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Industry experts predict rapid growth in mobile payments in Asia
A breadth of suppliers willing to accept mobile payments is the most cited success factor, but a low level of trust for personal information security still remains a commonly reported obstacle.
The Asset 24 Mar 2017

A majority of industry experts predict mobile payments will see a rapid growth over the next one to two years (86%), with many regarding the current level of market penetration in Asia as ‘high’ (50%), according to a recent survey by Celent. A breadth of suppliers willing to accept mobile payments is the most cited success factor, but a low level of trust for personal information security still remains a commonly reported obstacle.

When asked, “how much do you think mobile payments have penetrated in your country/region”, over 50% of respondents answered relatively high/high/extremely high. These findings are noted in The State of Mobile Payments in Asia-Pacific, published by Celent on March 21 2017, which included respondents in India, Singapore, South Korea, Australia, Malaysia, China, Thailand, Bangladesh, Hong Kong, Japan, and the Philippines.


Respondents reported that the opportunities for acceptance of mobile payments was the most important success factor, but marketing efforts by suppliers, easy registration, and regulatory easing were also cited.

In terms of obstacles, a lack of awareness of mobile payments and a low level of trust for personal information leaks and security, were the most cited reasons. Concerns over losing a phone and the comfort of the existing payments environment were also mentioned as obstacles, although with less frequency.

Looking to the future, large numbers of respondents agreed mobile payments will see a rapid development over the next few years (86%), with many (84%) believing mobile payments will enjoy a high degree of penetration in five years.


It is worth noting that 59% of the respondents were from India, although the survey speaks for the whole of Asia. In total, respondents from China, Thailand, Bangladesh, Japan and the Philippines accounted for less than 10% of those surveyed. The majority of respondents also reported to be working for IT vendors (66%) and banks (21%), with much smaller numbers – below 5% – working for mobile payment providers, fintech start-ups, and others.

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