Mobile wallets offer convenient solutions to users for making their payments online, thereby driving sales for businesses. It allows users to carry their debit/credit/reward cards, and coupons on their smartphones, tablets, or other hand-held and wearable electronic devices. The mobile wallet market has evolved because of advancements in mobile phone technology and is expected to grow exponentially over the next few years.
As per a report by Google, Temasek and Bain & Company, the Southeast Asia digital payment industry is projecting an increase of their gross transaction value from 600 billion USD in 2020 to 1.1 trillion USD by 2025, with mobile wallets expecting to touch a share of 114 billion USD by 2025.
In December 2019, Ant Financial partnered with several local vendors in Southeast Asia and collaborated with eMonkey to capture market share in the region. According to Forbes, Indonesia is one of the first countries of the world with 95% of internet users reported as mobile users. Visa is partnering with Tencent to establish a payment system for Visa cardholders in China via WeChat. Additionally, initiatives like Digital India are enabling growth in this region.
The mobile wallet market is highly competitive with companies leveraging strategic collaborative initiatives and acquisitions aimed at increasing their market share, and for greater profitability. A few of the major players are mentioned below:
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