The global Mobile Wallet Market is expected to reach USD 7,581.91 billion by 2024, according to a new report by Grand View Research, Inc. Growing mobile penetration with improved payment infrastructure and data connectivity are expected to offer the significant opportunity of the mobile wallet market. Increasing application of mobile wallet which includes Apple Pay, Android Pay and Samsung Pay with the growing capability of paying through mobile phones, is expected to drive the market demand.
Increasing
demand for enhanced government policies and security issues is expected to
drive the market growth. Enterprises across the industries are developing and
deploying the new products for improving the productivity with increasing
security. The increasing need for lowering cost of ownership and increased
convenience need will continue to dictate the market development.
Growing
development in NFC has encouraged the consumers to use the mobile devices for
making small and large payments. Proliferation and adoption of mobile payments
including digital wallets and usage of apps has encouraged the non-payment
technology firms to enter into payment landscape such as American Express and
Jawbone. According to the U.K. Cards Association, contactless payments in the
region have surged to 184% high with 179.6 Billion of transactions.
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Further key findings from the report suggest:
- Banking
entities, payment gateways, businesses and payment processors are
expanding with the emerging payment technologies.
- Proximity
product type is expected to have maximum CAGR over the forecast period
owing to the increased penetration of NFC enabled mobile phones.
- The public
transportation application segment is expected to have significant growth
over the forecast period, owing to changing industry trends the transit
system operators are moving away from traditional payment of parking fees,
displaying interactive route maps, sounding alarms in case of emergency,
real time service information and service schedules.
- The
restaurant application is expected to witness a CAGR of over 38% over the
forecast period. Restaurants have started upgrading terminals for
accepting the various payment methods. The technology has enabled the
customer to use a mobile app to check in, pre-order, order online and make
reservations.
- Developed
regions such as North America have a well-established NFC market, owing to
the high adaptability of the consumers for the new technology. Three
wireless carriers, T-Mobile USA , AT&T Mobility (U.S) and Verizon
Wireless (U.S) are working in collaboration with Barclaycard U.S. and
Discover Financial Services to analyze and implement the NFC technology in
the product list
- The key
players in the mobile wallet market include Google Inc (U.S), Samsung
Electronics Co., Ltd (South Korea), VISA Inc (U.S). Companies are focusing
on developing new services and secure payment platform to enhance the
market share.
About Us:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
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studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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