Mobile wallet is a technology where debit and credit card information can be stored in the smart phone. In the other words instead of keeping the physical cards, one can just pay the bill with the help of the smart phone where the credentials of bank details, card and internet banking information is stored. As the technology is growing and government of various countries are promoting digital economy, the Mobile Wallet Market is expected to grow immensely. Increasing uses of smartphone and growing e-commerce industry are some of the major factor which is supporting the market of mobile wallet around the world whereas growing security proliferation and security are some of the major restraint to the market.
In the latest trend, NFC chip enabled smartphone are expected to drive the market as most of the smartphone manufacturers are equipping the phones with NFC.
In the recent news, Samsung Corporation has acquired LoopPay Inc. is a mobile payment and wallet solution provider. The endless opportunities in the upcoming future are one of the factor which is inviting the major global players in this sector.
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The global mobile wallet market is expected to grow at CAGR of 40% and estimated to reach at market size of US ~$5 billion by the end of forecast period.
Market Research Future Analysis:
In current market scenario, Asia-Pacific is dominating the market of mobile wallet. Growing LTE technology in the Asian countries and growing smartphone user are some of the major factor driving the market. Emerging countries such China, India and Japan which also holds more than 30% of global population are aggressively adopting the mobile wallet technology. Various feature such as easy accessibility to bank, easy payments and transfer among others are giving boost to the market. NFC technology is already present in North America. A study shows that more than 75% of the major retailer in Canada accepts contactless transaction and expected to increase in future. This shows that the market of Mobile Wallet in North America is growing. U.K. and Germany are few of the countries which has already initiated the cash-less economy initiative and in future it is expected that mobile wallet will be used as primary mode of payment.
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 Mobile Wallet market has been segmented on the basis of-
- By Mode of Payment – Remote Payment and NFC among others.
- By Application – e-commerce, Ticketing, Mobile Coupon, Mobile Transfer, Micropayment among others.
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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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