China has the largest number of mobile phone users in the world at the moment, with 987,580,000 mobile phones in use, closely followed by India, with 903,727,208. Japan and Indonesia are also in the top ten countries worldwide for mobile phone ownership. Asia Pacific is a big market for mobile payments.
In fact, IE Research believe that by 2015, there will be 488.8 million mobile payments users in the Asia Pacific region and that the gross value of mobile payments will reach 253.6 billion USD by 2015.
Read also: mobile Point of Sale coming to Hong Kong
In Japan and South Korea digital purchases and ticketing as well as a growing use of NFC payments are expected to be the main areas where mobile payments are used as users here are familiar with smartphones and keen to embrace new technology. NFC has already been established as a viable payment option in Japan and South Korea.
In Indonesia, India, China and the Philippines, SMS payments, person to person payments, remittances and mobile banking are expected to be the main areas of growth.
Read also: M-PESA – Yet to make an impact on India