The mobile wallet is a digitized version of physical wallet that operates on the application. It needs to be installed or is an obtainable built-in feature of a smart-phone. It stores the digital information about the credit & debit cards for making payments, store coupons and some specific information. It is a service through which the customers can send or receive money through digital modes.
According to study,
“Global Mobile Wallet Market: Market Segments: By
Product (Proximity And Remote); By Mode of Payment (SMS, NFC, WAP, Others);By
Application (Retail, Vending Machine, Public Transportation And Restaurants);
and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and
Forecasts to 2030” the key companies operating in the global
mobile wallet market are Ant Financial Services Group, Allied Wallet, Inc.,
Apple Inc., Amazon.com, Inc., American Express Company, AT&T Inc., Barclays
plc, Google LLC, Vodafone Group PLC, ICICI Bank Limited, Due Inc., First Data
Corporation, J.P. Morgan Chase & Co., One Mobikwik System Pvt Ltd., One,
Communications Limited, Mastercard Incorporated, Mozido, Inc., PayPal Holdings,
Inc., Skrill Ltd., Tencent Holdings Limited., Samsung Electronics Co., Ltd., Visa
Inc., and Wells Fargo & Company. The key players are collaborating with technology
vendors, banks, and payment service providers to develop the necessary
infrastructure for enhancing the customer experience. Furthermore, the Value
Added Service (VAS) has been acting as an enabling force driving the market
demand and cashless payments. The key players have introduced value-added
features in their offerings to distinguish the business from the competitors.
Some of the features include digital loyalty schemes, real-time fraud
screening, mobile vouchers & services, dynamic currency conversion, and a
digital charity box.
The mobile wallet market is driven by rise
of various e-commerce platforms, followed by increase in penetration of
smart-phones, attractive discounts and cash back offer by mobile wallet
providers, increase in number of strategic partnerships among competitors,
supportive government initiatives and change in customers’ preferences towards
digital payments. However, lack of clear regulatory framework and data security
issues may impact the market. Moreover, widespread smart-phone adoption and
growth in implementation of multi-channel strategies by merchants owing to
increase in competition from Internet vendors are key opportunities for market.
Based on geography,
the Asian-Pacific region holds major share in global mobile wallet market owing
to growth in adoption of mobile technology in emerging markets in the region.
The North-American and European regions are estimated to witness higher growth
rate due to well-established NFC market coupled with high adaptability of the consumers
for the new technology over the forecast period.
For More Information, refer to below link:-
Related
Report:-
Mobile
Payment Technology Market by Payment Mode (Proximity Payment and Remote
Payment), by Technology (NFC, QR Code, WAP & Card-Based, Digital Wallet,
Banking App-based, SMS-based/DCB, and Others [USSD/STK, MST, etc.]), and by
Application (BFSI, Retail, Healthcare, Entertainment, IT and Telecom, Energy
& Utilities, Hospitality & Tourism, and Others [Education,
Government]): Global Industry Perspective, Comprehensive Analysis, and
Forecast, 2017-2024
Contact
Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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