The global mobile
wallet market is expected to reach USD 7,581.91 billion by 2024,
according to a new report by Grand View Research, Inc. Growing mobile
penetration with improved payment infrastructure and data connectivity are
expected to offer the significant opportunity of the mobile wallet market.
Increasing application of mobile wallet which includes Apple Pay, Android Pay
and Samsung Pay with the growing capability of paying through mobile phones, is
expected to drive the market demand.
Increasing demand for enhanced government policies and
security issues is expected to drive the market growth. Enterprises across the
industries are developing and deploying the new products for improving the
productivity with increasing security. The increasing need for lowering cost of
ownership and increased convenience need will continue to dictate the market
development.
Growing development in NFC has encouraged the
consumers to use the mobile devices for making small and large payments.
Proliferation and adoption of mobile payments including digital wallets and
usage of apps has encouraged the non-payment technology firms to enter into
payment landscape such as American Express and Jawbone. According to the U.K.
Cards Association, contactless payments in the region have surged to 184% high
with 179.6 Billion of transactions.
Browse full research report on Mobile Wallet Market: https://www.grandviewresearch.com/industry-analysis/mobile-wallet-market
Further
key findings from the report suggest:
- Banking entities, payment gateways, businesses and payment
processors are expanding with the emerging payment technologies.
- Proximity product type is expected to have maximum CAGR over the
forecast period owing to the increased penetration of NFC enabled mobile
phones.
- The public transportation application segment is expected to have
significant growth over the forecast period, owing to changing industry
trends the transit system operators are moving away from traditional
payment of parking fees, displaying interactive route maps, sounding alarms
in case of emergency, real time service information and service schedules.
- The restaurant application is expected to witness a CAGR of over
38% over the forecast period. Restaurants have started upgrading terminals
for accepting the various payment methods. The technology has enabled the
customer to use a mobile app to check in, pre-order, order online and make
reservations.
- Developed regions such as North America have a well-established NFC
market, owing to the high adaptability of the consumers for the new
technology. Three wireless carriers, T-Mobile USA , AT&T Mobility
(U.S) and Verizon Wireless (U.S) are working in collaboration with
Barclaycard U.S. and Discover Financial Services to analyze and implement
the NFC technology in the product list
- The key players in the mobile wallet market include Google Inc
(U.S), Samsung Electronics Co., Ltd (South Korea), VISA Inc (U.S).
Companies are focusing on developing new services and secure payment
platform to enhance the market share.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/technology
Grand
View Research has segmented the mobile wallet market on the basis of product
type, application, and region:
Mobile
Wallet Product Outlook (Revenue, USD Billion, 2014 - 2024)
- Proximity
- Remote
Mobile
Wallet Application Outlook (Revenue, USD Billion, 2014 - 2024)
- Retail
- Vending
Machine
- Public
Transportation
- Restaurants
Mobile
Wallet Regional Outlook (Revenue, USD Billion, 2014 - 2024)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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