Welcome!

News Feed Item

Mobile Payment to Spearhead Asia-Pacific's Transformation to Cashless Society

Understanding local dynamics will be crucial to success , finds Frost & Sullivan's Digital Transformation team

KUALA LUMPUR, Malaysia, Oct. 6, 2016 /PRNewswire/ -- A top down regulatory push toward cashless societies will spur the US$71.92 billion mobile payments market in Asia-Pacific (excluding China and India) to grow exponentially to reach US$271.47 billion by 2021. The number of active customers will also double to 130.8 million users. With standardization and increasing openness toward FinTech, competition is intensifying for the entire supply-side ecosystem. Mobile payments solution providers will need to fully understand the mobile payments market in the region to gain an edge.

Asia-Pacific Mobile Payments is part of Frost & Sullivan's Mobile & Wireless Communications Growth Partnership Service program, which includes insights on eCommerce and mobile point-of-sale (mPOS). This particular analysis examines the trends and opportunities in China, Australia, Singapore, Japan, South Korea, New Zealand, Malaysia, Indonesia, Thailand, Philippines and Vietnam.

For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/APAC_PR_CLow_P903_05Oct16

Asia-Pacific is expected to continue to lead the world in mobile payment developments as smartphone penetration here is the highest. Apple, Samsung and Google with Apple Pay, Samsung Pay and Android Pay have also addressed existing security concerns through tokenization in the payment infrastructure, supplemented by biometrics on the smartphone.

"The mobile payments market in Asia-Pacific, however, is guided by local preferences and considerations," noted Frost & Sullivan Digital Transformation Industry Principal Analyst Quah Mei Lee. "For instance, in Indonesia and the Philippines, telcos lead with their e-money products whereas in Japan, South Korea and Australia, credit card is the key payment method. Understanding these dynamics is critical for mobile payments solution providers to succeed."

Mobile payment in Asia-Pacific is being led by developed countries such as Japan, South Korea, Australia and Singapore. Japan and South Korea has dominated since the early days of near-field communications (NFC) in 2011 and continues to account for 89.2 percent of market revenue share in Asia-Pacific.

Among mobile payment market segments, m-commerce dominates despite the rapid increase in point-of-sale (POS) payment transaction volumes. The strong deployment of NFC in some countries will help expand POS payment shares. For now, the mobile payment market has the most promise in countries that have a mandate to go cashless, like South Korea, Australia, Singapore and Malaysia. These will be followed closely by countries such as Thailand and Vietnam which are slowly transitioning to cashless.

"The opportunities are limitless and mainstream integration of mobile payments into everyday life is already underway," said Quah. "Even beyond this, there is tremendous potential for growth alongside connected devices in the Internet of Things era."

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion

Asia-Pacific Mobile Payments
P903-65

Contact:
Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: [email protected]

Melissa Tan
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
E: [email protected]

