Global Mobile Wallet Market worth to gain $3,142.17 bn by 2022, according to new statistics released by the Zion Market Research, the market research group.
The mobile wallet is an innovative technological feature. It is an online interface that offers easy to carry the money or cash like a physical wallet. It provides service of an 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.
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Increasing awareness of comfort and adoption of the smart phone is the key driver of the mobile wallet market.Additionally, high growth in e-commerce is anticipated to fuel the growth of mobile wallet market during upcoming years. However, increasing hacking and fraud cases along with a lack of trust can impact the growth of the market. Many businesses are now focusing on security to provide safe service to end-user and advancement of technology is further surging mobile wallet market growth.Increasing mobile internet users has encouraged a 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 growth. However, higher initial investment and rise in online frauds is anticipated 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.On the basis of the application, a market has segmented retail payments, vending machines, public transportation, restaurants and others.
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North America prevails over another region on account of its shift towards the digital economy. Europe is also showing robust growth rate, followed by Asia pacific. Asian countries show high growth potential due to an adoption of smartphones.
At present, in the UK more than 88% of consumer payments are made via cashless modes. In U.S. 80% of the consumer are using online payment. Governments are supporting mobile wallet and have implemented policies to move their countries to cashless economies.
In Asia pacific, Japan, China, and India are moving towards cashless countries. There is the high growth opportunity for mobile wallet due to increased adoption of smartphones this region. In India, after demonetization, online payment transfer has been increased drastically. Government supports the cashless country and digital country and such initiatives will fuel the growth of mobile wallet market. A company like paytm&freecharge revenue has doubled recently. All the countries are supporting online wallet payment which will help to a trackball type of transaction andlower the black money transactions.
Key industry participants in 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:
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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