DUBLIN–(BUSINESS WIRE)–The “Mobile Wallet Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The market for the global mobile wallet is expected to register a CAGR of 22.5% over the forecast period (2021 – 2026).
Companies Mentioned
Apple Inc Google Inc Tencent Holdings Ltd. PayPal Holdings, Inc. Samsung Electronics Co., Ltd. MasterCard Incorporated Visa Inc. Ant Financial Services Group JP Morgan Chase &Co. Mobikwik Paytm The American Express Company First Data Corporation Key Market Trends
Proximity Payments to Witness the Fastest Market Growth
Although there are various proximity payment based mobile wallet available in the market including NFC, UHF, MST, Location-based payments among others, However, The Near Field Communication, QR and Magnetic Secure Transmission are leading technologies driving the market NFC solutions enable users to seamlessly integrate existing payment cards through mobile phones and activation of payment services added with convenience and assured security. Even so, it makes contactless payment via wearables leveraging tokenization. Also, it also integrates with vendor machines Also, owing to its low processing fees will help retailers to achieve cost and operational efficiency and obtain data opportunities and loyalty which turn could be used to improve relations with customers. For instance, All the major mobile wallet vendors such as Apple Inc, Google LLC, Samsung Corporation utilize NFC technology on top their mobile wallet Also, Developed region such as North America already have substantial market for NFC powered devices such as smartphones, chips , readers added to it many wireless carriers such as Verizon, AT&T have implemented NFC in their products While In the emerging market such as India most smartphones do not come equipped with NFC technology and people relay on the platform called Unified Payment Interface (UPI) developed by the National Payments Corporation of India which is based on QR code. Asia-Pacific to Witness the Fastest Market Growth
China has always been a major player in the mobile economy leveraging its fintech firms enabling cashless payment across the country until recently, southeast Asia is catching the rise majorly due to its robust economic growth added smartphone penetration in the market Also, the traditionally cash-reliant economy is leveraging the host of vendors in the region such as ride-rentals, remittance firms, fintech startups, banks to provide people in Southeast Asia greater access to e-wallets, microloans, insurtech products through smartphones. For instance, According to Forbes, Indonesia is one of the mobile-first countries in the world with 95% of internet users reported as mobile users According to a report from Gooogle, Temasek and Bain & Company, Southeast Asia digital payment industry is projected to grow the gross transaction volume from USD 600 billion in 2019 to USD 1.1 trillion by 2025, with e-wallets sharing USD 22 billion in 2019 and USD 114 billion in 2025 To capture such potential market, Global vendors are strategically collaborating and acquiring local vendors. For instance In December 2019, Ant Financial has patnered with several local wallets in Southeast Asia and has invested in eMonkey to capture digital payments market share in the region. Additionally, Government initiative such as Digital India leverage the growth of the market in the region Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growth of smartphone User
4.2.2 Government initiative towards digital transformation
4.2.3 Assured discount, coupons, and cashback offers by mobile wallet vendors and partnered organizations
4.2.4 Growth of e-commerce platforms
4.2.5 Ease and Convience offered by mobile wallets
4.3 Market Restraints
4.3.1 Data Privacy concerns by end-users
4.4 Industry Attractiveness – Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.1 Mode of Payment
5.2 Application
5.3 Geography
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/cns51d