Zion Market Research has published a new report titled “Mobile Wallet Market (NFC, Remote Wallet) for Retail payments Vending machines Public Transportation, Restaurants and other application – Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022”. According to the report, the global mobile wallet market was valued at approximately USD 594.00 billion in 2016 and is expected to reach approximately USD 3,142.17 billion by 2022, growing at a CAGR of around 32% between 2017 and 2022.
Worldwide adoption of smartphones and technological advancements are influencing the growth of mobile wallet market. The mobile wallet is a type of payment service by which anyone can receive and send money via mobile devices. A mobile wallet is a form of e-commerce model that is made to be used with mobile devices and offers convenience and easy access. It provides service of the online transaction for every single operation in a routine. Mobile wallet offers various facilities such as debit, credit and online transaction from a bank account.
Browse through 48 Market Tables and 76 Figures spread through 110 Pages and in-depth TOC on “Global Mobile Wallet Market: By Type, Product, Application, Size, Share, Trends, Growth, Analysis, Segment, and Forecast 2016 – 2022”.
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In 2015, consumer spent USD 610 billion on all forms of mobile transaction globally. Increasing mobile internet users has encouraged the new player to enter the market to provide e-commerce services. This will fuel the growth of mobile wallets during the forecast period, as users will be able to make instant purchases online. High transaction volumes through m-commerce, growing use of smartphone users and high Internet penetration worldwide are key drivers of the market growth. However, higher initial investment and rise in online frauds is expected to impact the growth of mobile wallet market.
The global mobile wallet market has been segmented as per applications, product, and geography.Product segments cover NFC and remote payment methods. The remote mobile wallet segment has generated the highest revenue in 2016and anticipated to maintain its dominance throughout the forecast period due to payment availability globally. NFC product type is expected to have highest growth rate with the increasing penetration of NFC-enabled smartphones across all the regions. The product flexibility for converting the devices to NFC-enabled is expected to drive the market growth.North America dominated the global mobile wallet market due to its efforts of making the digital economy. Europe is also growing with a strong CAGR followed by Asia Pacific. Asia Pacific shows high growth potential due to high adoption of smartphones.
Browse the full “Mobile Wallet Market (NFC, Remote Wallet) for Retail payments Vending machines Public Transportation, Restaurants and other application – Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022” report at https://www.zionmarketresearch.com/report/mobile-wallet-market
Key industry participants operating in the global mobile wallet market include American Express, Apple Inc., Amazon.com inc., Bank of America, Citibank, Citrus Payment Solutions, Dwolla, MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, Paytm, and others.
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The report segments global mobile wallet market as follows:
Mobile Wallet Market: Product Segment Analysis
- Near field communication (NFC)
- Remote payments
Mobile Wallet Market: Application Segment Analysis
- Retail payments
- Vending machines
- Public transportation
Mobile Wallet Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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