Press Release: April 14, 2020
Mobile Wallet is a digitized version of physical wallet, which operates on the application that needs to be installed or is an existing built-in feature of a smartphone. A mobile wallet stores the digital information about the credit and debit cards for making payments, store coupons or some specific information. It is a service through which the consumers can send and receive money through digital modes.
Major factors that are driving the growth of global mobile wallet market are the increasing penetration of smartphone users and growing awareness regarding the use of mobile wallets. The global mobile wallet market is expected to grow at a considerable rate due to its quick accessibility to payment, improved cash flow and convenience for the population as earlier they need to carry liquid-currency but now everything is switched to mobile wallets. Due to announcement of demonetization in India the market saw an immediate surge due to the increase in the digital payments. High online transactions, and high internet penetrations acts as a fuel for driving the growth of global mobile wallet market. Besides that, the research & development activities (R&D) for development of technologically advanced products are further expected to play a crucial role in shaping the global mobile wallet market. The factors that hinders the growth of global mobile wallet market are the concern for the security, privacy and the transparency of charges. The issues with the compatibility as the applications does not support all OS, the competition from credit and debit cards and the introduction of UPI are some of the factors that hinders the growth of global mobile wallet market.
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Various notable players in the global mobile wallet market include American Express, Apple Inc., Samsung Electronics Co., Ltd., Visa Inc., One97 communications, MasterCard Incorporated, Sprint Corporation, First Data Corporation, Blackberry Ltd., AT&T Inc. among others.
The Global Mobile Wallet market has been segmented on the basis of Type, Technology, Application and Geography. Based on type market is categorized into Open, Semi-Closed and Closed mobile wallets. On the basis of technology market is categorized into Near Field Communication, QR Code, WAP and Text Based. Based on Application market is categorized into Retail, E-Commerce, Transportation, Telecom, Banking and Others.
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Key questions answered in this research report:
1- At what pace is global mobile wallet market growing? What will be the growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global mobile wallet market?
4- What are the various application areas and how they are poised to grow?
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