Mobile wallet is a technology where debit and credit card information can be stored in the smart phone. In the other words instead of keeping the physical cards, one can just pay the bill with the help of the smart phone where the credentials of bank details, card and internet banking information is stored. As the technology is growing and government of various countries are promoting digital economy, the Mobile Wallet Market is expected to grow immensely. Increasing uses of smartphone and growing e-commerce industry are some of the major factor which is supporting the market of mobile wallet around the world whereas growing security proliferation and security are some of the major restraint to the market.
In the latest trend, NFC chip enabled smartphone are expected to drive the market as most of the smartphone manufacturers are equipping the phones with NFC.
In the recent news, Samsung Corporation has acquired LoopPay Inc. is a mobile payment and wallet solution provider. The endless opportunities in the upcoming future are one of the factor which is inviting the major global players in this sector.
The global mobile wallet market is expected to grow at CAGR of 40% and estimated to reach at market size of US ~$5 billion by the end of forecast period.
The major players operating in the market of mobile wallet are- American Express (U.S.), Apple Inc. (U.S.), AT&T INC.(U.S.), Blackberry Ltd. (Canada), First Data Corporation (U.S.), Google Inc. (U.S.), Sprint Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), MasterCard Incorporated (U.S.), and Visa Inc (U.S.) among others.
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The Mobile Wallet market has been segmented on the basis of-
- By Mode of Payment – Remote Payment and NFC among others.
- By Application – e-commerce, Ticketing, Mobile Coupon, Mobile Transfer, Micropayment among others.
Currently, Asia-Pacific is dominating the market of Mobile Wallet. Growing economy of Asian countries such as China and India are some of the major factors. In the recent news, Indian government has started promoting the cashless economy and demolish the high currencies in order to overcome from various negative factors. Another factor of growing mobile wallet market in Asia-Pacific is high number of smartphone users. Going ahead to North America, this has more than 250 million smartphone users and as U.S. and Canada are technologically developed countries, it gives North America a great competitive advantage over other regions. Rich IT industry and government initiative towards the cashless economy are helping the North America Mobile Wallet Market. Europe is also showing steady growth in the market of mobile wallet. Countries such as U.K., Germany, France and Italy are some of the major contributors in the revenue of mobile wallet.
Study Objective of Mobile Wallet Market
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Mobile Wallet Market.
- To provide insights about factors affecting the market growth.
- To analyze the Mobile Wallet Market based porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment by mode of payment, application and sub-segments.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Mobile Wallet.
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- Software developers
- Mobile app Developers
- Banking Service Providers
- Software Developers
- Software Distributors
- Mobile based financial service providers and distributors
- Research Institutes & Universities
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