Global Mobile Wallet Market 2017-2021
About Mobile Wallets
The growing use of 3G and 2G mobile data and broadband globally is a major factor contributing to the growth of the global mobile wallet market. Mobile wallets are equipped with options like integration with coupons and tickets, which are making them highly popular among users. In addition, users can also save their card and bank details on their smartphones and make payments and purchases easily. The increasing technological advances in NFC devices and growing security of payment portals are other factors driving the market growth.
Technavio’s analysts forecast the global mobile wallet market to grow at a CAGR of 35.5% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global mobile wallet market for 2017-2021. To calculate the market size, the report considers the revenue generated from the from retail transactions sourced through mobile wallets. These transactions include m-commerce transactions, mobile ticketing, mobile coupons, money transfer, and micropayments.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Mobile Wallet Market 2017-2021
Technavio recognizes the following companies as the key players in the global mobile wallet market: Alibaba, Apple, Citrus Payment Solutions, Google, MasterCard, Oxigen Services, PayPal Holdings, Samsung Electronics, and Visa
Other Prominent Vendors in the market are: Airtel, American Express, Bank of America, Dwolla, LevelUp, LivQuik, Merchant Customer Exchange, MobiKwik, M-Pesa, Square, Venmo, Y-cash Software Solutions, and ZipCash
Commenting on the report, an analyst from Technavio’s team said: “The governments of countries across the Americas and EMEA have introduced stringent regulations to secure digital payment gateways. Governments in developed countries, in particular, have mandated the recertification of electronic payment systems used by merchants. In addition, with regard to electronic systems employed by retailers that connect to payment networks, mobile wallet services also need to be certified by financial institutions, card associations, and payment processors. These certifications must comply with government and telecom regulations in other countries. The introduction of stringent regulations is expected to boost the credibility of mobile wallet services among consumers and drive the growth of the market.”
According to the report, the introduction of mobile payment gateways such as Apple Pay, Samsung Pay, and Android Pay has simplified the process of paying bills. Customers no longer need to carry credit or debit cards. One of the major reasons for these big players to come forward with the NFC-based mobile payment option is its security features, where neither a consumer nor a retailer can access the card information or security code illegitimately. Users are required to save their financial data on their smartphones once. They can make transactions by bringing the phone closer to the vendor's contactless payment-capable POS system. Once the connection is established, users approve the transaction either by scanning their fingerprint or by entering the secure password known only to them.
Further, the report states that the growth of the mobile wallet market depends on the demand and availability of NFC POS terminals. As POS terminals for NFC payments are expensive, retailers will likely upgrade their infrastructure only if there is widespread adoption of contactless payments among consumers. Though companies such as Samsung Electronics, Orange, AT&T, Starbucks, and Gemalto are supporting contactless payments, retailers have not yet upgraded their POS terminals as it expensive. This inter-dependence of retailers and technology providers is slowing down the growth of the global mobile wallet market.
Alibaba, Apple, Citrus Payment Solutions, Google, MasterCard, Oxigen Services, PayPal Holdings, Samsung Electronics, Visa, Airtel, American Express, Bank of America, Dwolla, LevelUp, LivQuik, Merchant Customer Exchange, MobiKwik, M-Pesa, Square, Venmo, Y-cash Software Solutions, ZipCash