The global mobile wallet
market is expected to reach USD 7,581.91 billion by
2024, according to a new report by Grand View Research, Inc. Growing
mobile penetration with improved payment infrastructure and data connectivity
are expected to offer the significant opportunity of the mobile wallet market.
Increasing application of mobile wallet which includes Apple Pay, Android Pay
and Samsung Pay with the growing capability of paying through mobile phones, is
expected to drive the market demand.
Increasing demand for enhanced government policies and
security issues is expected to drive the market growth. Enterprises across the
industries are developing and deploying the new products for improving the
productivity with increasing security. The increasing need for lowering cost of
ownership and increased convenience need will continue to dictate the market
development.
Growing development in NFC has encouraged the
consumers to use the mobile devices for making small and large payments.
Proliferation and adoption of mobile payments including digital wallets and
usage of apps has encouraged the non-payment technology firms to enter into
payment landscape such as American Express and Jawbone. According to the U.K.
Cards Association, contactless payments in the region have surged to 184% high
with 179.6 Billion of transactions.
Access
Full Research Report by Grand View Research: http://www.grandviewresearch.com/industry-analysis/mobile-wallet-market
Further
key findings from the study suggest:
- Banking entities, payment gateways, businesses
and payment processors are expanding with the emerging payment
technologies.
- Proximity product type is expected to have
maximum CAGR over the forecast period owing to the increased penetration
of NFC enabled mobile phones.
- The public transportation application segment is
expected to have significant growth over the forecast period, owing to
changing industry trends the transit system operators are moving away from
traditional payment of parking fees, displaying interactive route maps,
sounding alarms in case of emergency, real time service information and
service schedules.
- The restaurant application is expected to witness
a CAGR of over 38% over the forecast period. Restaurants have started
upgrading terminals for accepting the various payment methods. The
technology has enabled the customer to use a mobile app to check in,
pre-order, order online and make reservations.
- Developed regions such as North America have a
well-established NFC market, owing to the high adaptability of the
consumers for the new technology. Three wireless carriers, T-Mobile USA ,
AT&T Mobility (U.S) and Verizon Wireless (U.S) are working in
collaboration with Barclaycard U.S. and Discover Financial Services to
analyze and implement the NFC technology in the product list
- The key players in the mobile wallet market
include Google Inc (U.S), Samsung Electronics Co., Ltd (South Korea), VISA
Inc (U.S). Companies are focusing on developing new services and secure payment
platform to enhance the market share.
Browse more reports of this category
by Grand View Research:
http://www.grandviewresearch.com/industry/technology
Grand
View Research has segmented the mobile wallet market on the basis of product
type, application, and region:
Mobile Wallet Product Outlook
(Revenue, USD Billion, 2014 - 2024)
- Proximity
- Remote
Mobile Wallet Application
Outlook (Revenue, USD Billion, 2014 - 2024)
- Retail
- Vending Machine
- Public
Transportation
- Restaurants
Mobile Wallet Regional Outlook
(Revenue, USD Billion, 2014 - 2024)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Access press release by Grand View
Research: http://www.grandviewresearch.com/press-release/global-mobile-wallet-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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