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.
For over 20 years, Celent has helped senior executives make confident decisions around their technology strategies to execute at scale.
As the financial services industry rapidly evolves, there is more complexity, with new regulations, startups, technologies, and applications to stay on top of and prioritize. Celent helps you connect this ever-changing puzzle. We offer objective advice and clarity, backed by a database of thousands of solutions and award-winning global best practice use cases. With real-life domain expertise, we also guide you through the maze of emerging tech in the pursuit of value.
Our people, data, insights, and relationships form the foundation for you to use Celent to make confident technology decisions in financial services.
