Title: Mobile Wallet Market Share, Segmentation, Report 2024
1Mobile 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
2Overview 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.
3Continue
- 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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5Continue
- 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.
6Continue
- 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.
7Methodology
- Market
research reports Key analytical components
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