Global mobile wallet market is expected to reach USD 3,142.17 billion by 2022, growing at a CAGR of 32% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 02/13/2017 -- Global Mobile Wallet Market Set for Rapid Growth, to Reach around USD 3,142.17 Billion by 2022: Zion Market Research
Zion Market Research has published a new report titled "Mobile Wallet (NFC and Remote Wallet) Market for Retail payments Vending machines Public transportation, Restaurants and other application - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022." According to the report, global demand for mobile wallet market was valued at around USD 594.00 Billion in 2016, and is expected to reach approximately USD 3,142.17 Billion by 2022, growing at a CAGR of slightly above 32% between 2017 and 2022.
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Mobile wallet is an innovative technological feature. It is an online interface that offersease to carry the money or cash like a physical wallet. It provides service of online transaction for every single operation in a routine. Mobile wallet offers various facilities such as debit, credit and online transaction from a bank account.
Increasing awareness of comfort and adoption of smart phone is key driver of the mobile wallet market.Additionally, high growth in e-commerce is anticipated to fuel growth of mobile wallet market during upcoming years. However, increasing hacking and fraud cases along with lack of trust can impact the growth of the market. Many businesses are now focusing on security to provide safe service to end-user and advancement of technology is further surgingmobile wallet market growth.Increasing mobile internet users has encouraged new player to enter the market to provide e-commerce services. This will fuel the growth of mobile wallets during the forecast period, as users will be able to make instant purchases online. High transaction volumes through m-commerce, growing use of smartphone users and high Internet penetration worldwide are key drivers of the growth. However, higher initial investment and rise in online frauds is anticipated to impact the growth of mobile wallet market.
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The global mobile wallet market has been segmented as per applications, product, and geography.Product segments cover NFC and remote payment.On the basis of application market has segmented retail payments, vending machines, public transportation, restaurants and others.
North America prevails over other region on account of its shift towardsdigital economy. Europe is also showing robust growthrate, followed by Asia pacific. Asian countries show high growth potential due adoption of smart phones.
At present, in UK more than 88% of consumer payments are made via cashless modes. In U.S. 80% of the consumer are using online payment. Governments are supporting mobile wallet and have implemented policies to move their countries to cashless economies.
In Asia pacific, Japan, China and India are moving towards cashless countries. There is high growth opportunity for mobile wallet due increased adoption of smartphonein this region. In India after demonetization online payment transfer has been increased drastically. Government supports cashless country and digital countryand such initiatives will fuel growth of mobile wallet market. Company like paytm&freecharge revenue has doubled recently. All the countries are supporting online wallet payment which will help to trackall type of transaction andlower the black money transactions.
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Key industry participants in global mobile wallet market includes American Express, Apple Inc., Amazon.com inc., Bank of America, Citibank, Citrus Payment Solutions, Dwolla, MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, Paytm and others.
The report segments global mobile wallet market as:
Mobile Wallet Market: Product Segment Analysis
- Near field communication (NFC)
- Remote payments
Mobile Wallet Market: Application Segment Analysis
- Retail payments
- Vending machines
- Public transportation
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Mobile Wallet Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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