- 13.12.2 Business Description
- 13.12.3 Products and Services
- 13.12.4 Financial Overview
- 13.12.5 SWOT Analysis
- 13.12.6 Key Developments
13.13 American Express Co
- 13.13.1 Key Facts
- 13.13.2 Business Description
- 13.13.3 Products and Services
- 13.13.4 Financial Overview
- 13.13.5 SWOT Analysis
- 13.13.6 Key Developments
13.14 Bharti Airtel Ltd
- 13.14.1 Key Facts
- 13.14.2 Business Description
- 13.14.3 Products and Services
- 13.14.4 Financial Overview
- 13.14.5 SWOT Analysis
- 13.14.6 Key Developments
13.15 PhonePe Pvt Ltd
- 13.15.1 Key Facts
- 13.15.2 Business Description
- 13.15.3 Products and Services
- 13.15.4 Financial Overview
- 13.15.5 SWOT Analysis
- 13.15.6 Key Developments
13.16 Paytm E-Commerce Pvt Ltd
- 13.16.1 Key Facts
- 13.16.2 Business Description
- 13.16.3 Products and Services
- 13.16.4 Financial Overview
- 13.16.5 SWOT Analysis
- 13.16.6 Key Developments
13.17 Early Warning Services, LLC
- 13.17.1 Key Facts
- 13.17.2 Business Description
- 13.17.3 Products and Services
- 13.17.4 Financial Overview
- 13.17.5 SWOT Analysis
- 13.17.6 Key Developments
13.18 Alipay
- 13.18.1 Key Facts
- 13.18.2 Business Description
- 13.18.3 Products and Services
- 13.18.4 Financial Overview
- 13.18.5 SWOT Analysis
- 13.18.6 Key Developments
13.19 One MobiKwik Systems Limited
- 13.19.1 Key Facts
- 13.19.2 Business Description
- 13.19.3 Products and Services
- 13.19.4 Financial Overview
- 13.19.5 SWOT Analysis
- 13.19.6 Key Developments
13.20 Software Group
- 13.20.1 Key Facts
- 13.20.2 Business Description
- 13.20.3 Products and Services
- 13.20.4 Financial Overview
- 13.20.5 SWOT Analysis
- 13.20.6 Key Developments

14. Appendix

14.1 About The Insight Partners