For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…
Product Overview
Digital wallet is the mobile commerce engine and als- provides an evolutionary path t- reduce transaction friction and maximize customer loyalty. Users are tempted by enticing cash backs and loyalty coupons issued by various mobile wallet businesses. In the study, the mobile wallet market refers t- payment services conducted under financial regulation and carried out using a mobile device, rather than paying by cheque, cash, or credit card. The digital wallet is the mobile commerce engine and als- provides an evolutionary path t- reduce transaction friction and maximize customer loyalty. Users are tempted by enticing cash backs and loyalty coupons issued by various mobile wallet businesses. In the study, the mobile wallet market refers t- payment services conducted under financial regulation and carried out by means of a mobile device, rather than paying by cheque, cash, or credit card. Based on the use, the mobile wallet market can be segmented in terms of volume, such as retailer transactions, money transfers, bill payments, and others.
Market Highlights
Mobile Wallet Market is expected t- project a notable CAGR in 2030.
Mobile Wallet Market t- surpass USD XXXX million by 2030 from USD XXXX million in 2019 at a CAGR of XX% throughout the forecast period. The digital wallet is the mobile commerce engine and als- provides an evolutionary path t- reduce transaction friction and maximize customer loyalty. The extent of usability of mobile wallets is demonstrated by the wide adoption of smartphones. Besides, widespread smartphone adoption and introduction by merchants of multi-channel strategies due t- increased competition from internet vendors are als- expected t- improve the prospects for the mobile wallet industry in the coming years.
Mobile Wallet Market: Segments
Proximity product type Segment t- grow with the highest CAGR during 2021-30
Mobile Wallet Market is segmented by product type int- Proximity and Remote. The greater market share in 2019 was accounted for by Remote mobile wallet and is expected t- maintain the dominance throughout the forecast period owing t- the ability t- use communication networks t- access cashless payments. The proximity product category is expected t- have the highest growth rate over the forecast period, with the increasing penetration of NFC-powered smartphones across all regions. It is expected that the product's flexibility in converting devices t- NFC-enabled devices will lead t- growth.
NFC segment t- grow with the highest CAGR during 2021-30
Mobile Wallet Market is segmented by mode of payment int- SMS, NFC, WAP, and others. NFC mode of payment is expected t- hold the major market share of XX% in 2019 and als- likely t- be the fastest-growing category in the Mobile Wallet market in the coming years. With safe payment methods, NFC integrated devices deliver improved customer service and enable distributors t- implement the technology. Increased use of vending machines is expected t- increase demand for the application segments in emerging countries such as India, Indonesia, and China. Besides, t- achieve cost and operational performance, low processing fees, and faster check-out through the NFC technology are als- required. The technology allows distributors t- deliver exclusive deals and monitor loyalty rewards t- boost mobile customer relationships.
Retailer segment t- grow with the highest CAGR during 2020-30
Mobile Wallet Market is segmented
By Application int- the restaurant, retail, vending machine, and public transportation. The retail application is estimated t- dominate the business in terms of revenue in 2019 owing t- the proliferation of smartphones and the increasing need for a better consumer experience is expected t- propel the demand. The potential advantages of accepting purchases using mobile wallets are increasingly being acquired by retailers. T- achieve customer data opportunities and loyalty, retailers that combine cashless payment technology with digital marketing are imagined. A vending machine's ability t- make cashless payments offers an incentive for customers t- pay contactless and thus allows the customer t- buy regularly.
Mobile Wallet Market: Market Dynamics
Drivers
Increasing penetration of NFC enabled mobile phones
One of the factors for growth over the forecast period is als- expected t- be the shifts from analog t- digital systems. Growing demands from countries such as China and India are als- expected t- see substantial growth over the forecast period due t- changing customer needs and disposable income. Besides, government-driven initiatives such as Make in India and Digital India are expected t- increase the penetration of smartphones and other consumer electronics in the country, contributing t- rising demand for the industry.
Greater Convenience and Accessibility
The ability of mobile wallets t- provide payment solutions for online bills and other money transfer facilities quickly and safely drives the market growth. The user-friendly interface als- makes it easy t- transact during travel, which is an important factor expected t- fuel market growth. Also, through the mobile wallet module, financial institutions and banks have the ability t- interact with customers in rural areas, which has helped the market expand and meet its end-users at a lower cost. Different mobile wallet modules are being developed t- improve the security and ease of use of such services, which is expected t- further drive the growth of the mobile wallet market in the coming years.
Restraint
Lack of privacy and security
The lack of a threat t- privacy and security over mobile payments could affect the demand for the segment. Over the forecast era, the absence of government regulations regulating cashless payments was als- anticipated t- impede industry demand. The defense, privacy, and transparency of charges are the factors that hinder the growth of the market for mobile wallets. Compatibility problems, as the apps d- not support all OS, credit, and debit card competition and the launch of UPI are some of the factors that impede the growth of the Mobile Wallet market.
Mobile Wallet Market: Key Players
Amazon Web Services Inc.
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
American Express Banking Corp.
Apple Inc.
Alipay.com
AT&T Inc.
Google Inc.
Mastercard Incorporated
PayPal Holdings, Inc.
Samsung Electronics Co., Ltd
VISA Inc.
Mobile Wallet Market: Regional Dynamics
Mobile Wallet Market is segmented based on regional analysis int- five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
Mobile Wallet Market in Asia Pacific held the largest market share of XX.X% in the year 2019 owing t- the favorable consumer preferences along with the presence of a large number of service providers in the region are few factors accounting for the significant growth. One of the reasons for growth over the forecast period is als- expected t- be the shifts from analogue t- digital systems. Growing demands from countries such as China and India are als- expected t- see substantial growth over the forecast period due t- changing customer needs and disposable income. Besides, government-driven initiatives such as Make in India and Digital India are expected t- increase the penetration of smartphones and other consumer electronics in the country, resulting in increasing industry demand.
Competitive landscape:
The Mobile Wallet market, which is highly competitive, consists of several major players. Companies, such as Apple Inc (U.S), American Express Company (U.S), Alipay (China), Bharti Airtel Limited Incorporated hold a substantial market share in the Mobile Wallet market. Other players analysed in this report are AMERICAN EXPRESS COMPANY, PayPal Holdings Inc., Google Inc., Visa Inc., Square Inc. LevelUp Inc., Apple Inc., MasterCard Incorporated, BlackBerry Limited, and Samsung Electronics Co. Ltd.
Mobile Wallet Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Mobile Wallet Market report als- contains analysis on:
Mobile Wallet Market Segments:
By Product:
Proximity
Remote
Mode of Payment:
SMS
NFC
WAP
Others
By Application:
Retail
Vending Machine
Public Transportation
Restaurants
Others
Mobile Wallet Market Dynamics
Mobile Wallet Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints