Mobile Wallet Market Share, Segmentation, Report 2024

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Mobile Wallet market share research by
applications and regions for 2018-2024 Global
Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
Low Power Wide Area Network
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Overview of Mobile Wallet Market

• North America is leading the mobile wallet market
  followed by Europe due to the early adoption of
  the digital payment services. Rising awareness
  and developed infrastructure are the major causes
  of the high growth in the market.
• Mobile Wallet Market size is driven by the
  acceptance of mobile wallet payments across
  various industry verticals. The mobile wallet
  payment has augmented the operational efficiency
  and cost-effectiveness by reducing the processing
  fees. For instance, PayPal has expanded its
  operations across approximately 200 countries,
  allowing the customers to link their mobile
  wallets to their bank accounts and allowing them
  to carry a balance. Furthermore, the incentives
  offered by the mobile wallet companies through
  discounts and cashbacks augment their demand
  among the individuals. For instance, Amazon Pay
  that offers cashbacks on transactions conducted
  through it. The increased use of the smartphones
  and the internet is a driver for the market
  growth due to the convenience smartphones offer
  in making payments for a wide range of services
  and hard goods.

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• There are three types of mobile wallets available
  in the market, closed wallet, semi-closed, and
  open wallet. The closed mobile-wallets are
  offered by the supplier for purchase purposes.
  They do not provide cash withdrawal and
  redemption. Semi-closed mobile-wallets can be
  used in the same way as closed but with merchant
  locations/establishments with whom the service
  provider has a contract with. The open
  mobile-wallets can pay at many different
  locations from a centralized wallet as they are
  connected to the bank accounts. For instance,
  m-Pesa by Vodafone and ICICI is an open wallet,
  which apart from merchant payments allows
  customers to send money to mobile number bank
  account. Airtel money is a semi-closed mobile
  wallet, which allows sending money to merchants
  whom they have a contract with. The various
  applications of the mobile wallets are recharges,
  bill payments, and money transfers.
• Near Field Communication (NFC) is one of the
  major technologies used in the mobile wallet.
  The growth of the market is driven by the
  increasing adoption of the technology and
  compatibility with smartphones. The technology
  enables smartphones to emulate the smart cards
  such as travel cards used in the transportation.
  Remote payment is a widely used payment method
  used across the majority of the wallets. Instead
  of using credit cards or debit cards, customers
  can use mobile phones to pay for goods and
  services such as Freecharge.

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• Countries including India, China, and Japan are
  rapidly adopting mobile wallet payment modes.
  This growth in the mobile wallet market in the
  Asia Pacific countries is attributed to the
  falling smartphone prices. The demonetization in
  India has led to the rapid adoption of mobile
  wallet payment modes, increasing the per day
  transactions by tenfold. The government support
  for the cashless economies will fuel the market
  growth. For instance, the Digital India program
  that promoted cashless payments within the
  government sector and improved the cybersecurity
  within the region has caused an increased
  adoption of mobile wallets across the region.
  Mobile commerce has also augmented the growth of
  mobile payment wallets. Various incentives in the
  form of cashbacks and discounts offered by
  merchants and establishments for online payment
  have bolstered the market growth.

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• Some of the major service providers present in
  the digital payment market are Amazon, Apple,
  Inc., Google, Inc., Citrus Payment solutions,
  Bank of America, Oxigen Services Pvt. Ltd, PayPal
  Holdings, Samsung Electronics, Inc., and Visa.
  The companies operating in the mobile wallet
  market primarily focus on product development and
  innovation strategies to gain the market share
  and an edge over competitors. For instance, in
  2017, Google launched its new payment platform
  Tez in India to cater to the growing demand for
  the market. Companies are also leveraging on the
  merger and acquisition strategies to expand their
  product portfolio and gain technical expertise.
  For instance, in 2018, the Mobile Wallet (TMW)
  Pvt. Ltd., a digital wallet and pre-paid card
  service provider, acquired Trupay with the sole
  purpose of strengthening its position in the
  market.

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Methodology

• Market
  research reports Key analytical components

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