The mobile wallet market 2020 can expect to advance at a striking rate of 40% from 2017 to 2022 (evaluation period). The global market size can expand to USD 5 billion by 2022-end, reveals MRFR. We will provide COVID-19 impact analysis with the report, along with the developments post the coronavirus disease outbreak.
Top Drivers and Main Deterrents
Transactions via and credit cards, online payment platforms and debit cards have soared even higher since the COVID-19 outbreak. This upward trajectory is the result of the thriving e-commerce business since the lockdown imposed coupled with the surge in e-payments for mobile, grocery bills and utility. While SARS-CoV-2 has led to downfall of fashion and apparel, aviation, dining and movies, the pandemic has been a blessing for OTT/over-the-top entertainment services like Amazon Prime, Netflix, Hulu as well as education services. Moreover, consumer electronics and pharmaceuticals are also on their way to recovery, which can in turn favor the Mobile Wallet Market.
The novel coronavirus and the consequent lockdown have induced major digital transformation. The accelerated use of smartphones and other consumer electronics has helped add to the market momentum. The trend of near field communication/NFC chip powered smartphones combined with the various measures taken by governments worldwide to encourage digitization also benefits the market to a large extent. The mounting implementation of the latest technologies such as IoT, AI and big data and the growth of VAS/ Value Added Service also reinforces market growth.
Furthermore, the renowned firms are collaborating with technology players, payment service vendors and banks for development of the infrastructure that could lead to enriched and better consumer experience. They are launching new features and apps that cater to every demand of the customers. For instance, in July 2020, MoneyLion, a leading mobile bank in New York launched RoarMoneySM, which features two-day faster paydays, funding choices, mobile wallet abilities, and better cybersecurity along with real-time transaction notifications.
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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 industry can be considered based on mode of payment as well as application.
The key segments depending on the mode of payment are NFC, remote payment, and others.
Micro payment, ticketing market, commerce market, mobile transfer, mobile coupon, and more are the key application areas of a mobile wallet.
The mobile wallet market is regionally split into Europe, Asia Pacific/APAC, North America, and the rest of the world/RoW.
The biggest mobile wallet market share is owned by APAC, thanks to the escalating number of smartphone users and the generally thriving consumer electronic industry in the region. The demonetization concept by the Indian government that commenced in 2016 boosted the country’s cashless economy, which was favorable for the mobile wallet market. Increasing consumer preference for cashless transactions and the huge number of well-established service vendors present in the region also contribute to the market growth. The shift towards analog from digital systems and the astounding rise in disposable income of people across India and China have also fostered market growth in the region.
The increasing popularity of payment-enabled smartphones, real-time and connected marketing, and the rising social media prevalence are some of the top growth influencers in the North American market. The top revenue generating segments in the regional market are mobile ticketing and mobile commerce. The increasing efforts given by leading firms for the development of mobile commerce platforms, apps and services could also work in favor of the mobile wallet market in the region.
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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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