Advancements in mobile and digital
technology have seen new and modern developments which have indeed impacted the
current lifestyle trends. More people, as well as businesses, are beginning to
accept and adopt modern payment methods that make business & commerce
safer. Market Research Hub has recently added a new forecast report to its
database focusing on the mobile wallet market. This study analyzes the current
scenario and growing prospects of the market throughout the forecast period of
2017-2021.
Initially,
the report briefly describes the market overview of mobile wallet and its scope
on a worldwide platform. In terms of geography, the report segments the market
on the basis of some key regions, applications, and industry. Key regions
focused in the report include Americas, EMEA and APAC. Moreover, key countries
highlighted in the report are the U.K., U.S. and India.
On the basis of
application, the mobile payment market has been segmented and can be used for several purposes
such as retail stores, vending machines, transportation, grocery stores and
restaurants. To calculate the market size, the report studies the revenue
generated from retail transactions.
Today,
the growing use of mobile phones along with the 2G or 3G connectivity is
popular among users. These days, customers prefer quick payment for the
transaction of any purchase, which is easily managed through Mobile Wallets. It
acts as a bridge between the online and physical world, available to a greater
number of people as an alternative form of payment. The report also analyzes
the key market drivers which are boosting the market growth such as increasing
use of m-commerce, high adoption of contactless payment solutions and digital
wallet services. The major market trends observed by the study are rapid growth
in 3G/4G subscription among users and mobile data consumption.
The
increasing technological advancements in NFC devices and growing security of
payment portals are other factors driving the market growth. By looking at
these points, the analysts have estimated that the market is likely to grow at
a CAGR of 35.5% till 2021. Also, APAC will be the major revenue contributor to
the market by the end of the forecast period.
Furthermore,
key vendors in the global mobile wallet market are listed below:
·
Alibaba Group
·
PayPal Holdings
·
Apple
·
Visa
·
Oxigen Services
·
Citrus Payment Solutions
·
Google
·
MasterCard
·
Samsung Electronics
Some other prominent vendors are- Bank
of America, MobiKwik, M-Pesa, Y-Cash Software Solutions etc. The report also
studies the competitive landscape in the key regions which offer a deeper
insight to the readers.