With the escalating penetration of smartphones leading to a rise in internet users, APAC mobile wallet market share is expected witness significant growth over the coming years
Ocean View, DE -- (SBWIRE) -- 05/22/2020 -- With the escalating penetration of smartphones leading to a rise in internet users, APAC 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.
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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. APAC mobile wallet market is set to reach a valuation of more than USD 140 billion by 2024.
Major industry players working in the APAC 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.
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 APAC mobile wallet market share.
Several initiatives have been taken by government agencies that have proven to be favorable for the growth of the mobile wallet industry. For example, the Indian government had launched a Digital India Campaign which was particularly aimed at providing government services via digital channels.
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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.
Some Points From Table Of Content: -
Chapter 5. APAC mobile wallet market, By Type
5.1. Key trends, APAC mobile wallet market, by type
5.2.1. Market estimates and forecast, 2013 – 2024
5.3.1. Market estimates and forecast, 2013 – 2024
5.4.1. Market estimates and forecast, 2013-2024
Chapter 6. APAC mobile wallet market, By Ownership
6.1. Key trends, APAC mobile wallet market by ownership
6.2.1. Market estimates and forecast, 2013 - 2024
6.3.1. Market estimates and forecast, 2013 - 2024
6.4.1. Market estimates and forecast, 2013 – 2024
6.5. Tech companies
6.5.1. Market estimates and forecast, 2013 – 2024
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