Mobile Wallet Market Recent Trends,Market Growth,Top Manufacturers Analysis,Business Opportunities and Demand
Category: #business  By Rahul Varpe  Date: 2021-08-31
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Mobile Wallet Market Recent Trends,Market Growth,Top Manufacturers Analysis,Business Opportunities and Demand

Mobile wallet market to gain impetus from expanding footfall of digital only mobile wallet solution

Mobile wallet market value is on a robust growth trajectory as countries move to a less cash-dependent state, while the foray made by technology companies in the fintech sector has brought a tectonic shift in digital payment landscape. The transition from online banking platforms to mobile banking apps will continue to provide revenue generating opportunities for forward-looking companies.

A notable adoption of smartphones and reduction in mobile data costs have instilled confidence among stakeholders. A slew of tailwinds such as technology adoption, demand for convenience, security and growth of e-commerce industry has bolstered the business outlook. Global Market Insights, Inc., has projected mobile wallet market size to surpass US$ 350 billion by 2026.

Semi-closed mobile wallets will potentially set the trend as a payment instrument as they do not allow users to redeem or withdraw cash, thereby protecting the interest of participating retailers and merchants pertaining to guaranteed sales. Several merchants are partnering with e-wallet issuing companies as preference to shop online has provided an alternative for cash.

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With banks and financial institutions adopting mobile wallets to bolster customer relationship and expand penetration of payment landscape, bank-owned mobile wallet portfolio will witness a pressing growth during the assessment period 2020-2026.

Banks see the upsides such as ease of usage pertaining to money transfer as a massive draw for the end-use customers. The bank-owned mobile wallet segment is projected to expand at a healthy CAGR of around 14% through 2026.

Compelling use of mobile wallets for retail businesses has furthered the position of mobile wallet market players as digital only mobile wallet solution has unlocked growth opportunities for leading companies in the landscape.

Reduced tariffs on data plans and notable penetration of smartphones in the market has spurred the technology adoption and benefited the trend for digital only mobile wallet.

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Increased transparency of transaction between the service providers and seamless experience across merchants have furthered the significance of mobile wallets. So much so that mobile wallet providers are integrating biometric technology into their digital only mobile wallet portfolio.

Europe mobile wallet market size is likely to grow at a steady pace in light of growing footfall of mobile wallet providers in the U.K., France. Germany, Italy and Austria. Europe allegedly had 26 mobile wallets operated by banks (the region had over 50 mobile wallets) in 2019.

Majority of the wallets were rolled out through the collaboration between banks and technology giants. It is pertinent to mention that more than 23 mobile wallets were launched by non-banking fronts. Europe is likely to experience a strong growth rate expanding at over 15% through 2026.

Mobile wallet providers have exhibited inclination towards expanding their footprints in Asia Pacific following the disruption in payment landscape witnessed in India, China and Japan. For instance, growth of digital payments infrastructure at merchant establishments, incentives for digital payments at toll plazas, fuel pumps, insurance portals have stimulated the adoption of the state-of-the-art technology.

Unprecedented growth of e-commerce industry has fueled the preference to shop online, with several online merchants offering incentives to customers for using mobile wallets. APAC market reigned supreme with over 50% share in 2019, similar bullish growth trajectory is likely to be witnessed by 2026.

Well-established companies have upped their investments in sophisticated mobile wallet solutions. For instance, Google rolled out the facial recognition and fingerprint scan features in its Google Pay wallet in October 2019. The biometric will function along with PIN/password and further strengthen mobile wallet transactions.

Some the leading companies profiled are Google LLC, PayPal Holdings, Inc., Apple Inc., and Mastercard Inc., among several others. These companies are touted to infuse funds in R&D activities to gain a competitive edge in the global mobile wallet market.

Table Of Content

Chapter 1   Methodology & Scope

1.1    Scope & definitions

1.2    Methodology and forecast parameters

1.3    Data Sources

1.3.1    Secondary

1.3.2    Primary

Chapter 2   Executive Summary

2.1    Mobile wallet industry 360º synopsis, 2015 – 2026

2.2    Business trends

2.3    Regional trends

2.4    Type trends

2.5    Ownership trends

2.6    Technology trends

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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