The digital wallet is the engine of mobile commerce and also offers an evolutionary path to reduce friction in the transaction and optimize customer satisfaction. The users are tempted towards attractive cash backs and loyalty coupons offered by different mobile wallet companies. The mobile wallet market in the report refers to payment services operated under financial regulation and performed through a mobile device instead of paying with cheques, cash, or credit cards. The market of mobile wallets can be segmented on the basis of application, in terms of value, as merchant purchases, money transfers, bill payments, and others. The service saves the consumer payment credentials and makes them available at the Point of Sale (POS) to enhance the customer experience. The technology serves dual purpose such as financial management and transfer of funds services. The payment technologies have undergone significant change with the introduction of NFC and mobile wallet services coupled with the integration of POS terminals and mobile devices.
The digital wallet is the engine of mobile commerce and also offers an evolutionary path to reduce friction in the transaction and optimize customer satisfaction. The wide adoption of smartphones indicates the accessibility level for mobile wallets. Moreover, widespread smartphone adoption and implementation of multi-channel strategies by merchants due to an increase in competition from Internet vendors are further expected to propel the mobile wallet market opportunities in the coming years.
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Global Mobile Wallet Market: Key Players
- Amazon Web Services Inc.
- American Express Banking Corp.
- Apple Inc.
- AT&T Inc.
- Google Inc.
- Mastercard Incorporated
- PayPal Holdings, Inc.
- Samsung Electronics Co., Ltd
- VISA Inc.
Global Mobile Wallet Market: Segments
Proximity product type segment to grow with the highest CAGR during 2019-30
Global Mobile Wallet Market is segmented by product type into Proximity and Remote. The greater market share in 2018 was accounted for by Remote mobile wallet and is expected to maintain the dominance throughout the forecast period owing to the ability to use communication networks to access cashless payments. With the growing penetration of NFC powered smartphones across all regions, the proximity product category is expected to have the highest growth rate over the forecast period. The versatility of the product to convert devices to NFC-enabled devices is expected to lead to growth.
NFC segment to grow with the highest CAGR during 2019-30
Global Mobile Wallet Market is segmented by mode of payment into SMS, NFC, WAP, and others.NFC mode of payment is expected to hold a major market share in 2018 and also likely to be the fastest-growing category in the Mobile Wallet market in the coming years.NFC integrated devices offer a better consumer experience with secure payment methods and encourage the retailers to incorporate the technology. Increasing usage of vending machines in emerging countries like India, Indonesia, and China are expected to improve the demand for the application segments. Furthermore, low processing fees and faster check out through the NFC technology are also expected to achieve cost and operational efficiency. The technology helps the retailers in offering special promotions and in tracking the loyalty rewards for improving the relations to mobile customers.
The Retailersegment to grow with the highest CAGR during 2019-30
Global Mobile WalletMarket is segmented by application into the restaurant, retail, vending machine, and public transportation. The retail application is estimated to dominate the business in terms of revenue in 2018 owing to the proliferation of smartphones and the increasing need for a better consumer experience is expected to propel the demand. Retailers are increasingly gaining the potential benefits of accepting transactions using the mobile wallet. The retailers incorporating the cashless payment technology with digital marketing are envisioned to attain consumer data opportunities and loyalty. The ability of a vending machine to make cashless payments provides an opportunity for consumers to pay contactless and hence encourages the consumer for purchasing frequently.
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Global Mobile Wallet Market: Market Dynamics
Increasing penetration of NFC enabled mobile phones
The transitions from analog to digital systems are also anticipated to be one of the factors for growth over the forecast period. Increasing demands from countries such as China and India owing to changing consumer needs and disposable income are also expected to witness significant growth over the forecast period. Furthermore, government-driven initiatives such as Make in India and Digital India in the country are anticipated to boost the penetration of smartphones and other consumer electronics resulting in the growing demand for the industry.
Lack of privacy and security
Lack of privacy and security threat over the mobile payments might result in affecting the segment demand. The lack of government regulations for governing cashless payments also expected to restrain the industry demand over the forecast period. The factors that hinder the growth of the global mobile wallet market are the concern for the security, privacy and transparency of charges. The issues with the compatibility as the applications do not support all OS, the competition from credit and debit cards and the introduction of UPI are some of the factors that hinder the growth of the global mobile wallet market.
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Global Mobile Wallet Market report also contains analysis on:
Global Mobile WalletMarket Segments:
Mode of Payment:
- Vending Machine
- Public Transportation
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