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

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21 March 2017
KyongSun Kong

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.

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