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APAC Mobile Wallet Market size to hit $200 Bn by 2026
Published Date: 2021-05-28
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APAC Mobile Wallet Market size is poised to reach USD 200 billion by 2026, according to a latest forecast report by Graphical Research. The mobile wallet transaction volume in the region is expected to exceed 280 billion transactions by 2026 with transactional value surpassing USD 16 trillion.
The Asia Pacific mobile banking market is driven by the rising proliferation of bank accounts, increasing spending power of the middle-class, and favorable demographics where a significant amount of the population is between 30 - 40 years, tech-savvy, and willing to experiment with new products & services. To remain contemporary and relevant, several commercial banks in the region have already started aggressively innovating digital products and services for customers.
In Asia Pacific, the open mobile wallet segment is set to grow at a CAGR of above 13% between 2020 and 2026. Growth is attributed to the increasing investment by the banking and telecom sectors to develop open mobile wallets. The banking industry is experiencing a continual change due to widespread digitalization and the introduction of innovative product offerings. Furthermore, traditional banks are facing stiff competition from new Fintech startups.
Browse detailed statistical insights from the report, “Asia Pacific Mobile Wallet Market Size By Type (Open, Semi-closed, Closed), By Ownership (Banks, Telecom Operators, Device Manufacturers, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-based), Research Report, Country Outlook (China, India, Japan, South Korea, Australia, Singapore, Thailand, Indonesia, Philippines), Price Trends, Growth Prospects, COVID-19 Impact Statistics, Competitive Industry Share & Forecasts, 2020 - 2026” along with the table of contents (ToC) @
In the ownership segment, banks accounted for over 10% market share in 2019. Smaller and regional banks are developing proprietary wallet strategies for customer retention and value proposition. Banks are integrating mobile wallet features in their mobile application to improve the user experience by simplifying the onboarding process and increasing messaging opportunities with the customers. In addition, they are also providing mobile wallet solutions to protect their customers and institutions from fraud.
The optical/QR code wallets segment held a major market share of around 75% in 2019, which is attributed to the cost-effectiveness and simplicity of the QR code technology. A QR code does not incur any additional infrastructure expenses, resulting in the integration of QR codes by mobile wallet providers to expand their distribution network. Merchants, particularly in China and India, have little or no infrastructure and mobile wallet providers, such as Alipay and Paytm, adopt QR code technology.
The APAC mobile wallet industry research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026 for the following segments:
Asia Pacific Market, By Type
- Open wallets
- Semi-closed wallets
- Closed wallets
Asia Pacific Market, By Ownership
- Telecom Operators
- Device Manufacturers
- Tech Companies
Asia Pacific Market, By Technology
- Near Field Communication (NFC)
- Optical/QR Code
- Digital Only
The above information has been provided for the following countries:
- Asia Pacific
- South Korea