Global Mobile Wallet Market: A mobile wallet is a payment service which enables individuals or businesses to carry out business transaction via mobile devices. Mobile wallets are capable of mobile-based billing, SMS based transactions, mobile web payment, and Near-field communication (NFC). Mobile wallets can hold information related to reward cards, credit and debit cards in order to conduct fast and secured transaction for payment of various items and services without use of cash.
Rising penetration of smartphones and high speed mobile internet are major factors driving demand for the mobile wallet in the global market. In addition, user convenience and growing awareness of mobile wallets among consumers is further boosting demand for the mobile wallets market. Moreover, value added services such as reward points and cashback, digital loyalty schemes, mobile vouchers and schemes in their offering by competitors to differentiate their businesses is also fueling demand for the global mobile wallet market. Increasing investments in e-Commerce and m-Commerce is also expected to boost demand during the forecast period.
Concern related to security and privacy of information such as financial credentials and personnel information is a major factor hampering growth of the global mobile wallet market. Technology infancy, initial investment and deployment issue are further expected to hamper growth of the global mobile wallet market. Even though these restraints are prevalent, companies from telecommunication sector are coming together to overcome these restrains and provide better and secure service to their customers.
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The global mobile wallet market is segmented on basis of application, mode of payment, industry verticals, and region.
North America dominates the global mobile wallet market in terms of revenue generation owing to early shift towards digital economy. The market in Europe hold second position in terms of revenue generation in the global mobile wallet market. Among other regions, the market in Asia Pacific is projected to witness highest growth during the forecast period due to increasing adoption of smartphones and government initiative towards cashless economy.
Key players in the global mobile wallet market are American Express, Apple Inc., Alipay.com, Amazon.com Inc., Bank of America, Citibank, Citrus Payment Solutions, Dwolla Inc., MasterCard Inc., and Visa Inc.