Dublin, June 29, 2021 (GLOBE NEWSWIRE) -- The "Mobile Wallet Market 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global mobile wallet market is projected to grow at a significant CAGR during the forecast period (2020-2026).
There are a variety of pivotal factors that are driving the market growth including a global increase in smartphone users, increasing internet users, favorable government policies, and technological advancement.
Other factors include the rising growth of the e-commerce market, increasing availability of VoLTE, the rapid proliferation of expensive smartphones, and a huge unbanked population across the globe. The growing e-commerce industries, internet users, and smartphone adoption boosted online transactions, online shopping, online ticket booking, and online money transfer across the globe.
Unbanked population, online shopping, and person-to-person money transfer triggered the growth of the global mobile wallet market in emerging economies. Low-middle income economies such as Africa have the most populous unbanked population creating huge scope for mobile wallet companies such as M-Pesa.
The rigidity of banks and stringent government rules and policies enabled the global mobile wallet to grow significantly in low-middle income countries such as Africa and Nigeria. Emerging economies such as India, China, and Brazil are expected to contribute significantly to the global mobile wallet market growth. Numerous start-ups and banks are entering into mobile wallet market which is creating huge opportunities for the market.
The global mobile wallet market is segmented on the basis of application and mode of payment. By application, the market is segmented into restaurants, retail, public transport, and others. Based on the mode of payment, the market is segmented into proximity payment and remote payment
Proximity payment that includes NFC (Near field communication) technology is estimated to grow at a significant CAGR during the forecast period. The NFC payment is popular as it is easy to use, and it has improved security options. Increasing adoption of non-contact payment solutions and integration of NFC chips into smart devices are the key factors to drive the segmental growth of the mobile wallet market growth.
Moreover, among the applications, the retail segment is estimated to hold a prominent share in the market. The increasing penetration of smartphones coupled with the increasing need for a better consumer experience is projected to support the segmental growth of the market.
Global Mobile Wallet Market Growth by Region, 2020-2026
Asia-Pacific is projected to exhibit significant growth during the forecast period. Increasing adoption of mobile technology in emerging markets and favorable government initiative tend to drive market growth in the region. For instance, the government of India has set a target of 87 billion digital transactions by December 2021.
Apart from it, in Union Budget 2021, the finance minister proposed a $205 million scheme to promote digital transactions in the country. Economies such as India are expected to create a huge opportunity for the global mobile wallet market due to a huge customer base coupled with the growth in the e-commerce industry.
Market Players Outlook
Some of the key players operating in the global mobile wallet market include Apple, Inc., Google LLC, American Express Co., PayPal Holdings, Inc., Amazon Pay, Adyen B.V., Airtel Payments Bank Ltd., Alipay (China) Internet Technology Co. Ltd., Allied Wallet, Inc., and others.
In order to survive in the market, these players adopt different marketing strategies such as mergers, acquisitions, launches, and geographical expansion. For instance, in March 2020, TransferWise established a partnership with Alipay to introduce international mobile payments via the mobile wallet.
Key Topics Covered:
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Apple, Inc.
3.1.2. Google, LLC.
3.1.3. PayPal Holdings Inc.
3.1.4. American Express Co.
4. Market Determinants
5. Market Segmentation
5.1. Global Mobile wallet Market by Application
5.1.3. Public Transport
5.2. Global Mobile wallet Market by Mode of Payment
5.2.1. Proximity Payment
5.2.2. Remote Payment
6. Regional Analysis
7. Company Profiles
7.2. Airtel PaymentsBank Ltd.
7.3. Alipay (China) Internet Technology Co. Ltd. (Alibaba Group)
7.4. AlliedWallet, Inc.
7.5. Amazon Pay (Amazon.com Inc.)
7.6. American Express Co.
7.7. Apple, Inc.
7.8. Authorize.net (A Visa Solution)
7.9. Boku, Inc.
7.10. China UnionPay Co., Ltd.
7.11. Dwolla, Inc.
7.12. Due, Inc.
7.13. First Data Corp.
7.14. GoogleLLC. (Google Wallet, Android Pay)
7.15. J.P. MorganChase& Co. (Chase Pay)
7.16. Mastercard, Inc.
7.17. One Mobikwik System Pvt Ltd.
7.18. PayPal Holdings, Inc.
7.19. SoftBank Group Corp.
7.20. Samsung Pay (Samsun Electronics)
7.21. Vodacom Group Ltd. (M-Pesa)
For more information about this report visit https://www.researchandmarkets.com/r/15wp0j
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900