Market Highlights
The mobile wallet market growth 2020 can hope to progress at a striking pace of 40% from 2017 to 2022 (assessment period). The global market growth can grow to USD 5 billion by 2022-end, uncovers MRFR. We will furnish COVID-19 effect examination with the report, alongside the improvements post the Covid illness episode.
Top Drivers and Main Deterrents
Exchanges through and Visas, online installment stages and charge cards have taken off considerably higher since the COVID-19 episode. This vertical direction is the consequence of the flourishing online business since the lockdown forced combined with the flood in e-installments for mobile, basic food item bills and utility. While SARS-CoV-2 has prompted destruction of design and clothing, flying, eating and motion pictures, the pandemic has been a gift for OTT/over-the-top amusement services like Amazon Prime, Netflix, Hulu as well as schooling services. Moreover, shopper gadgets and drugs are additionally en route to recovery, which can thus lean toward the mobile wallet market.
The novel Covid and the resulting lockdown have instigated major computerized change. The sped up utilization of cell phones and other shopper hardware has helped add to the market energy. The pattern of near field communication/NFC chip fueled cell phones joined with the different measures taken by governments worldwide to energize digitization likewise helps the market generally. The mounting execution of the most recent innovations like IoT, AI and large information and the development of VAS/Value Added Service likewise builds up market development.
Furthermore, the prestigious firms are working together with innovation players, installment service merchants and banks for advancement of the foundation that could prompt enhanced and better purchaser experience. They are sending off new highlights and applications that take special care of each interest of the clients. For example, in July 2020, MoneyLion, a main mobile bank in New York sent off RoarMoneySM, which highlights two-day quicker paydays, subsidizing decisions, mobile wallet capacities, and better network protection alongside ongoing exchange notices.
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Segmentation:
The mobile wallet industry can be considered based on mode of payment as well as application.
The key segments depending on the mode of payment are NFC, remote payment, and others.
Micro payment, ticketing market, commerce market, mobile transfer, mobile coupon, and more are the key application areas of a mobile wallet.
Regional Outlook
The mobile wallet market growth is regionally split into Europe, Asia Pacific/APAC, North America, and the rest of the world/RoW.
The biggest mobile wallet market growth is owned by APAC, thanks to the escalating number of smartphone users and the generally thriving consumer electronic industry in the region. The demonetization concept by the Indian government that commenced in 2016 boosted the country’s cashless economy, which was favorable for the mobile wallet market. Increasing consumer preference for cashless transactions and the huge number of well-established service vendors present in the region also contribute to the market growth. The shift towards analog from digital systems and the astounding rise in disposable income of people across India and China have also fostered market growth in the region.
The increasing popularity of payment-enabled smartphones, real-time and connected marketing, and the rising social media prevalence are some of the top growth influencers in the North American market. The top revenue generating segments in the regional market are mobile ticketing and mobile commerce. The increasing efforts given by leading firms for the development of mobile commerce platforms, apps and services could also work in favor of the mobile wallet market in the region.
Key Industry Firms
The key industry firms outlined in the MRFR study include MasterCard Incorporated (the U.S.), AT&T INC. (the U.S.), First Data Corporation (the U.S.), Google Inc. (the U.S.), Samsung Electronics Co., Ltd. (South Korea), Visa Inc. (the U.S.), Sprint Corporation (the U.S.), American Express (the U.S.), Apple Inc. (the U.S.), Blackberry Ltd. (Canada), to name a few.
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Mobile Wallet Market, By Mode of Payment (Remote Payment, NFC), By Application (Commerce, Ticketing, Mobile Coupon, Mobile Transfer, Micropayment) - Forecast 2020-2027
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