The Asia Pacific Mobile Payments Market Size is anticipated to experience a market growth of 33.8% CAGR during the forecast period (2016 - 2022).
Mobile payment is a process of paying for goods or services or transfer of money through mobile/smartphones. The mobile payment industry has evolved significantly over the years with big brands entering the market and developing advanced technologies that provide ease of payment using mobile/smartphones. Countries such as Singapore, Australia, and Japan are some of the major markets with a strong inclination to become a cashless market.
Mobile payment transactions through NFC technology is also anticipated to witness significant growth in the Asia-Pacific region, owing to convenient payment options, coupled with government initiatives towards a cashless society. Growing market penetration of smartphones, unprecedented growth in m-commerce industry, changing lifestyle, and the need for quick and hassle-free transactions are some of the major factors that would drive the market growth.Based on type, the market is segmented into Mobile Wallets/Bank Cards and Mobile Money.
Based on Mode of Transaction, a market is segmented into Near Field Communication (NFC), Wireless Access Protocol (WAP), and Short Message Service (SMS). Based on Application, the market is segmented into Retail, Entertainment, Hospitality & Transportation, Healthcare, Energy & Utilities, and Others.Based on country, Asia-Pacific Mobile Payments market is segmented into China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific. China remained the dominant region in the Asia-Pacific Mobile Payments market in 2015.
Singapore and India would witness promising CAGR during the forecast period (2016-2022).The report covers the analysis of key stake holders of the Mobile Payments market. Key companies profiled in the report include Orange S.A., MasterCard Incorporated, Bharti Airtel, MTN Group Limited, Safaricom Limited, Ebay, Mahindra Comviva and Vodafone Group Plc.
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