The GMI Research speculates that the Mobile Wallet Market will confront a surge in demand over the forecast period. This is because they offer an individual a convenient mode of payment, accelerating the seepage of smartphones and growing efforts of companies to make enhancements in services.
Introduction of the Mobile Wallet Market
Mobile Wallet refers to a digital statement of physical wallet functioning on the application to be installed or an existent built-in feature of a smartphone. The wallet retains the digital information concerned with credit and debit cards to make payments, store coupons. In other words, it is a service via which the consumers transmit and acquire money through digital modes.
Key Players of Market:
- Samsung Electronics Co.
- One97 communications
- Sprint Corporation
- Blackberry Ltd.
- American Express
- Apple Inc.
- Visa Inc.
- MasterCard Incorporated
- First Data Corporation
Mobile Wallet Market Dynamics
The accelerating penetration of smartphones and surging consciousness towards the usage of mobile wallets has elevated the demand of the global mobile wallet market. In addition, the user-friendly nature of mobile wallets owing to the convenience proffered to individuals by eradicating the need to carry liquid currency is another factor exacerbating the market growth. Furthermore, the rapid availability of payment as well as the enhanced cash flow is propelling the market growth. Besides this, the demonetization declaration in India stimulated the market share because of the drastic increase in digital payments. Thus, the aggravating rate of online transactions and internet users are strengthening the market growth.
Furthermore, the Global Mobile Wallet Market Report states that the escalating investment in research and development activities to introduce technologically sophisticated products is paving the way for market growth. On the other hand, the soaring agitation towards safety, protection, and clarity of charges are hampering the market growth. Nonetheless, the compatibility issues because the applications do not uphold all OS, initiation of UPI mode, as well as the surging competition from credit and debit cards, are some other factors projected to restrain the mobile wallet market size.
Mode of payment Segment Drivers
According to the mode of payment, the market is sub divided into remote and NFC payment. The NFC is further bifurcated into handsets, chips and tags, readers, Micro SD, and SIM / UICC cards. The market stakeholders incorporate handset manufacturers, mobile network operators (MNOs), OSS / BSS solution providers, content applications & aggregators, and software developers. Moreover, the growing recognition towards mobile wallets and their uses, rising smartphone seepage, and their cost-efficiency are complementing the market growth. Also, the execution of multi-channel strategies by various manufacturers in the market from Internet vendors is propelling the mobile wallet market share.
Mobile Wallet Market Segmentation:
Segmentation by Type
- Open
- Semi – Closed
- Closed
Segmentation by Technology
- Near Field Communication
- QR Code
- WAP
- Text Based
Segmentation by Application
- Retail
- E-Commerce
- Transportation
- Banking
- Others
Segmentation by Region:
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- RoW
- UAE
- Brazil
- South Africa
- Saudi Arabia
About GMI Research
GMI imparts business perception and research reports for different organizations to help them attain a viable growth in specific market domain. Our organization proffers detailed reports to help client’s make deliberate business policies. The company has a team of analysts and industry experts offering a one-stop solution for the client. The research report has in-depth scrutiny about forecasts, competitive outlook and market dynamics to help companies reach a judicious decision.
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