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Overview:Market Research Future’s (MRFR’s) report on the global mobile wallet market claims a possibility of the market achieving 40% CAGR during the forecast period (2016-2022) and reach a valuation of USD 5 billion by the end of 2022. Mobile wallet is an advanced technology where information of the debit and credit card can be stored for any later usage. It will be stored inside the mobile and in case of later payment procedures, carrying cards would not be necessary.
The Mobile Wallet Market is expected to rise in coming days owing to rising initiatives taken by governments across the globe. In major countries, governments are trying to replace the liquid transaction with digital transaction. Many card companies are now installing NFC chip in smartphones to give their customers a better experience of digital transaction. At the same time, the market is gaining much traction from the e-commerce segment.
However, the mobile wallet market can face some daunting challenge in overcoming the misuse of bank details and cybercrimes. Cybercrimes could easily divulge a lot of personal information and make it available to public. Meanwhile, major service providers are implementing latest technologies to safeguard the practice from both ends to check the threat of any breach.
Industry Updates:
In August 2018, three companies are collaborating to test a mobile wallet project 'Agromovil' in Columbia. The project will majorly focus on leveraging digital financial services to agricultural producers and rural population.
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Key Players
The major players operating in the market of mobile wallet are- American Express (U.S.), Apple Inc. (U.S.), AT&T INC.(U.S.), Blackberry Ltd. (Canada), First Data Corporation (U.S.), Google Inc. (U.S.), Sprint Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), MasterCard Incorporated (U.S.), and Visa Inc (U.S.) among others.
Market Segmentation:
The global mobile wallet market has been segmented on the basis of mode of payment and application. Based on mode of payment, the mobile wallet market is segmented into remote payment, NFC and others. Based on application, the mobile wallet market is segmented into commerce market, ticketing market, mobile coupon, mobile transfer, micro payment and others.
Regional Analysis:
Geographically, the global mobile wallet market is segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. Among these, the Asia Pacific region is dominating the global mobile wallet market. The mobile wallet market in this region is majorly driven by demonetization initiative taken by Indian government to promote cashless economy and increased number of smartphone users in the developing economies of China and India.
The rapid technological development and easy adoption of trending technologies are leading to the significant growth of the mobile wallet market in the North America region. Whereas, the Europe region is projecting steady growth in the global mobile wallet market.
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Intended Audience:
• Software developers
• Mobile app Developers
• Banking Service Providers
• Software Developers
• Software Distributors
• Government
• Mobile based financial service providers and distributors
• Research Institutes & Universities
About Us:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Release ID: 88921989