Asia Pacific Mobile Wallet Market Revenue to Exceed USD 200 Billion by 2026

Asia Pacific mobile wallet market size is expected to reach $200 billion through 2026 annually. The adoption of omnichannel strategies by Asian banks for fulfilling the customer needs will steer Asia Pacific mobile wallet market outlook over2020-2026. Both individual and corporate customers have been leveraging mobile banking channels since the past few years. Due to the COVID-19 pandemic, the already trending preference for mobile technology across the region was accentuated amongst Asians. India, Singapore, South Korea, and China have been registering growing demand for these services.
 
This is because of the escalating demand for mobile banking and growing penetration of mobile devices - smartphones and tablets. The number of mobile wallet transactions is estimated to surpass over 280 billion, with the value of transactions crossing $16 trillion.
 
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The region is home to a large percentage of population in their youth, aged between 30 and 40 years. As this population segment is tech-savvy and more inclined to experiment with new digital products and services, Asia Pacific mobile wallet market share is certain to expand. The favorable demographics, apart from augmenting spending capacity of individuals, is pushing the use of payment solutions including Alipay, PayTm, and Mobikwik.
 
In terms of ownership, the industry has been segmented into device manufacturers, banks, tech companies, and telecom operators. The mobile wallet industry share from telecom operators is slated to exhibit a promising 20% CAGR through the forecast timeline, supported by an expanding volume of digital customers in Asia Pacific. Mobile network providers are efficiently catering to the banking services across emerging markets, whereas in more developed regions, they have been focusing on NFC-based mobile payments.

 
China mobile wallet market size is expected to rise at a high 15% CAGR through 2026, owing to the sweeping adoption of mobile payments. The Chinese online buyers are increasingly opting for mobile payments due to the ease and lesser time associated with these transactions. The rising degree of internet penetration alongside a thriving e-commerce industry is paving the way for mobile wallet market in China. As such, Baidu, Alibaba, and Tencent are foraying into the fintech sector equipped with mobile wallet solutions.
 
The optical/ QR code technology represented over 75% of the total Asia Pacific mobile wallet market share during 2019 and is expected to gain traction further. The simplicity, convenience, and effectiveness of using QR codes is responsible for this trend. Using QR codes does not require additional infrastructure expenses, enabling providers to accelerate their distribution activities. Merchants across India and China particularly are integrating this payment option.
 
By type, the mobile wallet industry outlook is categorized into open, closed, and semi-closed segments. The Asia Pacific mobile wallet market share from semi-closed segment is expected grow at more than 15% CAGR through 2026. This is because numerous technology players are entering the fintech arena, aiming the join the ranks of leading mobile wallet vendors.
 
 
These companies have been tracking customer preferences to expand their product offerings. As customer inclination toward semi-closed solutions has been rising, they are launching enhanced products and services in keeping with the demand.
 
ICICI Bank Limited, Amazon.com, Inc., Visa Inc., American Express Company, Google LLC, Mastercard Incorporated, Samsung Electronics Co., Ltd, Tencent Holdings Limited, and One97 Communications Limited are some leading mobile wallet vendors in Asia Pacific.
 
Table of Contents (ToC) of the report:
Chapter 1   Methodology & Scope

1.1    Research methodology

1.2    List of data sources

1.2.1    Secondary

1.2.2    Primary

Chapter 2   Market Snapshot

2.1    Asia Pacific mobile wallet market snapshot, 2015-2026

Chapter 3   Asia Pacific Mobile Wallet Trends

3.1    Industry coverage

3.2    Industry size, 2015 -2026

3.3    Impact of COVID-19

3.4    Value chain analysis

3.4.1    Company product snapshot

3.5    Innovation landscape

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Growth drivers

3.7.1.1    Market drivers

3.7.1.2    Market restraints

3.8    Industry analysis -Porter’s five forces

3.9    Competitive benchmarking, 2019

3.9.1    Strategy dashboard

3.10    PEST analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1816/asia-pacific-mobile-wallet-market
 
About Graphical Research:

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

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