Mobile wallets are used to store the credentials of bank details, debit and credit cards details and internet banking information to carry out online transactions. mobile wallets also provide the facility of adding money in the e-wallets which can be used as an alternative to currency notes. According to the report that has been published by Market Research Future (MRFR), the global Mobile Wallet Market is expanding remarkably at a robust CAGR of 40% in the coming years.
Market Drivers and Restraints:
The rapid growth of e-commerce industry and increasing public dependency on smartphones are influencing the growth of the global mobile wallet market. The initiatives taken by governments ion various countries to promote digital economy coupled with the adoption of advanced technology are fueling the expansion of the global mobile wallet market.
The government activities such as demonetization in the emerging economy of India and shortage of currency notes in last couple of years have led to the increased usage of mobile wallets, resulting in the significant expansion of the global mobile wallet market. The latest trend of NFC chip enabled smartphones are anticipated to positively impact the growth of the global mobile wallet market.
However, the security concerns regarding the misuse of bank account details and increasing rate and sophistication of cybercrimes are likely to act as restraints on the growth of the global mobile wallet market during the forecast period.
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In August 2018, three companies are collaborating to test a mobile wallet project ‘Agromovil’ in Columbia. The project will majorly focus on leveraging digital financial services to agricultural producers and rural population.
The major players operating in the market of mobile wallet are- American Express (U.S.), Apple Inc. (U.S.), AT&T INC.(U.S.), Blackberry Ltd. (Canada), First Data Corporation (U.S.), Google Inc. (U.S.), Sprint Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), MasterCard Incorporated (U.S.), and Visa Inc (U.S.) among others.
The global mobile wallet market has been segmented on the basis of mode of payment and application. Based on mode of payment, the mobile wallet market is segmented into remote payment, NFC and others. Based on application, the mobile wallet market is segmented into commerce market, ticketing market, mobile coupon, mobile transfer, micro payment and others.
Geographically, the global mobile wallet market is segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. Among these, the Asia Pacific region is dominating the global mobile wallet market. The mobile wallet market in this region is majorly driven by demonetization initiative taken by Indian government to promote cashless economy and increased number of smartphone users in the developing economies of China and India.
The rapid technological development and easy adoption of trending technologies are leading to the significant growth of the mobile wallet market in the North America region. Whereas, the Europe region is projecting steady growth in the global mobile wallet market.
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- Software developers
- Mobile app Developers
- Banking Service Providers
- Software Developers
- Software Distributors
- Mobile based financial service providers and distributors
- Research Institutes & Universities
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