Development Trends in the Mobile Payment Industry of Japan and Singapore and Key Strategies of Three Major Players

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.

Companies Mentioned

Aizen Global
Alibaba
Amazon
Ant Group
Apple
Apple
DBS Bank
EZ-Link
Gala Technology
Goldman Sachs
Google
Grab
GX Bank
High Payment Solutions
Hyundai
Line
LY Corp
Mastercard
Mobile Money
Monarch
Naver
NETS
OCBC Bank
Oversea-Chinese Banking
PayNet
PayPay
Public Bank
Shein
Shopee
Singtel
StraitsX
Temu
Tencent
Tinaba
United Overseas Bank
Visa
Viva Republica
XNAP
Yahoo!
YNAB
Z Holdings
Table of Contents
1.Development of the Mobile Payment Market in Japan and Singapore
1.1 Japans 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 Singapores 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
List of Companies

List Of Tables

Table 1: Japans Non-Cash and Mobile Payment Amounts from 2019 to 2023

 

Table 2: Singapore FAST Transaction Volumes and Amounts from 2022 to 2023

 

Table 3: LY Companys Revenue for Fiscal Years 2019 to 2023

 

Table 4: LY Companys Quarterly Revenue by Business for Fiscal Year 2023

 

Table 5: PayPay User Numbers, Annual Revenue, GMV, and Transaction Volumes for Fiscal Year 2023

 

Table 6: LINE Pay International Monthly Active Users for Q1 2024

 

Table 7: LINE Pay International Revenue for Fiscal Year 2023

 

Table 8: PayPay’s Overseas Usability

 

Table 9: Grab’s Revenue Breakdown by Business Segment (2020-2023)

 

Table 10: Grab’s AI-Driven Automated Promotion System "Bullseye" Overview

 

Table 11: Apple’s Revenue by Business Segment (2019-2023)

 

Table 12: Apple Pay Financial Applications

 

Table 13: Summary of Key Players Operational Performance and Strategic Focus in Japan and Singapore


List Of Figures

Figure 1: Japans Non-Cash Payment Amount and Proportion from 2019 to 2023


Figure 2: Benefits of SGQR+ for Merchants in Singapore

 

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