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TMCNet:  Mobile Wallet Services Market: Cost Saving Opportunities by Technavio

[January 23, 2017]

Mobile Wallet Services Market: Cost Saving Opportunities by Technavio

According to the latest procurement market intelligence report from Technavio, the global mobile wallet services market is expected to grow at a CAGR of 42% over the next five years due to the multiple functionalities they can offer both buyers as well as suppliers.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170123005674/en/

Technavio has published a new report on the global mobile wallet services market from 2017-2021. (Gr ...

Technavio has published a new report on the global mobile wallet services market from 2017-2021. (Graphic: Business Wire)

The research report titled 'Global Mobile Wallet Services: Procurement Intelligence Report 2017-2021' provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.

"For buyers, it provides the unique advantage of storing money in secure and reliable digital accounts to make fast and smooth transactions across merchants and retailers in multiple industries," said lead Technavio procurement expert Angad Singh. "For suppliers, it represents an opportunity to invest in a new channel for processing transactions and additional marketing, to target customers real-time with localized offers and discounts," added Angad.

Request a sample report: http://www.technavio.com/request-a-sample?report=54660

Technavio sample reports are free of charge and contain multiple sections of the report including the market size and forcast, drivers, challenges, trends, and more.




Cost Saving Opportunities in the Mobile Wallet Services Market

Cost-saving opportunities can be leveraged if buyers have many transactions and would be interested in associating with suppliers for long contract terms.

Technavio procurement experts have segmented the cost saving opportunities in the mobile wallet services market into the following value-enhancement opportunities:

  • Adoption of technology
  • Supplier Competition
  • Adoption of negotiation strategies
  • Optimization of procurement practices
  • Bundling of services

Adoption of technology saving aspects

Mobile payment technologies such as NFC, HCE, BLE, and QR codes are penetrating the market with technology leaders such as Apple (News - Alert), Google, and Samsung spearheading development.

Consumers need to perceive mobile payments as an easy and convenient mode of payment via the integration of the mobile banking and payment experiences. Consumers are comfortable making financial transactions using mobile channels developed by trusted financial institutions such as banks. Converging these two into one seamless experience is crucial to bridge the gap and push consumers into making mobile payments online or at POS.

Optimization of procurement practices saving aspects

A fast, simple, and seamless mobile payment process can enhance brand reputation and differentiation in the market. Customers consider personalized user experiences on payment interfaces, fast and efficient check-outs, and multiple payment options (debit/credit cards, internet banking) as important features in mobile wallets. According to a 2016 market study on mobile commerce, approximately two billion mobile phone/tablet users are expected to make mobile commerce transactions globally by 2017.

Bundling of services saving aspects

With the aim of developing mobile wallets for purposes beyond payments, suppliers are expanding their mobile money portfolios from basic P2P money transfers and bill payments to services. They are strategically partnering with network operators and banks to provide localized and real-time offerings such as loyalty points, discounts, and ratings and reviews across popular retail, entertainment, and hospitality businesses.

Browse other reports:

Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they're published in addition to all 6,000+ existing reports. This subscription nets you thousands in savings, while staying connected to Technavio's constant transforming research library, helping you make informed business decisions more efficiently.

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at [email protected].


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