Rising adoption of smartphones, technological advancement in mobile devices, rising use of non-cash payments, and growing use of mobile money services across businesses can propel the market during the forecast period (2018 to 2025).
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Growing use of m-commerce is one of the major driving factors for the market. increasing use of smartphones coupled with availability of internet have increased the popularity of m-commerce among the consumers. Benefits such as easy access to products from remote location along with the flexibility and easy payment services to customer are helping vendor to improve their brand recall value. This has increased the adoption of mobile wallet among the m-commerce companies, which is likely to drive the market in the coming years. Furthermore, growing popularity of smartphone apps among the consumer has also supplemented the market growth. Mobile apps offer convenient and anytime access to numerous banking services. Furthermore, technological developments in mobile technologies is expected to boost the market growth in the coming years.
Online transactions ate processed through information transfer technologies such as near field communication (NFC), WAP, and RFID after authentication such as passwords, PINs, and fingerprints. Increasing adoption of NFC enabled smartphones in various industries is also supporting the market growth. For instance, recently, LG Electronics introduced its mobile payment system called LG Pay in South Korea and likely to launch in the U.S soon under the name LG Wallet. Initially, the payment system will be available on premium phones such as G7 and V40, then the company will expand the system to its mid-range handsets. This mobile payment system supports contactless payments through NFC and wireless magnetic communication to be used on payment terminals which support magnetic stripe and standard contactless cards.
However, high initial investment and presence of online scams can hinder the market growth.
Worldwide mobile wallet (NFC, digital wallet) market can be segmented on the basis of product, application, and region.
Based on product, the mobile wallet (NFC, digital wallet) market can be classified into hardware, software, and services. As per application, the market can be bifurcated into MNOs, financial institutions (Banks), payment network, intermediaries, merchants, and customers.
Geographically, the mobile wallet (NFC, digital wallet) market can be divided into United States, Europe, China, Japan, Southeast Asia, India, and Central and South America.
Governments in The U.S. and many European countries are supporting mobile wallet and have executed guidelines to move to cashless economies.
Increasing use of smartphones coupled with acceptance of mobile wallet technology in emerging countries including China and India are likely to provide high growth opportunities for the market. Countries such as India, China, and Japan are progressively moving towards cashless transactions. In India, use of online payment has increased after demonetization and government is also encouraging for cashless and digital country initiatives. These efforts are expected to support the mobile wallet (NFC, digital wallet) market growth. for instance, earlier, Google launched mobile payment facility called Tez in India. The application allows users to transfer money through bank accounts, QR code, phone number, and Unified Payments Interface (UPI) ID. The application is compatible with iOS and Android and supports several regional languages.
Some of the leading companies operating in the market include Microsoft Corporation, Google, Samsung, Paytm, and Amazon. Companies are competing each other on the basis of service differentiation, expansion of product portfolio, and pricing.
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