According to The Insight Partners' research, the Asia Pacific Mobile Wallet and Payment Market was valued at US$ 3,423.2 Million in 2023 and is expected to reach US$ 26,281.2 Million by 2031, registering a CAGR of 29.0% from 2023 to 2031.
Increasing government initiatives for adoption of mobile wallet and payment solutions and demand for multi-currency mobile wallets are among the critical factors attributed to driving the Asia Pacific mobile wallet and payment market growth.
Mobile wallet and payment solutions are critical for consumers and businesses, as they increase accessibility, improve security, reduce transactional costs, and make payments faster. Increasing technological advancements, rising consumer demands for two-factor authentication (2FA) security, and other factors are boosting the demand for mobile wallets and payment solutions. This also encourages government bodies to take initiatives to support the adoption of mobile wallets and payment solutions in order to secure their business from financial risks. For instance, the DigiDhan Mission, established under the Ministry of Electronics and Information Technology (MeitY) in India, aims to promote a cashless economy and provide a smooth digital payment experience for all citizens. Further, Japan's digital wallet and payment sector has seen substantial expansion and transformation in recent years. The government's Cashless Vision, announced in April 2018, intends to boost cashless transactions to 40% by 2025, eventually reaching 80%. This approach has led to the growth of digital wallets and mobile payment applications, such as PayPal, Venmo, and Cash App, and has become popular among customers.
On the contrary, the increasing number of phishing attacks hampers the growth of Asia Pacific mobile wallet and payment market.
Asia Pacific Mobile Wallet and Payment Market Segmentation Analysis:
- By Type, the Asia Pacific Mobile Wallet and Payment Market is segmented into Proximity and Remote. The Proximity segment is projected to expand at 28.9% CAGR during 2023 - 2031.
- By Technology, the Asia Pacific Mobile Wallet and Payment Market is segmented into NFC, QR-based, Text-based, and Digital-only. The QR-based segment is projected to expand at 29.4% CAGR during 2023 - 2031.
- By End User, the Asia Pacific Mobile Wallet and Payment Market is segmented into Personal and Business. The Personal segment is projected to expand at 29.6% CAGR during 2023 - 2031.
By country, the Asia Pacific Mobile Wallet and Payment Market is categorized into China, India, Japan, South Korea, Australia, and the Rest of APAC. China is projected to expand at 29.5% CAGR during 2023 - 2031.
Key players operating in the Mobile Wallet and Payment Market are 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, and Software Group among others.
- In 2024, PayU, one of India's leading digital financial services providers, announced that it had received in-principle authorization from the Reserve Bank of India (RBI) with regard to its online payments aggregation (PA) business.
- In 2024, Alipay, China's leading mobile payments provider and the pioneer of QR mobile payments, launched a new service that adds support for NFC contactless payments, marking the first time the technology has been adopted by a major player in the world's largest mobile payments market.
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