Mobile Wallet Market Profile Analysis | Global Trend and Revenue | Segmentation

Felton, Calif., USA, Oct. 01, 2020 — /EPR Network/ —

The global Mobile Wallet Market research report provides complete insights on industry scope, global trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The advancement of mobile phone technology is expected to drive mobile wallet market or digital wallet industry in near future. In 2015, mobile wallet market size was valued USD 592.45 billion worldwide. The boundless Smartphone use and its increasing penetration level will favour mobile wallet market. The market has emerged as a result of technological advancement which enhances customer experience. 

Key Players:

  • Apple Inc
  • American Express Company
  • Alipay
  • Bharti Airtel Limited
  • Google Inc
  • PayPal Holdings Inc 

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Growth Drivers: 

Mobile wallet market allows consumers to manage their account and transaction from any location at affordable price. Banks, technology vendors and payment service providers in association with main players are developing platform and infrastructure to reinforce customer experience. To differentiate the business from competitors key players have provided features such as mobile vouchers and services, digital charity scheme, dynamic currency conversion. Value added service (VAS) is acting as driving force for cashless payment.

Security issues and privacy concerns can act as restraint in this industry. Lack of government initiatives and supervision is another barrier for growth in this industry over a forecasted period.

Application Outlook: 

  • Retail
  • Vending Machine
  • Public Transportation
  • Restaurants 

Regional Insights: 

By 2024, Asia pacific region is predicted to generate key revenue and will have highest share among other regions. Large number of service providers and consumer preferences in this region are important factors for growth of mobile wallet market. In countries like India and China due to increase in disposable income and consumer needs mobile wallet market will have significant growth over the forecasted period.

Government initiatives likes make in India and Digital India in country is expected to boost the penetration of mobile phones and other consumer electronics which will result in growing demand of industry.

Development in various applications such as NFC-based transactions, ticketing and access control in European market is anticipated over the forecasted period. Increase in number of NFC tags implementation has led to use of NFC readers. It is forecasted that Restaurant applications and public transportation will have key share in European market

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