Press release
Mobile Wallet Market share forecast to witness considerable growth from 2018 to 2024
Mobile Wallet Market size is driven by the acceptance of mobile wallet payments across various industry verticals. The mobile wallet payment has augmented the operational efficiency and cost-effectiveness by reducing the processing fees. For instance, PayPal has expanded its operations across approximately 200 countries, allowing the customers to link their mobile wallets to their bank accounts and allowing them to carry a balance.
Furthermore, the incentives offered by the mobile wallet companies through discounts and cashbacks augment their demand among the individuals. For instance, Amazon Pay that offers cashbacks on transactions conducted through it. The increased use of the smartphones and the internet is a driver for the market growth due to the convenience smartphones offer in making payments for a wide range of services and hard goods.
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There are three types of mobile wallets available in the market, closed wallet, semi-closed, and open wallet. The closed mobile-wallets are offered by the supplier for purchase purposes. They do not provide cash withdrawal and redemption. Semi-closed mobile-wallets can be used in the same way as closed but with merchant locations/establishments with whom the service provider has a contract with. The open mobile-wallets can pay at many different locations from a centralized wallet as they are connected to the bank accounts. For instance, m-Pesa by Vodafone and ICICI is an open wallet, which apart from merchant payments allows customers to send money to mobile number bank account. Airtel money is a semi-closed mobile wallet, which allows sending money to merchants whom they have a contract with. The various applications of the mobile wallets are recharges, bill payments, and money transfers.
Near Field Communication (NFC) is one of the major technologies used in the mobile wallet. The growth of the market is driven by the increasing adoption of the technology and compatibility with smartphones. The technology enables smartphones to emulate the smart cards such as travel cards used in the transportation. Remote payment is a widely used payment method used across the majority of the wallets. Instead of using credit cards or debit cards, customers can use mobile phones to pay for goods and services such as Freecharge.
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Countries including India, China, and Japan are rapidly adopting mobile wallet payment modes. This growth in the mobile wallet market in the Asia Pacific countries is attributed to the falling smartphone prices. The demonetization in India has led to the rapid adoption of mobile wallet payment modes, increasing the per day transactions by tenfold. The government support for the cashless economies will fuel the market growth. For instance, the Digital India program that promoted cashless payments within the government sector and improved the cybersecurity within the region has caused an increased adoption of mobile wallets across the region. Mobile commerce has also augmented the growth of mobile payment wallets. Various incentives in the form of cashbacks and discounts offered by merchants and establishments for online payment have bolstered the market growth.
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Some of the major service providers present in the digital payment market are Amazon, Apple, Inc., Google, Inc., Citrus Payment solutions, Bank of America, Oxigen Services Pvt. Ltd, PayPal Holdings, Samsung Electronics, Inc., and Visa. The companies operating in the mobile wallet market primarily focus on product development and innovation strategies to gain the market share and an edge over competitors. For instance, in 2017, Google launched its new payment platform Tez in India to cater to the growing demand for the market. Companies are also leveraging on the merger and acquisition strategies to expand their product portfolio and gain technical expertise. For instance, in 2018, the Mobile Wallet (TMW) Pvt. Ltd., a digital wallet and pre-paid card service provider, acquired Trupay with the sole purpose of strengthening its position in the market.
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