According to a new market report published by Credence Research Inc., “Mobile Wallet Market (By Application (Mobile Commerce, Money Transfer, Mobile Recharge, Utilities and Bill Payments, and Other Applications), By End-use Application (Retail, Transportation, Restaurants, Utilities, Telecom, and Others)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global mobile wallet market is expected to witness a double digit CAGR during the forecast period 2016 to 2023.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Mobile wallet technology is expected to be the next generation technology in the era of cashless transactions, replacing traditional plastic cards. Mobile wallets are capable of storing credit / debit card information and details, enabling customers to pay through their mobile phones on NFC-based POS terminals. Advances in technology and constant efforts by the global payment industry to improve security have ensured a growing popularity of mobile wallets.
In addition, ease of use and less time required to make purchases have ensured an increased adoption of the system. In an effort to achieve greater transparency in the financial eco-system, governments around the globe are encouraging cashless transactions, which, in effect, have a positive impact on overall market demand.
The important participants across the entire mobile wallet ecosystem include technology developers, Mobile Network Operators (MNO), equipment manufacturers, value-added service providers, merchants/retailers, financial/bank institutions, and other consumers. The global mobile wallet market is highly technology driven. Thus, the competitive rivalry among market players is high and expected to remain same throughout the forecast period 2016 – 2023. Some of the leading players identified in the global mobile wallet market include Apple, Inc. (the U.S.) Google, Inc. (the U.S.), PayPal Holdings Inc. (the U.S.), Visa Inc. (the U.S.). Other players including BlackBerry Ltd., MasterCard Inc., First Data Corporation, , The American Express Company, AT&T, Inc., Citrus Payment Solutions, ZipCash, and ZipPay are identified as the promising and emerging players in the global mobile wallet market.
Government support for cashless transactions
Introduction of NFC-enabled POS terminals to favor market demand
Highest penetration in the retail sector
Focus on improving customer experience and customer retention is driving adoption in the retail and hospitality industry
Security issues and lack of infrastructure: Top two challenges to the market growth