Product Code: NARPT24090501
The demand for mobile payments is growing steadily. While it may not yet be the primary revenue driver, the development potential of mobile payment-related businesses and government efforts to improve the industry environment have prompted major players in Japan and Singapore to focus on enhancing operational synergies and increasing revenue contributions. This report provides an overview of the mobile payment markets in Japan and Singapore, including their promotional policies, analyzes the strategies of three major players—LY, Grab, and Apple—and explores future industry trends.
Table of Contents
1.Development of the Mobile Payment Market in Japan and Singapore
- 1.1 Japan's Mobile Payment Transaction Amount Reaches JPY 10.9 Trillion in 2023 with an 81.7% CAGR
- 1.2 Singapore Government Promotes PayNow with Transaction Amounts Exceeding USD 360 Billion
2.Mobile Payment Promotion Policy in Japan and Singapore
- 2.1 Japanese Government Enhances Mobile Payment Security and Cross-Border Payments
- 2.1.1 Japan Revises "Credit Card Security Guidelines" to Improve the Credit Card Usage Environment
- 2.1.2 Japan Develops Cross-Border Payments Using Common QR Code "JPQR"
- 2.2 Singapore's Transition from SGQR to SGQR+: Prioritizing Process Simplification and Cross-Border Service Integration
- 2.2.1 Singapore Promotes SGQR, Integrating Various Providers' Apps
- 2.2.2 Singapore SGQR+ Prioritizes Streamlining Processes and Integrating Cross-Border Services
3. Strategic Positioning of Major Mobile Payment Players in Japan and Singapore
- 3.1 LY
- 3.1.1 LY Company Restructures Organizational Framework and Integrates Solutions, with PayPay Driving Strategic Business Growth
- 3.1.2 LY Company Expands Payment Functions and Financial Applications
- 3.1.3 LY Company Ventures into Cross-Border Payment Services
- 3.2 Grab
- 3.2.1 Grab’s 2023 Revenue Reaches $2.36 Billion, 64.6% YoY Growth
- 3.2.2 Grab Strengthens Its Ride-Hailing, Delivery, and Payment Ecosystem
- 3.2.3 Grab Expands Mobile Payment Partnerships and Develops Cross-Border Payment Services
- 3.2.4 Grab Enhances Financial Services and Leverages Generative AI to Boost Operational Efficiency and Profit Opportunities
- 3.3 Apple
- 3.3.1 Apple’s Services Revenue Surpasses $85 Billion, with Apple Pay Estimated at $3.4 Billion
- 3.3.2 Apple Strengthens Core Payment Operations to Cover Installment Payments, Cross-Border Transactions, and Financial Applications
- 3.4 Summary
4. MIC Perspective
Appendix