Press release
Mobile Wallet Market Growth Factor By Key players: Amazon, Apple, Google, Citrus Payment Solutions Pvt. Ltd, Bank of America, Oxigen, PayPal, Samsung Electronics, Visa
Global Market Insights, Inc.
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.
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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.
There are three types of mobile wallets available in the mobile walle 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.
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Near Field Communication (NFC) is one of the major technologies used in the mobile wallet market. 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.
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. 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.
Some of the major service providers present in mobile wallet market are Amazon, Apple, Google, Citrus Payment Solutions Pvt. Ltd, Bank of America, Oxigen, PayPal, Samsung Electronics, and Visa.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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