Hamburg, Germany, March 30, 2019 --(PR.com
)-- Asia-Pacific tops the world in mobile wallet adoption
Asia-Pacific has the world’s highest mobile payment user penetration, surpassing 50% of smartphone users in 2019, according to the market data cited by yStats.com. The largest market in the region, China, has more than half a billion of mobile wallet users and continues to grow. The top competitors in this country include Alipay and WeChat Pay, which combined, processed the lion’s share of transaction value in 2018. Another mobile leader, India, is also expected to see strong growth reflected in the doubling of the value of mobile wallet payments by 2021.
Local mobile wallet solutions are growing across the region
In addition to Alipay and WeChat Pay, other local competitors have emerged to tap into mobile wallets’ growth in Asia-Pacific. These include Paytm and PhonePe in India and GrabPay and GO-PAY in Southeast Asia, described in the yStats.com report. Furthermore, consumers in Japan are also starting to adopt innovative mobile payment methods offered by companies such as Rakuten and LINE.
For further information, see: https://www.ystats.com/wp-content/uploads/2019/03/2019.03.25_Product-Brochure-Order-Form_Asia-Pacific-Top-10-Mobile-Wallet-Profiles-2019.pdf
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