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Mobile Wallet Market Share by Manufacturers, Types and Current Scenario 2020-2024

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Viraj Patil

15th Jan 2021 - The advancement of mobile phone technology is expected to drive mobile wallet market or digital wallet industry in near future. In 2015, Mobile Wallet Market size was valued USD 592.45 billion worldwide. The boundless Smartphone use and its increasing penetration level will favour mobile wallet market. The market has emerged as a result of technological advancement which enhances customer experience. Consumer payment credentials are saved and are made available at point of sale. NFC has made significant change in payment technologies.

Mobile wallet market allows consumers to manage their account and transaction from any location at affordable price. Banks, technology vendors and payment service providers in association with main players are developing platform and infrastructure to reinforce customer experience. To differentiate the business from competitors key players have provided features such as mobile vouchers and services, digital charity scheme, dynamic currency conversion. Value added service (VAS) is acting as driving force for cashless payment.

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Security issues and privacy concerns can act as restraint in this industry. Lack of government initiatives and supervision is another barrier for growth in this industry over a forecasted period.

"Proximity product type is expected to portray highest growth over the forecast period"

In 2014 mobile wallet segment had generated highest revenue and throughout the forecasted period it will dominate the market due to increase in cashless payment over a communication network.

Due to increase in penetration of NFC enabled smart phones across the globe proximity product type is expected to have high growth rate. Flexibility feature will lead markets growth.

"Government initiatives for modernizing the transportation and adoption of advanced technology has contributed public transportation application to have highest growth over the projected period"

Mobile wallet market has applications in different segment such as retail, restaurant, public transportation and vending machine. According to revenue generated in 2015 its application in retail segment is expected to dominate the business. Better consumer experience and increasing number of smart phones will push the demand.

Bharti Airtel limited, Apple Inc (US), and American express company are Major competitors in mobile wallet market. These key players are continuously investing in R&D to develop innovative platform for users so as to gain market share.

Request a Sample Copy of Mobile Wallet Market Report @ https://www.millioninsights.com/industry-reports/mobile-wallet-market/request-sample

Mobile Wallet Regional Outlook (Revenue, USD Billion, 2014 - 2024)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

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Viraj Patil
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