Mobile Wallet Industry Analysis and Statistics Report
by Susan Hill Business ConsultantThe 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.
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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.
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full research report on global mobile wallet market:
www.grandviewresearch.com/industry-analysis/mobile-wallet-market
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Created on Jan 7th 2020 02:46. Viewed 394 times.