The digital wallet is the engine of mobile commerce and also agreements an evolutionary path to decrease the friction in the transaction and optimize consumer satisfaction. The users are interested towards gorgeous cash backs and loyalty coupons suggested by dissimilar mobile wallet corporates. The mobile wallet market in the report denotes to payment services functioned under financial regulation and functioned through a mobile device instead of paying with cheques, cash, or credit cards. The market of mobile wallets can be classified on the basis of application, in terms of value, as merchant purchases, money transfers, bill payments, and several others. The service saves the customer payment credentials and makes them prevail at the Point of Sale (POS) to improve the customer experience. The technology attends the dual determination such as financial management and assignment of funds services. The payment technologies have undergone proficient change with the overview of NFC and mobile wallet services coupled with the incorporation of POS terminals and mobile devices.
According to the report analysis, ‘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’ states that the digital wallet is the engine of mobile commerce and also suggest an evolutionary path to decrease the friction in the transaction and optimize consumer satisfaction. The wide implementation of smartphones specifies the accessibility level for mobile wallets. Nonetheless, widespread smartphone implementation and acceptance of multi-channel strategies by merchants owing to an augment in the competition from Internet vendors are further projected to propel the mobile wallet market opportunities during the coming years.
In addition, the transitions from analog to digital systems are also projected to be one of the aspects for growth over the review period. The effective growth in the demands from countries such as China and India due to changing customer needs and disposable income are also projected to witness progressive growth over the forecast duration. Furthermore, government-driven initiatives such as Make in India and Digital India in the country are projected to boost the penetration of smartphones and several other consumer electronics resulting in the increasing requirement for the industry.
Whereas, the capability of the mobile wallets to deliver the online bill payment choices and other money transfer facilities conveniently and securely propels the growth of the market. Also, the user-friendly interface simplifies ease of transaction throughout travel, which is a major factor estimated to boost the growth of the market. Even, financial institutions and banks get an opportunity to connect with consumers in rural areas via the mobile wallet module, which has helped the market to grow and reach its end-user at less cost. Various modules of mobile wallets are being developed to enhance security and ease of use of such services, which is further expected to drive the mobile wallet market growth in the coming years. Therefore, in the near future, it is predicted that the market of mobile wallet will increase around the globe more effectively over the forthcoming future.
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Ankur Gupta, Head Marketing & Communications