Mobile wallets are used to store the credentials of bank details, debit and credit cards details and internet banking information to carry out online transactions. mobile wallets also provide the facility of adding money in the e-wallets which can be used as an alternative to currency notes. According to the report that has been published by Market Research Future (MRFR), the global Mobile Wallet Market is expanding remarkably at a robust CAGR of 40% in the coming years.
Market Drivers and Restraints:
The rapid growth of e-commerce industry and increasing public dependency on smartphones are influencing the growth of the global mobile wallet market. The initiatives taken by governments ion various countries to promote digital economy coupled with the adoption of advanced technology are fueling the expansion of the global mobile wallet market.
The government activities such as demonetization in the emerging economy of India and shortage of currency notes in last couple of years have led to the increased usage of mobile wallets, resulting in the significant expansion of the global mobile wallet market. The latest trend of NFC chip enabled smartphones are anticipated to positively impact the growth of the global mobile wallet market.
However, the security concerns regarding the misuse of bank account details and increasing rate and sophistication of cybercrimes are likely to act as restraints on the growth of the global mobile wallet market during the forecast period.
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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.
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.
Market Research Future Analysis:
In current market scenario, Asia-Pacific is dominating the market of mobile wallet. Growing LTE technology in the Asian countries and growing smartphone user are some of the major factor driving the market. Emerging countries such China, India and Japan which also holds more than 30% of global population are aggressively adopting the mobile wallet technology. Various feature such as easy accessibility to bank, easy payments and transfer among others are giving boost to the market. NFC technology is already present in North America. A study shows that more than 75% of the major retailer in Canada accepts contactless transaction and expected to increase in future. This shows that the market of Mobile Wallet in North America is growing. U.K. and Germany are few of the countries which has already initiated the cash-less economy initiative and in future it is expected that mobile wallet will be used as primary mode of payment.
In August 2018, three companies are collaborating to test a mobile wallet project ‘Agromovil’ in Columbia. The project will majorly focus on leveraging digital financial services to agricultural producers and rural population.
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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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