Homegrown giants and super-apps defining the APAC mobile wallet landscape

Written by Kapronasia || May 26 2025

The Asia-Pacific (APAC) region has firmly established itself as a global hub for mobile payments, boasting a dynamic and well-established market with over 60 active mobile wallet brands and platforms, not including numerous bank-backed applications – as noted in a recent e-book published by Thunes, a cross-border payment infrastructure company based in Singapore. This burgeoning landscape is not a monolith; rather, it is a vibrant tapestry woven with distinct local preferences, powerful government initiatives, and the overarching influence of the all-encompassing super-app.

In the battle for digital payment supremacy, local players have a clear home-field advantage across most of the APAC region. Giants like China's WeChat Pay, India's Paytm, Indonesia's GoPay, Japan's PayPay, Thailand's Truemoney, the Philippines' GCash, and Vietnam's MoMo reign supreme in their respective markets. Their success is not accidental; it is built on a foundation of deep integration with domestic banking systems, favorable regulatory frameworks, and a keen ability to serve the vast unbanked and underbanked populations within their borders.

While global behemoths like Apple Pay and Google Pay are available in nearly all APAC markets, their traction is most significant in affluent, iOS-heavy countries such as Australia and New Zealand, where they are ranked among the top three mobile payment platforms. Samsung Pay also has a presence in many markets but struggles with low adoption, with the notable exception of its home turf, South Korea, where it commands a formidable 42% market share.

The structure of the mobile wallet market varies dramatically from one country to another. Some nations exhibit extreme market concentration, with a single player holding a commanding lead. This is particularly evident in:

  • The Philippines: GCash dominates with an astounding 89% market share.
  • Thailand: Truemoney leads the pack with a 66% share.
  • Vietnam: MoMo holds a strong 63% of the market.

These market leaders have capitalized on early-mover advantages, cultivated strong brand trust, received government support, and seamlessly integrated with existing financial infrastructure to achieve rapid consolidation.

In stark contrast, markets like Singapore and Hong Kong present a far more fragmented and competitive picture. Singapore is home to 14 distinct mobile wallets in addition to various bank-owned apps, with the bank-owned DBS Paylah! leading at 26%. Similarly, Hong Kong features 12 mobile wallet providers, with Alipay at the forefront with a 23% share, closely followed by Apple Pay at 20%. This diversity is often the result of regulatory policies that encourage open ecosystems and a high degree of fintech innovation, fostering an environment where multiple strong contenders can thrive.

Governments across the APAC region have played a pivotal role in shaping the trajectory of digital payments. India stands out as a prime example. Its mobile wallet landscape, once a fragmented puzzle of non-interoperable platforms, was revolutionized by the 2016 launch of the Unified Payments Interface (UPI). This national instant payment system created a standardized, interoperable platform for inter-bank mobile transactions, democratizing access to the payments ecosystem and fueling open competition. Today, early UPI adopters like Paytm (33%), Google Pay (20%), and PhonePe (10%) lead the Indian market.

Following a similar path, Indonesia is championing interoperability through its Quick Response Code Indonesian Standard (QRIS). Launched in 2019, QRIS unifies the country's various QR code payment methods into a single, streamlined system designed to reduce cash dependency and bolster the digital economy. The rapid uptake of QRIS has spurred intense competition, compelling major players like GoPay (32%), Dana (28%), and Ovo (23%) to innovate beyond simple payments and expand into services like insurance, investments, and loans.

A defining characteristic of the APAC mobile wallet market is the ascent of the super-app. China leads this trend, with WeChat Pay and Alipay deeply integrated into sprawling ecosystems that blend messaging, e-commerce, investment services, and even government services. This integration drives daily user engagement and creates a "sticky" user base.

This model has been successfully replicated across Southeast Asia and India. Examples include:

  • GrabPay, part of Grab's ride-hailing and food delivery empire.
  • GoPay, integrated into Indonesia's Gojek ecosystem.
  • Paytm and PhonePe in India.
  • LINE Pay, which is part of the popular LINE messaging application.

From the concentrated markets of Southeast Asia to the government-shaped landscapes of India and the super-app ecosystems of China, the APAC mobile wallet market is a testament to the power of localization and innovation. As the region continues its rapid digitalization, the evolution of mobile payments will undoubtedly remain a dynamic and exciting space to watch.