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Mobile wallet is the electronic wallet that provides reliability to the consumers to purchase electronically and to make payments online.
According to the study by Hexa Research, Mobile Wallet Market is estimated to reach over USD 2,950 billion by 2020.
The global mobile wallet was estimated to comprise over 200 million users in 2013, expected to reach over 1,420 million users by 2020, with growing CAGR of 30.0 % from 2014 to 2020.Retail being the largest application area in 2013, contributed for over 39% of global market.This can primarily be attributed to initiatives to equip retail stores with easy mobile device payment options along with integration of POS terminals and several loyalty schemes that results in better customer engagement.
North America dominated the Mobile wallet industry globally, contributing in largest market share in terms of revenue.
The early adaption of advanced internet services like 3G and 4G are the major factors promoting the mobile wallet industry in this region.
Asia Pacific is likely to witness lucrative growth over next five years due to rapid increase in awareness about online payment and mobile wallet services.
However, the ability that sets them apart in these spaces relies on the dexterity of obtaining result-driven sales data.New research from Experian Data Quality states that 88% of companies have a direct impact on their results due to inaccurate data, while an average company loses 12% of its revenue just because they fall short in B2B lead generation.
And what keeps them away from generating high-quality leads is the crucial quality data.
After all, it’s not just about raising the conversions counts; it is about protecting a business from the risk that may arise due to communication with incorrect contact information.
Those who lead their organization to accurately manage data and understand its inherent value will reap the benefit.Quality data has several beneficial effects on organizationsThe better the data quality, the more confidence users will have in the results they produce, reducing the risks of the outcomes, and increasing efficiency.
And when results are reliable, uncertainties and risks in decision making can be limited.Employees can be more productive with quality data.
Better data direct to more precise contact discovery and communication, especially in omnichannel environments driven by many organizations.Incorrect data can, in many ways result in lost revenue in communication that cannot be converted to sales, for example, if the primary customer data is indecent.