Asia-Pacific Mobile Payments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific Mobile Payments Market is segmented by Type (Proximity Payment, Remote Payment), End-user Industry (BFSI, IT & Telecommunication, Retail, Healthcare, Government, Media & Entertainment, Transportation & Logistics), and Country.

Market Snapshot

asia-pacific mobile payments market
Study Period: 2018 - 2026
Base Year: 2021
CAGR: 26 %

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Market Overview

Asia-Pacific Mobile Payments market was valued at USD 710.11 billion in 2020 and is expected to reach USD 2841.32 billion by 2026, registering a CAGR of 26 % over the forecast period (2021-2026). The changing lifestyle, Increased smartphone penetration, and the latest online retailing trends, the mobile payments market in Asia-Pacific is expected to grow significantly over the forecast period.

  • Lately, the e-commerce sector is increasing due to the outbreak of the coronavirus. The online groceries have significantly increased their market presence, as the citizens are urged to stay at home and are increasingly buying groceries online. Also, the online grocery retailers are stimulating online buyers to make cashless payments, as a measure of safety, which is further expected to boost the mobile payments market.​
  • Government initiatives are another driving factor for the proliferation of mobile payments. In February 2020, the Min­istry of Com­merce (MOF­COM) and the Na­tional Health Com­mis­sion (NHC) collaborated to issue the “No­tice Con­cern­ing Prop­erly Per­form­ing Life Ser­vices En­ter­prise Work to Pre­vent and Con­trol the Spread of the Novel Coro­n­avirus In­fec­tious Pneu­mo­nia.” The No­tice requires the Chi­nese con­sumers to use swipe card pay­ments and var­i­ous types of mo­bile pay­ments meth­ods for set­tle­ment pur­poses dur­ing the out­break of the coro­n­avirus.
  • Moreover, the Japanese Government recently released its “Cashless Vision,” aiming to increase cashless payments to 40% by 2025, with 18% in 2018.
  • In December 2019, South Korea launched open banking services to lower transaction fees and enhanced convenience while using online banking services. This will enable customers to use mobile banking applications. Similar government initiatives to support the use of mobile payment solutions is expected to boost the market growth.​

Scope of the Report

  • Mobile payments refer to the transactions taking place under the purview of various regulatory bodies using mobile devices as part of initiatives to digitize payments. Mobile device payments act as alternatives to cash, cheques, or physical credit cards.​
  • The report's scope includes proximity and remote payments that are done through mobile devices and various end-user industries that are utilizing mobile payment in the Asia-Pacific region.
By Type
Proximity Payment
Remote Payment
By End-user Industry
IT & Telecommunication
Media & Entertainment
Transportation & Logistics
Other End-user Indutries
By Country
South korea
Rest of Asia-Pacific

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Key Market Trends

China to Occupy Significant Market Share

  • hinese customers have been the fastest adopters of online retail, financial, and on-demand services, and predominantly use mobile payments, due to its superior convenience.​
  • Due to the increasing prominence and ease of mobile payments, the number of mobile payment users in China increased from 527 million in 2017 to 583 million in 2018, according to data released by China Internet Network Information Center. According to the People's Bank of China, in 2018, the total transaction value of mobile payments increased to CNY 277.39 trillion, with an approximately 37% increase from the previous year.​
  • The mobile payment market in the country is led by AliPay and WeChat Pay, owned by Ant Financial (Alibaba parent company) and Tencent Holdings. Moreover, money in the country flows through a digital system that blends social media, commerce, and banking.​
  • In addition to this, WeChat Pay is the primary mobile payment method for small-scale daily transactions in China. WeChat users' numbers crossed 1 billion in December 2018. The total daily payment transaction volume for WeChat in 2018 exceeded 1 billion, primarily driven by rapid growth in monetary payments, representing more than half of transactions.​
e commerce china.png

India to be the Fastest Growing Adopters of Mobile Payments

  • The Indian market has historically been dominated by cash, is rapidly evolving to meet the demands of digital payment culture, as a result of an increase of e-commerce and m-commerce culture, and cards and digital wallets rising in prominence. With the growth of various digital wallet companies in India, mobile payment is expected to increase.​
  • According to the Internet World Stats, India ranks second when it comes to the number of internet users globally. It comprises of approximately 560 million internet users in India, in 2019. This can be attributed to the availability of cheap smartphones, enhanced connectivity, and affordable services.​
  • Additionally, India's mobile payment market is also fueled by the government's policies that support electronic payments.​
  • The demonetization scheme announced by Prime Minister Narendra Modi, in 2016, led to a surge in the adoption of digital payments across the country. The government further bolstered cashless transactions through mobile devices by launching the BHIM application in 2016, based on the unified payment interface (UPI). The BHIM app registered about 913 million sales in FY 2018.​
  • Amidst the coronavirus outbreak, India's government urges consumers to use digital payment methods as a precautionary method as a safety measure. Also, the RBI has proposed the customers to use digital banking systems. NPCI also started a campaign called 'India pay safe' to boost digital payments since exchanging cash could spread Coronavirus.​
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Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Internet Penetration and Growing M-Commerce Market

    3. 4.3 Market Restraints

      1. 4.3.1 Security Issues Associated with Mobile Payments

    4. 4.4 Porters Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 By Type

      1. 5.1.1 Proximity Payment

      2. 5.1.2 Remote Payment

    2. 5.2 By End-user Industry

      1. 5.2.1 BFSI

      2. 5.2.2 IT & Telecommunication

      3. 5.2.3 Retail

      4. 5.2.4 Healthcare

      5. 5.2.5 Government

      6. 5.2.6 Media & Entertainment

      7. 5.2.7 Transportation & Logistics

      8. 5.2.8 Other End-user Indutries

    3. 5.3 By Country

      1. 5.3.1 China

      2. 5.3.2 India

      3. 5.3.3 Japan

      4. 5.3.4 South korea

      5. 5.3.5 Rest of Asia-Pacific


    1. 6.1 Company Profiles

      1. 6.1.1 Google LLC

      2. 6.1.2 Samsung Group

      3. 6.1.3 Inc

      4. 6.1.4 Paypal Inc

      5. 6.1.5 Mastercard PLC

      6. 6.1.6 Visa Inc

      7. 6.1.7 American Express Co.

      8. 6.1.8 Comviva Technologies Limited (A Tech Mahindra Company)

      9. 6.1.9 WeChat (Tencent Holdings Limited)

      10. 6.1.10 Co. Ltd (Ant Financial)

    2. *List Not Exhaustive


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Frequently Asked Questions

The Asia-Pacific Mobile Payments Market market is studied from 2018 - 2026.

The Asia-Pacific Mobile Payments Market is growing at a CAGR of 26% over the next 5 years.

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