The State of Mobile Payments in Asia-Pacific: The Impact of Fintech

by KyongSun Kong, March 22, 2017
Industry Trends
Asia-Pacific

Abstract

The trends in Asia’s mobile payments markets are moving toward growth.

Celent has released a new report titled The State of Mobile Payments in Asia-Pacific: The Impact of Fintech. The report was written by KyongSun Kong, an Analyst with Celent’s Asian Financial Services practice.

So far, mobile payments growth has been slower than expected, but it is expected to accelerate. This report examines the status of mobile payments in Asian countries, estimates IT spending levels, and explores growth drivers.

About 80% of respondents said that fintech plays an important role in the Asian mobile payments market. In addition, 80% of respondents said that, after five years, the penetration of mobile payments in their countries will be high.

“Asia’s mobile payments market is expected to expand further. It is used for payments of goods and services, but also person-to-person payments and cross-border remittance,” Kong commented.

“Mobile payment markets in Asian countries are diverse, and the level of growth and speed of adoption of fintech vary. However, there is no doubt that every country is progressing step by step,” she added.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Overview of Survey

2

 

Attributes of Survey Participants

2

Recognition for Mobile Payments

4

 

Leading Sectors

4

 

Mobile Payment Coverage

4

Penetration

7

 

Offline Mobile Payment Methods

7

Adoption Varies

9

 

Success Factors

9

 

Obstacles

9

Fintech Playing an Important Role

11

 

Areas Where Fintech Is Adopted

11

 

Partnering with Fintech Companies

12

Future of Mobile Payments in APAC

14

 

Progress

14

 

Growth Prediction

14

Market Diversity and Expectations for Growth

16

Leveraging Celent’s Expertise

18

 

Support for Financial Institutions

18

 

Support for Vendors

18

Related Celent Research

19

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