According to the research report titled ‘Asia Pacific Mobile Wallet Market Size By Type (Open, Semi-closed, Closed), By Ownership (Banks, Telco's, Device, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-Based), Industry Analysis Report, Regional Outlook (Australia, China, India, Japan, Singapore, South Korea, Indonesia, Thailand, Philippines), Growth Potential, Growth Potential Analysis, Competitive Market Share & Forecast, 2018 – 2024’, available with MarketStudyReport, Asia Pacific mobile wallet market is slated to be worth USD 140 billion by the end of the forecast period 2018-2024.

As per report findings, factors such as increasing number of internet users, growing smartphone penetration, and emerging e-commerce platforms are driving Asia Pacific mobile wallet market growth.

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Moreover, attractive cashback and discount offers provided by mobile wallet providers, and customers’ inclination towards digital payments are also propelling industry development. Additionally, increasing digitization and high competition are prompting financial service providers to offer customer-centric products to meet the evolving demands.

Despite the positive outlook, lack of clear regulatory framework, and issues relating to data security are likely to restrict market remuneration scope in the upcoming years.

Based on product type, semi-closed mobile wallet market share is likely to record 18% CAGR during the analysis period, owing to increasing involvement of tech giants in providing mobile payment services and emergence of Fintech players. Additionally, introduction of technologies such as NFC and blockchain into the payments field is accelerating segmental development.

Considering technology type, near field communication (NFC) segment is likely to record 29% CAGR during the projected time period. This can be credited to growing interest of smartphone manufacturers for deploying NFC chips to provide seamless connectivity for payments.

From a regional point of view, India mobile wallet market is expected to grow at 30% CAGR over 2018-2024, owing to favorable initiatives taken by the government, such as currency demonetization initiative in 2016, which led to a sudden increase in the number of mobile wallet users.

Prominent players in Asia Pacific mobile wallet industry include Vodafone Group plc, Union Mobile Pay Ltd., The Bank of Fukuoka Ltd., Tencent Holdings Ltd., Samsung Electronics Co. Ltd., Rakuten Group Inc., PayPal Holdings Inc., One97 Communications Ltd., One Mobikwik Systems Ltd., ICICI Bank Ltd., Google LLC, Ping An Insurance (Group) Company of China Ltd., Apple Inc., Amazon.com Inc., and Alipay SG.