Mobile wallet is also identified as eWallet or mWallet. Mobile wallet is a digital form of a credit card, debit card or prepaid card, information used to send & receive the payment and to make an online money transaction. In general, mobile wallets are delivered using a number of payment processing models such as mobile billing, mobile web payments, SMS-based transactions, near-field communications (NFC), and others. It is an E-commerce method, generally used with mobile devices owing to their convenience & ease of access. Key advantages of using mobile wallets including a split billing facility, simple to load money, ensures timely payments, and quick transfer of funds.
As per analysis, “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 2019 – 2020 and Forecasts to 2030” the key companies operating in the global mobile wallet market include Mastercard Incorporated, American Express Banking Corp., Samsung Electronics Co., Ltd, Alipay.com, PayPal Holdings, Inc., VISA Inc., Apple Inc., Google Inc., AT&T Inc., Amazon Web Services Inc and among others.
By product type, the mobile wallet market is segregated as remote and proximity. The remote segment dominates the market due to the ability to use communication networks to access cashless payments. Additionally, the proximal segment is likely to witness a higher growth rate owing to rise in penetration of NFC-powered smartphones during the forecast period. By mode of the segment, the market is segregated as WAP, NFC, SMS and others. NFC integrated devices deliver improved client service and enable the distributors to implement the technology. In addition, by application, the market is segregated as restaurants, vending machines, retail, public transport, and others. The retail segment is also likely to witness a higher growth rate because of rise in need for a better consumer experience and the proliferation of smartphones during the forecast period.
The mobile wallet market is driven by rise in awareness regarding the use of mobile wallets, followed by an increase in the number of mobile subscribers across the globe, rise in adoption of mobile wallet as a digital payment based business models among the digital applications, greater convenience & accessibility, rise in penetration of NFC enabled mobile phones and increase in government initiatives to encourage the cashless economy. However, concerns associated with fraudulent transactions & data security may impact the market. Moreover, an increase in mobile point of sale (POS) devices & NFC-enabled handset is a key opportunity for the market.
By geographic analysis, the Asia-Pacific region holds the major share in the global mobile wallet market owing to the presence of a large number of service providers and favorable consumer preferences across the region. The North America and Europe regions are estimated to exhibit a substantial growth rate due to growth in various e-commerce platforms and an increase in the number of strategic partnerships among competitors over the forecast period. It is predicted that future of the global mobile wallet market will be bright as a result of growth in the adoption of mobile technology in emerging markets during the forecast period.
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Ankur Gupta, Head Marketing & Communications