Asia Pacific mobile wallet market size is set to reach a valuation of more than USD 140 billion by 2024. This has subsequently resulted in a paradigm shift in the payment methods towards mobile payments and transactions, encouraging industry players to invest in mobile wallets to capitalize on the vast opportunity available in the region.
With the escalating penetration of smartphones leading to a rise in internet users, Asia Pacific mobile wallet market share is expected witness significant growth over the coming years. A notable increase in disposable income at hand of the consumers accompanied by the decreasing prices of mobile connectivity has led to this ostensible surge in the number of both smartphones and internet users.
Get sample copy of this research report @ https://www.decresearch.com/request-sample/detail/3290
Major industry players working in the Asia Pacific mobile wallet market include Amazon Pay, Vodafone pay, Xiaomi, Union Pay, One97 Communications Limited, Rakuten, Paytm, PayPal, Samsung, Apple, Tencent Holdings and Google. These players are constantly involved in the implementation of inorganic growth strategies like collaborations and partnerships to obtain a competitive edge.
For example, in 2017, Vodafone Group partnered with the Ridlr app in an effort to offer a unified ticket booking service for BEST Bus. This partnership helped Vodafone gain a competitive edge over the other local companies like Paytm and Jio Money.
There has been a major rise in the e-commerce sector across the emerging economies, which has been presenting major opportunities for the mobile wallets industry. Players in the e-commerce sectors such as Uber, MakeMyTrip, Flipkart and Ola have been involved in the development of new products that help provide a smooth payment experience to the customers.
These players have been focusing on the investment to develop their own mobile wallets. Meanwhile, financial service providers have been prompted to build customer-centric products that cater to the needs of the consumers due to the dramatic surge in the digitization, which is supported by intense competition, within the market, which is likely to help fuel Asia Pacific mobile wallet market share.
The NFC technology segment is experiencing significant gains owing to steadily blooming interest of all the manufacturers in the smartphones sector towards mobile wallet solution. Various smartphone manufacturers like Samsung, Xiaomi and Apple have been working towards the deployment of NFC chips in smartphones, which could help offer smooth connectivity for payments.
The NFC technology segment is expected to register a CAGR of more than 29% over the forecast timeframe. Furthermore, the integration of such technology into smartphones as well as wearable devices to be able to offer payment through no contact presents a substantial opportunity for digital payment providers.
Several initiatives have been taken by government agencies that have proven to be favorable for the growth of the Asia Pacific mobile wallet market. For example, the Indian government had launched a Digital India Campaign which was particularly aimed at providing government services via digital channels.
Request for customization @ https://www.decresearch.com/roc/3290
This campaign promoted several financial institutions as well as banks to implement this digital channel to deliver financial services. In addition to this, the government of India also announced the demonetization of its currency, which resulted in a sudden spurt in the number of mobile wallet transactions. Mobile wallet industry in India is set to observe a CAGR of over 30% in the projected period of time, providing a major boost to the overall APAC mobile wallet landscape over the coming decade.
Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.6. Methodology & forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Asia Pacific mobile wallet market 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. Asia Pacific Mobile Wallet Market Insights
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
3.8.2. Artificial Intelligence (AI)
3.8.3. Application Processing Interface (API)
3.9. Industry impact forces
3.9.1. Growth drivers
188.8.131.52. Increasing penetration of smartphones
184.108.40.206. Rise of various e-commerce platforms
220.127.116.11. Supportive government initiatives
18.104.22.168. Attractive discounts and cashback offer by mobile wallet providers
22.214.171.124. Changing customers preferences towards digital payments
3.9.2. Industry pitfalls & challenges
126.96.36.199. Data security issues
188.8.131.52. Lack of clear regulatory framework
3.10. Growth potential analysis
3.11. Porter’s analysis
3.12. PESTEL analysis
Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/asia-pacific-mobile-wallet-market