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.
Market Insights
The mobile wallet technology is touted to be the next generation technology in the era of cashless transactions, replacing traditional plastic cards. Mobile wallets are capable of storing the information and details of credit/debit card, enabling customers to pay at NFC-based POS terminals using their mobile phones.
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The advancements in technology and continuous efforts by the global payments industry to improve security have ensured growing popularity of mobile wallets. In addition, ease of use and less time required for making payments has ensured increased penetration of the technology. In a bid to achieve greater transparency in the financial eco system, the governments across the globe are promoting cashless transactions, which, in turn is having positive impact on the overall market demand.
Competitive Insights:
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.
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Key Trends:
- Government support for cashless transactions
- Mobility revolution
- 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
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