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.
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"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.
Table of Contents:-
Chapter
1 Methodology and Scope
Chapter
2 Executive Summary
Chapter
3 Mobile Wallet Market: Market Variables, Trends & Scope
Chapter
4 Mobile Wallet Market: Product Estimates & Trend Analysis
Chapter
5 Mobile Wallet Market: Application Estimates & Trend Analysis
Chapter
6 Mobile Wallet Market: End-use Estimates & Trend Analysis
Chapter
7 Mobile Wallet Market: Industrial End-use Estimates & Trend Analysis
Chapter
8 Mobile Wallet Market: Regional Estimates & Trend Analysis
Chapter
9 Competitive Landscape
Chapter
10 Mobile Wallet Market: Manufacturers Company Profiles
Top Key Players of Global Mobile
Wallet Market :
Bharti Airtel limited,
Apple Inc (US), and American express company
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