Global Mobile Wallet Market Trends and Forecast | Growth Market Reports

The global mobile wallet market size is projected to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the rapid development of mobile internet applications and the advancement of 3G and 4G networks. In addition, the introduction of value-added service (VAS) from the telecom industry has been a driving force for the market demand and cashless payments.

A mobile wallet is a form of payment service that allows users to collect and transfer money using their smart devices especially mobile phones. It is a kind of transaction tool used in mobile devices for simple accessibility of the payment service. Consumers often use mobile wallet to make purchase from both online and offline stores that accept digital payment modes. It not only offers low-cost transactions but also makes easy account management for customers.

Get Exclusive Sample Report at: https://growthmarketreports.com/request-sample/688

Market Trends, Drivers, Restraints, and Opportunities

• Rising collaboration of the players with payment service provider especially banks and technology vendors to facilitate easy payment service is a key factor driving the market growth.
• Offering several benefits such as mobile vouchers & services, digital loyalty schemes, dynamic currency conversion, real-time fraud screening, and a digital charity box act as major driving factors for the market.
• Increasing use of smartphones among a large number of the global population and high access to internet are major factors expected to boost the market.
• Concerning security threat and issues regarding privacy violation are the key challenges that can hamper the market growth.
• Favorable government regulations and policies to encourage digital payment service worldwide are offering key opportunities for the market growth.

Market Segment Insights

Remote segment held a key market share

Based on products, the global mobile wallet market is bifurcated into proximity and remote. The remote segment held a key share of the market in 2020 and is expected to retain its dominance over the forecast period owing to easy access to cashless payments across communication networks. However, the proximity segment is projected to constitute a large market share in the coming years due to the penetration of NFC-enabled smartphones in all regions. The ability to upgrade devices to NFC-enabled is expected to drive the segment development.

Retail segment is expected to dominate the market

Based on applications, the global mobile wallet market is categorized into retail, vending machine, public transportation, and restaurants. The retail segment accounted for a key share of the market in 2020 and is projected to exhibit a robust growth rate due to rapid expansion of the retail sector and wide adoption of the digital payment methods in the sector. Retailers are rapidly reaping the benefits of embracing mobile wallet purchases. Combining cashless payment technology and digital marketing become a key aspect for the extensive growth of the retail sector as it offers easy service to customers. On the other hand, the ability of a vending machine to accept cashless payments that also allows customers to pay without using cash.

For Any Questions On This Report: https://growthmarketreports.com/enquiry-before-buying/688

Regional Outlook

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is a fast-growing market and is projected to constitute a large share of revenue of the market in the coming years. The regional market growth can be attributed to various reasons including favorable customer tastes and the presence of many low-cost payment service providers in the region. Growing demand for the easy payment service due to rapid growth of the retail sector in major countries such as China and India is projected to boost the regional market during the forecast period.

Various applications such as NFC-based transactions, ticketing, and access control are expected to push significant growth in the European market during the forecast period. The largest share of the overall European market is represented by the public transit and restaurant application segments.

Compititive Landscape

Some of the major players competing are Amazon Web Services Inc.; American Express Banking Corp.; Apple Inc.; Alipay.com; AT&T Inc.; Google Inc.; Mastercard Incorporated; PayPal Holdings, Inc.; Samsung Electronics Co., Ltd.; and Visa Inc. Players in the market are actively investing in R&D to create innovative payment platforms by developing new improved technology.

About Growth Market Reports:

GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.

Contact:

Growth Market Reports

Phone: +1 909 414 1393

Email: [email protected]

Web: https://growthmarketreports.com

Follow Us: LinkedIn | Twitter