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Mobile Wallet Market to reach US$1,602.4 by 2018 End

, 21 January 2019 -- Mobile Wallet Market to reach US$1,602.4 by 2018 End

The global mobile wallet market is characterized by increasingly dynamic vendors landscape, finds Transparency Market Research (TMR). A large part of the market share—over 70%–was found to be consolidated among the top three players in 2012. These companies are ISIS (Softcard), PayPal Holdings, Inc., and Google (Google Wallet). Some of the other prominent names in the market are Visa Inc., Square Inc., Microsoft Corporation Inc., Merchant Customer Exchange, MasterCard Worldwide, eBay, and American Express Co.

The substantial flux of players in numerous key regional markets in recent years has greatly altered the market dynamics toward less degree of consolidation. The continued entry of new players in the market is likely to raise the ante higher for incumbent and established players in the coming years, notes TMR.

With the global mobile wallet market being increasingly price-sensitive, the interoperability of money transfer across mobile wallets plays a crucial role in the competitive dynamics in the market. A growing number of players in the market are expected to enter into collaborations and strategic partnerships to achieve standardization of the products they offer.

The global market for mobile wallet is projected to rise expand at a robust pace over the assessment period 2012–2018. The market stood at a worth of US$675.0 billion in 2015 and is expected to expand to touch a valuation US$1,602.4 billion by the end of the forecast period.

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The various application areas for mobile wallets are financial institutions, MNOs, payment network, customers, intermediaries, and merchants or retailers. Of these, retailers are expected to form the leading segment throughout the assessment period and is projected to hold a share of 46.6% by the end of 2018. The proliferation of retail stores across the globe is a notable factor bolstering the uptake.

Regionally, Europe, the Middle East, and Africa (EMEA) is expected to emerge as the dominant market for mobile wallets. The extensive demand is attributed to the staggering usage of smartphones and is supported by the growing collaborations undertaken by mobile operators.

Need for more making Money Transaction more Convenient imparts Robust Thrust to Demand

The growth of the mobile wallets market rides on the back of the rising demand for a convenient, rapid, and secure mode of digital payments for goods and services all over the globe. The rising need for making money transactions secure and less fraud-prone is a key factor bolstering the demand for mobile wallets. The vast popularity that smartphone apps among worldwide population has increased in the rapid and steady expansion of the market.

Burgeoning Adoption of Mobile Banking underpins Rapid Expansion

The features of quick accessibility to payments at any place and time has emerged as a compelling proposition fueling the uptake of mobile wallets, especially among savvy customers. The rising adoption of near field communication (NFC) technologies in number of end-use industries is also providing a robust underpinning for the steady expansion of the market.

The attractive strides that mobile banking products and services are experiencing in the developing world are propelling the demand for mobile wallets. The demand for mobile apps that help in seamless, hassle-free, and anytime access to various banking services is boosting the market. The focus on financial inclusion has also provided a large impetus to the demand for mobile wallets in emerging economies.

Constant Efforts by Stakeholders to allay Consumer Concerns of Data Security augurs Well

However, the market also witnesses some key setbacks. The emergence of security concerns with regard to online banking credentials is acting as a potential drawback to the adoption of mobile wallet banking. The privacy threat to crucial user data in case of the loss or theft of the devices on which mobile wallet apps are installed is also hindering its adoption. Nevertheless, various stakeholders such as telecom companies, governments, and financial institutes are coming up with more secure and technological advanced solutions to allay these concerns. The market will also benefit greatly from the growing awareness among people about the benefits of mobile wallets for digital payments.

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Submitted by K Singha on Monday, 21 January 2019 at 7:25 PM
Category: Science & Research
 
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