The mobile wallet is a digitized version of physical wallet that operates on the application. It needs to be installed or is an obtainable built-in feature of a smart-phone. It stores the digital information about the credit & debit cards for making payments, store coupons and some specific information. It is a service through which the customers can send or receive money through digital modes.
According to study, “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” the key companies operating in the global mobile wallet market are Ant Financial Services Group, Allied Wallet, Inc., Apple Inc., Amazon.com, Inc., American Express Company, AT&T Inc., Barclays plc, Google LLC, Vodafone Group PLC, ICICI Bank Limited, Due Inc., First Data Corporation, J.P. Morgan Chase & Co., One Mobikwik System Pvt Ltd., One, Communications Limited, Mastercard Incorporated, Mozido, Inc., PayPal Holdings, Inc., Skrill Ltd., Tencent Holdings Limited., Samsung Electronics Co., Ltd., Visa Inc., and Wells Fargo & Company. The key players are collaborating with technology vendors, banks, and payment service providers to develop the necessary infrastructure for enhancing the customer experience. Furthermore, the Value Added Service (VAS) has been acting as an enabling force driving the market demand and cashless payments. The key players have introduced value-added features in their offerings to distinguish the business from the competitors. Some of the features include digital loyalty schemes, real-time fraud screening, mobile vouchers & services, dynamic currency conversion, and a digital charity box.
Based on product type, mobile wallet market is segmented as remote and proximity. Proximity product type holds major share in global market owing to increase in penetration of NFC enabled mobile phones. Based on mode of payment, market is segmented as Near Field Communication (NFC), Text based/Short message service (SMS), WAP and others. NFC segment is further sub-segmented as NFC chips & tags, NFC handsets, NFC Micro SD, NFC readers, and NFC SIM / UICC card. Based on age group, market is segmented as18-29 years, 30-44 years, 45-59 years, and 60 years and above. In addition, based on application, market is segmented as vending machine, retail, restaurants and public transportation. The retail segment is anticipated to emerge dominant among all the prime application segments such as payment network, financial institutions, customers, and intermediaries. The growth of the retail segment can be attributed to the increasing number of retail stores across the world and the demand for suitable transactions.
The mobile wallet market is driven by rise of various e-commerce platforms, followed by increase in penetration of smart-phones, attractive discounts and cash back offer by mobile wallet providers, increase in number of strategic partnerships among competitors, supportive government initiatives and change in customers’ preferences towards digital payments. However, lack of clear regulatory framework and data security issues may impact the market. Moreover, widespread smart-phone adoption and growth in implementation of multi-channel strategies by merchants owing to increase in competition from Internet vendors are key opportunities for market.
Based on geography, the Asian-Pacific region holds major share in global mobile wallet market owing to growth in adoption of mobile technology in emerging markets in the region. The North-American and European regions are estimated to witness higher growth rate due to well-established NFC market coupled with high adaptability of the consumers for the new technology over the forecast period.
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