According to the report, the global mobile wallet market was valued at approximately USD 594.00 billion in 2016 and is expected to reach approximately USD 3,142.17 billion by 2022, growing at a CAGR of around 32% between 2017 and 2022.
New York, NY, May 16, 2018 (GLOBE NEWSWIRE) — According to the report, the global mobile wallet market was valued at approximately USD 594.00 billion in 2016 and is expected to reach approximately USD 3,142.17 billion by 2022, growing at a CAGR of around 32% between 2017 and 2022.
Worldwide adoption of smartphones and technological advancements are influencing the growth of mobile wallet market. The mobile wallet is a type of payment service by which anyone can receive and send money via mobile devices. A mobile wallet is a form of e-commerce model that is made to be used with mobile devices and offers convenience and easy access. It provides service of the online transaction for every single operation in a routine. Mobile wallet offers various facilities such as debit, credit and online transaction from a bank account.
Browse through 26 Tables & 29 Figures spread over 110 Pages and in-depth TOC on “Global Mobile Wallet Market: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022”.
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In 2015, consumer spent USD 610 billion on all forms of mobile transaction globally. Increasing mobile internet users has encouraged the new player to enter the market to provide e-commerce services. This will fuel the growth of mobile wallets during the forecast period, as users will be able to make instant purchases online. High transaction volumes through m-commerce, growing use of smartphone users and high Internet penetration worldwide are key drivers of the market growth. However, higher initial investment and rise in online frauds is expected to impact the growth of mobile wallet market.
The global mobile wallet market has been segmented as per applications, product, and geography. Product segments cover NFC and remote payment methods. The remote mobile wallet segment has generated the highest revenue in 2016and anticipated to maintain its dominance throughout the forecast period due to payment availability globally. NFC product type is expected to have highest growth rate with the increasing penetration of NFC-enabled smartphones across all the regions. The product flexibility for converting the devices to NFC-enabled is expected to drive the market growth.
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North America prevails over another region on account of its shift towards a digital economy. Europe is also showing robust growth rate, followed by the Asia Pacific. Asian countries show high growth potential due to the adoption of smartphones.
At present, in the UK more than 88% of consumer payments are made via cashless modes. In the U.S. 80% of the consumer are using online payment. Governments are supporting mobile wallet and have implemented policies to move their countries to cashless economies.
Browse the full “Mobile Wallet Market (NFC, Remote Wallet) for Retail payments Vending machines Public transportation, Restaurants and other application – Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022” report at https://www.zionmarketresearch.com/report/mobile-wallet-market
In the Asia Pacific, Japan, China, and India are moving towards cashless countries. There is a high growth opportunity for mobile wallet due to increased adoption of the smartphone in this region. In India, after demonetization, online payment transfer has been increased drastically. Government supports the cashless country and digital country and such initiatives will fuel the growth of mobile wallet market. A company like paytm & freecharge revenue has doubled recently. All the countries are supporting online wallet payment which will help to track all type of transaction and lower the black money transactions.
Key industry participants operating in the global mobile wallet market include American Express, Apple Inc., Amazon.com inc., Bank of America, Citibank, Citrus Payment Solutions, Dwolla, MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, Paytm, and others.
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The report segments global mobile wallet market as follows:
Mobile Wallet Market: Product Segment Analysis
- Near field communication (NFC)
- Remote payments
Mobile Wallet Market: Application Segment Analysis
- Retail payments
- Vending machines
- Public transportation
Mobile Wallet Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- Middle East & Africa
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