Latest Research Report on Mobile
Wallet Market begins with a deep
introduction and then delves broad into specific segments such as raw material,
application, end user, and region, policy study, value chain structure, and
upcoming trends in particular segments or regions. The report on Mobile Wallet prepare
a case for investments in different regions based on a practical view of their
regulatory outline, manufacturing dynamics, and availability of skills and
resources in that region.
Mobile Wallet Market Report
by Material, Application, and Geography – Global Forecast to 2024 is a
professional and in-depth research report on the world’s major regional Mobile
Wallet Market conditions, focusing on the main regions (North America, Europe
and Asia-Pacific) and the main countries (United States, Germany, united
Kingdom, Japan, South Korea and China).
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Report Now @ https://www.millioninsights.com/industry-reports/mobile-wallet-market/request-sample
The advancement of mobile
phone technology is expected to drive mobile wallet market or digital wallet
industry in near future. In 2015, mobile wallet market size was valued USD
592.45 billion worldwide. The boundless Smartphone use and its increasing penetration
level will favour mobile wallet market. The market has emerged as a result of
technological advancement which enhances customer experience. Consumer payment
credentials are saved and are made available at point of sale. NFC has made
significant change in payment technologies.
Mobile wallet market allows
consumers to manage their account and transaction from any location at
affordable price. Banks, technology vendors and payment service providers in
association with main players are developing platform and infrastructure to
reinforce customer experience. To differentiate the business from competitors
key players have provided features such as mobile vouchers and services,
digital charity scheme, dynamic currency conversion. Value added service (VAS)
is acting as driving force for cashless payment.
Security issues and privacy
concerns can act as restraint in this industry. Lack of government initiatives
and supervision is another barrier for growth in this industry over a
forecasted period.
"Proximity product
type is expected to portray highest growth over the forecast period"
In 2014 mobile wallet
segment had generated highest revenue and throughout the forecasted period it
will dominate the market due to increase in cashless payment over a communication
network.
Due to increase in
penetration of NFC enabled smart phones across the globe proximity product type
is expected to have high growth rate. Flexibility feature will lead markets
growth.
"Government
initiatives for modernizing the transportation and adoption of advanced
technology has contributed public transportation application to have highest
growth over the projected period"
Mobile wallet market has
applications in different segment such as retail, restaurant, public
transportation and vending machine. According to revenue generated in 2015 its
application in retail segment is expected to dominate the business. Better
consumer experience and increasing number of smart phones will push the demand.
Vending machine allows
customers to make cashless transactions that will encourage consumers to
purchase regularly. Devices with NFC integration provide better consumer
experience along with security feature that will drive retailers to use this
technology. Countries such as India, China and Indonesia have high vending
machine usage that will improve the demand for application segments.
Low processing fees through
NFC technology will achieve cost and operational efficiency. Retailers
accepting cashless payment will attain consumer data opportunities and loyalty.
Special promotions and loyalty reward will help retailer to improve relations
with mobile customers.
"Increasing
penetration of NFC enabled mobile phones in Asia Pacific has contributed to
significant growth from 2016 to 2024"
By 2024, Asia pacific
region is predicted to generate key revenue and will have highest share among
other regions. Large number of service providers and consumer preferences in
this region are important factors for growth of mobile wallet market. In
countries like India and China due to increase in disposable income and
consumer needs mobile wallet market will have significant growth over the
forecasted period.
Government initiatives
likes make in India and Digital India in country is expected to boost the
penetration of mobile phones and other consumer electronics which will result
in growing demand of industry.
Development in various
applications such as NFC-based transactions, ticketing and access control in
European market is anticipated over the forecasted period. Increase in number
of NFC tags implementation has led to use of NFC readers. It is forecasted that
Restaurant applications and public transportation will have key share in European
market
“Building trust among
consumers is expected to increase the adoption rate"
Bharti Airtel limited,
Apple Inc (US), and American express company are Major competitors in mobile
wallet market. These key players are continuously investing in R&D to develop
innovative platform for users so as to gain market share.
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