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Mobile Payments

APAC mobile wallets market to cross USD 40 bln by 2024, report shows

Wednesday 5 June 2019 | 08:27 AM CET

Global APAC mobile wallets market is set to grow to over USD 40 billion by 2024, a new research report by Global Market Insights shows.

As the report suggests, the increasing penetration of smartphones and the widespread adoption of the internet are the primary factors accelerating the demand for mobile wallets market in APAC.

Other key findings of the report:

  • NFC technology is estimated to grow at a CAGR of over 29% during the forecast period;

  • the Indian mobile wallets market is estimated to grow at a CAGR of approximately 30% over the forecast period;

  • the key players operating in the APAC mobile wallets market are Alipay, Wechat Pay, Paytm, Union Pay, Google, Samsung, Apple, Xiaomi, Huawei, Rakuten Pay, Paypal, Amazon Pay, and Vodafone Pay.

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