The worldwide mobile wallet market has positioned itself to be an extremely lucrative consumer-driven vertical, propelled by the attractive discount & cashback offers facilitated by service providers
Ocean View, DE -- (SBWIRE) -- 05/04/2020 -- With several different cyber threats currently crowding the internet, the NFC mobile wallet market is anticipated to witness over 25% CAGR in coming years. The high-level encryption facilitated by NFC technology to mobile wallet users is promoting its integration among mobile wallet service providers.
Essentially, mobile wallets that incorporate NFC technology provide an additional layer of security, preventing the data from being intercepted while in transit. This reliability factor is expected to support mobile wallet market growth in coming years.
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Key Companies: - Amazon.com, Inc., American Express Company, Ant Financial Services Group, Allied Wallet, Inc., Apple Inc., AT&T Inc., Barclays plc, Due Inc., First Data Corporation, Google LLC, ICICI Bank Limited, J.P. Morgan Chase & Co., Mastercard Incorporated, Mozido Inc., One Mobikwik System Pvt Ltd., One, Communications Limited, PayPal Holdings, Inc., Samsung Electronics Co. Ltd., Skrill Ltd., Tencent Holdings Limited., Visa Inc., Vodafone Group PLC, Wells Fargo & Company
The worldwide mobile wallet market has positioned itself to be an extremely lucrative consumer-driven vertical, propelled by the attractive discount & cashback offers facilitated by service providers. Indeed, mobile wallet providers across the world have been impressively successful in attracting and retaining customers, growing their respective user-base at an exponential rate in the process, by simply offering their consumers frequent & appealing cashback offers and discounts.
While these frequent cashback offers may seem to be counterproductive for the growth of the mobile wallet market, it actually reduces the cost of customer acquisitions by allowing companies to lower the amount they spend on marketing their respective products & services to the customers.
Across the Asia Pacific, where the penetration of smartphones is supposedly the highest, consistent efforts taken by the regional governments towards realizing the goal of being cashless have benefited the mobile wallet market in a profound manner. The dense concentration of smartphone users and the government efforts toward establishing a cashless economy is so extensive that in 2017, APAC was known to have captured a sizable proportion of the global mobile wallet industry share.
In 2018, technology companies accounted for 60% of mobile wallet industry revenue. Considering the massive untapped industry potential many technology firms, especially customer service providers like Uber, Amazon, Ola, and MakeMyTrip are actively developing their own mobile wallet offerings to offer a seamless and integrated shopping experience to customers, fostering mobile wallet market share further.
Meanwhile, device manufacturer segment in mobile wallet market is expected to register an overall CAGR of more than 21% during the forecast timeframe. Smart devices such as tablets and smartphones are quickly becoming primary means for procuring services and goods, encouraging device manufacturers in launching their own wallets to open up more growth opportunities.
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All in all, attributing to the growing security facilitated by NFC and increasing traffic brought in by attractive discounts, mobile wallets are expected to become more commonplace in coming years. In fact, according to a research report by Global Market Insights, Inc., the mobile wallet market valuation is expected to surpass $270 billion by 2025.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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