Published Date : Jan 09, 2017
ALBANY, NY, Jan 09, 2017: The report presents insights into the factors encouraging and those restraining the expansion of the global mobile wallet market. It is titled “Global Mobile Wallet Market 2017-2021” and is available for sale on the company website. It forecasts the global mobile wallet market to exhibit a massive 35.5% CAGR between 2017 and 2021.
The persistently rising demand for smartphones and the rapid internet penetration have construed the increased popularity of mobile commerce among consumers. In doing so, the prevalent trends have offered consumers easy access to the products they like even if they are remotely located. Mobile commerce offers flexibility and ease of payments which are the chief drivers of its demand. The phenomenal growth of mobile commerce has consequently created immense opportunities for the global mobile wallet market.
The market is projected to witness highly lucrative opportunities in APAC, despite EMEA currently holding the largest share in the market. The rising penetration of mobile internet and smartphones, the increasing usage of mobile devices across countries such as Australia, Singapore, and Hong Kong, and the increasing adoption of the mobile wallet technology in India and China are likely to significantly boost the global mobile wallet market. Furthermore, the recent demonetization in drive in India has resulted in an exponential spurt in the number of mobile wallet users in the country, thus providing significant impetus to the mobile wallet market in Asia Pacific.
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By application, the global mobile wallet market can be segmented into transportation, retail stores, restaurants, grocery stores, and vending machines. Of these, the retail stores enjoyed dominance in the global market as they exhibited the highest adoption of mobile wallet to bring down the day-to-day operational cost they incur. In terms of industry, the global mobile wallet market can be segmented into travel and leisure, entertainment, retail, and banking. Of these, the retail segment held the leading market share in 2016. The rising digital purchase due to the growing popularity of m-commerce is expected to fuel demand from this segment.
Besides offering insights into the factors affecting the market’s growth across diverse market segments, the report also profiles some of the leading companies operating therein. This is intended to provide a detailed assessment of the vendor landscape and thereby the degree of competition prevailing in the global mobile wallet market. Companies such as Citrus Payment Solutions, Samsung Electronics, Alibaba Group, Oxigen Services, Visa, PayPal Holdings, MasterCard, Google, and Apple are identified as the key vendors. Other companies profiled in the report are Square, Airtel, Bank of America, Merchant Customer Exchange, Dwolla, Y-cash Software Solutions, M-Pesa, LevelUp, MobiKwik, American Express, LivQuik, Venmo, and ZipCash.
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