http://ww2.frost.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Despite being the market leader, we recognized the need to transform and reinvent our business at Dynatrace, before someone else disrupted the market. Over the course of three years, we changed everything - our technology, our culture and our brand image. In this session we'll discuss how we navigated through our own innovator's dilemma, and share takeaways from our experience that you can apply to your own organization.
Blockchain has numerous revolutionary ambitions, but technology hasn’t evolved enough to make them practical. What is the best use of blockchain technology today? How are asset owners and managers looking at blockchain to transform ownership structures? How will blockchain technology allow global investors to access new markets? What kinds of companies will take advantage of blockchain technology as a more efficient way to raise capital?
This session describes how Professional Services organisations can deliver within Technology-as-a-Service (IaaS) constructs, in private and public enterprise cloud scenarios. See how professional services can be packaged and funded by IaaS cash flows, based upon consumption of technology services. Learn how significant, IT infrastructure transformations can be funded through OPEX spending models with multi-year As-a-Services based contracts. Understand how the automation of repeatable services c...
Since their inception, Total Uptime has been delivering on their promise of unprecedented uptime to major brands as well as Fortune 500 corporations in the United States and around the world. Their Cloud network spans 17 countries and delivers the unique ability to seamlessly route Internet traffic from one site to the next when our customers need us to. It is built on the best SSAE 16 SOC 2 Type 2 and CSAE 3416 Datacenters and boasts an impressive line-up of Network and Transit Provider Redunda...
​Blockchain, also known as Distributed Ledger Technology (DLT), can be used for more than just crypto currencies. This presentation discusses how blockchain and the Internet of Things (IOT) can be used for several supply chain management and logistics use cases. Real world examples that utilize the open source project Hyperledger will be discussed.
Gym Solutions is a software as a service (SaaS) solution purpose-built to service the fitness industry, with over 1000 clients servicing over 2 million gym members across 40 countries making Perfect Gym Solutions one of the largest and fastest growing SaaS applications in the fitness industry. Their platform is a comprehensive package of modern modular products for the management of fitness clubs, sports facilities and gyms an end- to end solution, revolutionising the way that gyms are managed. ...
Enterprises are universally struggling to understand where the new tools and methodologies of DevOps fit into their organizations, and are universally making the same mistakes. These mistakes are not unavoidable, and in fact, avoiding them gifts an organization with sustained competitive advantage, just like it did for Japanese Manufacturing Post WWII.
Eric Taylor, a former hacker, reveals what he's learned about cybersecurity. Taylor's life as a hacker began when he was just 12 years old and playing video games at home. Russian hackers are notorious for their hacking skills, but one American says he hacked a Russian cyber gang at just 15 years old. The government eventually caught up with Taylor and he pleaded guilty to posting the personal information on the internet, among other charges. Eric Taylor, who went by the nickname Cosmo...
There's no doubt that blockchain technology is a powerful tool for the enterprise, but bringing it mainstream has not been without challenges. As VP of Technology at 8base, Andrei is working to make developing a blockchain application accessible to anyone. With better tools, entrepreneurs and developers can work together to quickly and effectively launch applications that integrate smart contracts and blockchain technology. This will ultimately accelerate blockchain adoption on a global scale.
As the fourth industrial revolution continues to march forward, key questions remain related to the protection of software, cloud, AI, and automation intellectual property. Recent developments in Supreme Court and lower court case law will be reviewed to explain the intricacies of what inventions are eligible for patent protection, how copyright law may be used to protect application programming interfaces (APIs), and the extent to which trademark and trade secret law may have expanded relev...
The Blockchain Benchmark asks and answers the questions many people want to know about the state of Blockchain: What are the biggest barriers? What was your motivation to get involved? When will it mainstream? Who are the true influencers? What are its top use cases? Who will win over the next 5 years? How will the future unfold? And 20+ other valuable questions.
Ivo Lukas is the Founder/CEO for 24Notion. 24Notion is the first integrated marketing/digital PR & lifestyle agency with special emphasis on giving back to the global communities. With a broad understanding the art of non- traditional marketing, new media, communications and social influence. 24Notion ranked #12 in Corporate Philanthropy nominated by Portland Business Journal Book of List.
SUSE is a German-based, multinational, open-source software company that develops and sells Linux products to business customers. Founded in 1992, it was the first company to market Linux for the enterprise. Founded in 1992, SUSE is the world’s first provider of an Enterprise Linux distribution. Today, thousands of businesses worldwide rely on SUSE for their mission-critical computing and IT management needs.
Provide an overview of the capabilities of Azure Stack allowing you or your customers to adopt truly consistent Hybrid Cloud capabilities to deliver greater productivity in your cloud world. Ultan Kinahan is on a member of the Global Black Belt team at Microsoft with a focus on Azure Stack Hybrid Cloud. Ultan has been in the Azure team since the beginning, Has held roles in Engineering, Sales and now consults with both small to medium size business and the worlds largest organizations on how to ...
SAP is the world leader in enterprise applications in terms of software and software-related service revenue. Based on market capitalization, we are the world's third largest independent software manufacturer. Harness the power of your data and accelerate trusted outcome-driven innovation by developing intelligent and live solutions for real-time decisions and actions on a single data copy. Support next-generation transactional and analytical processing with a broad set of advanced analytics - r...