According to the research report titled ‘Asia Pacific Mobile Wallet Market Size By Type, By Ownership, By Technology, Research Report, Country Outlook, Price Trends, Growth Prospects, COVID-19 Impact Statistics, Competitive Industry Share & Forecasts, 2020 - 2026‘, available with Market Study Report, Asia Pacific mobile wallet market is expected to accumulate a valuation of USD 200 billion by the end of the analysis timeframe.
 

As per the findings of the report, adoption of omnichannel strategies by banks, growing penetration of mobile devices like smartphones & tablets, and rising demand for mobile banking solutions, especially amid the Covid-19 pandemic, are catalyzing Asia Pacific mobile wallet market growth.
 

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Moreover, inclination of the huge tech-savvy youth populace towards digital products and services along with rising spending capacity in accelerating the adoption of payment solutions such as Paytm and Alipay in APAC.
 

With respect to ownership, the market is fragmented into banks, device manufacturers, telcos, and tech companies. Experts cite that the telecom operators segment is posed to register 20% CAGR through 2026, owing to escalating number of digital customers in the region.
 

In terms of technology, the optical/ QR code technology segment captured over 75% of Asia Pacific mobile wallet market share in 2019 and is anticipated to grow further during the projected timeframe. This can be accredited to convenience, simplicity, and effectiveness of using QR codes and increasing adoption of this payment option by merchants in emerging economies like India and China.
 

Speaking of type, the market is split into open, semi-closed, and closed. The semi-closed segment is expected to record over 15% CAGR over the forecast duration, attributable to growing presence of technology players in the fintech arena to track customer preferences and expand their product offerings.
 

Elaborating on the country-level segmentation, the key avenues for business expansion are China, India, Japan, South Korea, Australia, Singapore, Thailand, Indonesia and Philippines. Among them, China market size is poised to multiply at 15% CAGR through 2026, owing to thriving e-commerce industry, soaring internet penetration, and increasing number of mobile payments solutions in the country.
 

The competitive landscape of Asia Pacific mobile wallet market sphere is defined by Visa Inc., Tencent Holdings Ltd., Samsung Electronics Co., Ltd., PayPal Holdings, Inc., One97 Communications Ltd., One MobiKwik Systems Ltd.., Mastercard Inc., ICICI Bank Ltd., Google LLC, Ant Group, American Express Company, and Amazon.com, Inc.