The Mobile money in emerging Asia–Pacific: trends and forecasts 2015–2020

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Date: 28-Jan-2016
No. of pages: 39
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"Operators in emerging Asia–Pacific must offer advanced mobile wallet services if they are to compete in the mobile money market."

Emerging Asia–Pacific (EMAP) presents notable challenges for operators that intend to launch mobile stored value accounts (MSVAs) like Kenya's M-Pesa. The region seems to offer a good opportunity for mobile money services because many people have mobile handsets and lack access to formal banking services, but take-up of MSVAs has been limited in countries such as India and Indonesia.

This forecast report provides:


  • a detailed forecast of mobile money services in EMAP, specifically covering MSVAs such as Indosat’s Dompetku, and advanced mobile wallets (AMWs) like Apple Pay or Google Wallet, with sub-regional and country splits for selected countries

  • a description of the main drivers and inhibitors of adoption for mobile money services, including market and regulatory dynamics

  • an assessment of the opportunity for mobile operators, financial institutions, and third-party players in the value chain.


Geographical coverage

This report provides detailed forecasts for mobile money services in EMAP, and includes detailed analysis of trends in the following countries.


  • Indonesia

  • Malaysia

  • Philippines

  • Thailand


Company coverage


  • bKash (Pakistan)

  • Indosat's Dompetku (Indonesia)

  • Globe's Gcash (Philippines)

  • Telenor's EasyPaisa (Pakistan)

The Mobile money in emerging Asia–Pacific: trends and forecasts 2015–2020

Table of Contents

5.Executive summary
6.Executive summary
7.Recommendations
8.Mobile money in EMAP: Regional trends
9.Emerging Asia–Pacific: More than 580 million mobile money active users by 2020, mostly of advanced mobile wallets
10.Emerging Asia–Pacific: Revenue from mobile money will represent 1.2% of mobile service revenue in the region
11.Mobile money adoption drivers in EMAP: operators need to prepare for advanced wallets and e-commerce
12.Mobile money in EMAP: Country-level trends
13.Mobile money trends in EMAP
14.Challenging market conditions and weak service demand have limited the growth of operator-led mobile money initiatives in the region
15.Indonesia: Large population with low banking penetration makes Indonesia an attractive market for mobile payments
16.Indonesia: Competition from OTT players and bank-led initiatives will displace operator-led mobile money services
17.Malaysia: A challenging environment for operator-led mobile money initiatives has hindered adoption
18.Malaysia: High banking and card penetration have limited MSVA take-up, but represent an opportunity for AMWs
19.Philippines: operators have found moderate success in mobile money
20.Philippines: MSVA’s lack of traction will be offset by rapid adoption of advanced mobile wallets
21.Thailand: Financial institutions lead the mobile money market
22.Thailand: Limited user adoption and the regulatory focus on other payment mechanisms challenge operators’ MSVAs
23.Case studies
24.Case study: bKash
25.Case study: Globe’s Gcash
26.Case study: Indosat’s Dompetku
27.Case study: Telenor’s EasyPaisa
28.Forecast methodology and assumptions
29.Definition of geographical regions
30.Forecast methodology: Our model combines hard data and the key levers for mobile money services adoption in EMAP
31.Definitions and terminology
32.Forecast framework [1]: Main mobile money use cases
33.Forecast framework [2]: Mobile money service types
34.Forecast framework [3]: Mobile money competitive landscape
35.Forecast framework [4]: Dominant player
36.About the authors and Analysys Mason
37.About the authors
38.About Analysys Mason
39.Research from Analysys Mason
40.Consulting from Analysys Mason

List of Figures

Figure 1: Mobile money service adoption by type, and active users’ share of registered users, emerging Asia–Pacific, 2010–2020
Figure 2: Mobile money fee revenue by type of provider, emerging Asia–Pacific, 2010–2020
Figure 3: Mobile money service adoption by type, and active users’ share of registered users, emerging Asia–Pacific, 2010–2020
Figure 4: Mobile money fee revenue by type of provider, emerging Asia–Pacific, 2010–2020
Figure 5: Drivers of mobile money service adoption in emerging Asia–Pacific
Figure 6: Mobile money dynamics for Indonesia, Malaysia, the Philippines and Thailand, 2015 –2020
Figure 7: Overview of mobile money potential for operators in emerging Asia–Pacific by country
Figure 8: Drivers and inhibitors of mobile money adoption in Indonesia
Figure 9: Mobile money service adoption by type, and active users’ share of registered users, Indonesia, 2010–2020
Figure 10: Mobile money fee revenue by type of provider, Indonesia, 2010–2020
Figure 11: Drivers and inhibitors of mobile money adoption in Malaysia
Figure 12: Mobile money adoption by type of service, and active share of registered users, Malaysia, 2010–2020
Figure 13: Mobile money fee revenue by type of provider, Malaysia, 2010–2020
Figure 14: Drivers and inhibitors of mobile money adoption in Philippines
Figure 15: Mobile money service adoption by type, and active users’ share of registered users, Philippines, 2010–2020
Figure 16: Mobile money fee revenue by type of provider, Philippines, 2010–2020
Figure 17: Drivers and inhibitors of mobile money adoption in Thailand
Figure 18: Mobile money service adoption by type, and active users’ share of registered users, Thailand, 2010–2020
Figure 19: Mobile money fee revenue by type of provider, Thailand, 2010–2020
Figure 20: Regional breakdown used in this report (individually modelled countries are highlighted)
Figure 21: Mobile money services in emerging Asia–Pacific forecast methodology
Figure 22: Mobile money, main use cases with examples
Figure 23: Main types of mobile money services in emerging Asia–Pacific
Figure 24: Four dominant player regimes considered in this forecast

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