The global mobile wallet market is growing at a rapid pace. Rising use of mobile phones and devices and digital payment platforms is a major driving force behind the growth of the market. Mobile payments have become rife in the financial industry, allowing users to make online and offline transactions using mobile technology such as smartphones, tablets, or smartwatches.
Companies emerging in the financial sector strive to offer innovative digital platforms and solutions that are easily accessible at a low cost. Moreover, the utilization of mobile devices escalates market revenues. The proliferation of various mobile devices, such as tablets, smartphones, and others, drives market growth.
With the rising need for secured mobile payment applications, the market is projected to garner significant traction in the years to come. According to Market Research Future (MRFR), the global mobile wallet market is expected to gain vast accruals by 2030, growing at an impressive CAGR during the assessment period (2020-2030)
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Major Players:
Players leading the global mobile wallet market are Apple, Inc. (US), Google, Inc. (US), Visa (USA), Blackberry Ltd. (Canada), Samsung Inc. (South Korea), American Express (US), and MasterCard Incorporated (US), among others.
Mobile Wallet Take Banking to Next Stage
The business-consumer relationship is rapidly becoming digital. From e-commerce platforms to robo-advisors, businesses are transforming the way they operate to meet the ever-changing needs of their clients. Government authorities in various countries are increasingly taking action to encourage contactless payments as the COVID-19 pandemic escalates, which impacts market revenues positively.
Besides, cloud computing delivery developments in business applications and virtual mobile infrastructure platforms boost the market growth. Acceptance of mobile wallet solutions and favorable government initiatives & regulations boost the market size. Wide installments of versatile mobile wallet solutions worldwide push the market growth.
With coronavirus crises projected to continue in 2021 and beyond, the mobile wallet market is expected to grow exponentially in the next few years. Many organizations are now more aware of the importance of digital payments, implementing all necessary, appropriate security measures. This, along with the advent of 5G and rising uses of AI, is projected to shape the mobile wallet industry in 2021 and beyond.
Global Mobile Wallet Market – Segmentation
The market is segmented into modes of payment, applications, and regions. The mode of payment segment is sub-segmented into Remote Payment, NFC, and others. The application segment is sub-segmented into commerce, ticketing, mobile coupon, mobile transfer, micropayment, and others.
Global Mobile Wallet Market – Regional Analysis
North America and Europe are major markets contributing to the market growth. Wide-spread awareness for mobile wallet benefits and government initiatives to strengthen cashless payment methods boost the market demand in these regions. Furthermore, the strong presence of major mobile wallet & mobile payment security providers and the high disposable incomes of populations drive the market growth in major North American and European countries.
Global Mobile Wallet Market – Competitive Analysis
The mobile wallet market appears to be competitive due to the presence of several well-established players. To gain a larger competitive share, these players initiate strategic moves such as mergers & acquisitions, collaboration, innovation, and brand reinforcement. The market would witness intensified competition with innovations and an increase in R&D investments and M&A.
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Industry/ Innovation/ Related News:
Aug.17, 2021 —- Network International (Network), a digital commerce enabler, announced signing a memorandum of understanding with TerraPay, a leading global payments infrastructure company, boosting the acceptance of African mobile wallets in the UAE.
The association would see both companies welcome a large addressable market from the African mobile wallet ecosystem by enabling acceptance of mobile wallets at Network’s terminals in the UAE and e-commerce platforms using TerraPay’s payment processing rails.