- Increasing demand for mobile wallet apps is a major factor projected to drive growth.
- High capital-investment and robust competition may hamper market growth.
- The market in Asia Pacific is expected to register the highest growth.
A mobile wallet is payment transaction facilities which allow businesses and individuals to carry out a transaction via mobile devices. Mobile wallets can store information related to debit and credit cards, reward cards to conduct secured and fast payment transaction of various items and services. In addition, mobile wallet allows consumers to make transactions while travelling from anywhere and anytime, as well as it enables to manage their accounts easily.
The global mobile wallet market is expected to value at more than $500 million in 2019 and is expected to register a CAGR of 16.1%.The first five-year cumulative revenue (2019–2023) is projected to be more than $4 billion, which is expected to increase relatively over the latter part of the five-year forecast period.
Increasing demand for mobile wallet apps from the recent past due to various benefits and advantages including less time-consuming, ease & convenience of money transaction, cashbacks, and discounts at online and offline stores, etc. is a major factor projected to drive growth of the global mobile wallet market. In addition, increasing adoption of smartphones, increasing Internet penetration, and fast growing telecommunications industry in various developed and developing countries are factors projected to drive growth of the global market. Increasing adoption of smartphones with 3G and 4G compatibility along with growing number of payment apps are factors projected to drive growth of the target market in the coming years. Increasing preference for cashless payments and online transactions, shifting focus towards digitalization, and increasing initiatives by governments for the development of smart cities in various countries are factors projected to drive growth of the global market over the forecast period.
However, high capital-investment requirement and robust competition between service providers in the market has led to implementation of varying and evolving marketing strategies, including discounts, cash-back, free trips, etc. and are factors projected to restrain revenue growth of the global mobile wallet market in the coming years.
The comprehensive research report comprises a complete forecast of the global mobile wallet market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global mobile wallet market is expected to register a CAGR of 16.1% over the forecast period.
The market report has been segmented on the basis of mode of payment, application, and region. The mode of payment segment includes remote payment, and near-field communication payment. The application segment includes m-commerce, mobile ticketing, mobile coupon, mobile transfer, and micropayments. The regions include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- By Mode of Payment: The Near-field communication payment segment is expected to register the highest CAGR of over 16.2% over the forecast period in the market.
- By Application: The M-Commerce segment is expected to register a CAGR of over 16.3% over the next 10 years.
- By Region: The market in Asia Pacific is expected to register the highest CAGR of over 17% in the global mobile wallet market.
The research report on the global mobile wallet market includes profiles of some of the major companies such as American Express, Apple Inc., Bank of America Corporation, Citigroup Inc. (Citibank), Naspers Limited (Citrus Payment Solutions Pvt. Ltd.), Dwolla, Inc., Mastercard Incorporated, Visa Inc., AT&T Inc., and Samsung Electronics Co., Ltd.