Mobile Wallet Market to Witness Steady Growth Based on Boundless Smartphone Usage & Advancement of Mobile Phone Technology Till 2024 | Million Insights
FELTON, California, Aug. 26, 2019 /PRNewswire/ -- 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.
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"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 cashess 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
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"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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