Mobile payments have become one of the major means of payment in some Asian countries, and have greatly changed the scene of the payment market.
A new survey report from Celent—a research and advisory company that focuses on the global financial services industry—found that Asian mobile payments underwent a major change receiving a boost from fintech.
The success factors of mobile payment in Asia include large number of locations of mobile payments available, enhanced marketing, and an easy registration process. In addition, synergistic effects of multiple factors should also be taken into account.
Hong Kong stands out in terms of utilisation of fintech for payments. In terms of service breadth, India has the strongest positon in APAC. Australia excels in terms of penetration rate and future prospects.
Half of the respondents said that the degree of penetration of mobile payment in their home country is "high". About 80 percent of respondents agree that fintech plays an important role in the Asian mobile payment market.
Forty percent of the respondents said that their home country's mobile payments market is behind other Asian countries.
Major areas of mobile payments
Peer-to-peer (P2P) payment, blockchain, security, big data, and machine learning are the major areas of Asia's mobile payments markets using fintech.
Eighty percent of the respondents said that they will further penetrate mobile payments in their home country after five years.
Presently, the APAC mobile payment market is driven by the banking sector and mainstream payments for services and goods.
Looking forward, the diversity of the market and the difference in penetration level will drive the expansion of the range of services and further investment for that.
The majority of market participants are convinced of their growth and recognise the importance of fintech's role.
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