Press release
Mobile Wallet Market 2018 Global Leaders Overview: Sprint, MasterCard Incorporated, American Express, Blackberry, First Data Corporation, Visa
Market Highlights
Smartphone industry has seen the tremendous growth in the last couple of year and expected to grow significantly in coming years. The countries like India, China and U.S. are some of the major countries which holds more than 40-50% of the share of the mobile market. Advancement of the mobile technology and increasing the trend of the online payment among the current generation are driving the Mobile Wallet Market. Over the next couple of the year online payment will be take over the tradition payment due to the government initiation for cashless economy and the growing awareness about the mobile wallet for the money transaction.
NFC transaction is a new trend of the mobile wallet technology is expected to capture the market. NFC transaction have various benefit over traditional payments such as convenience, versatility and safety. Mobile wallet stores all the needed information of the credit and debit card which are necessary for the transaction. Even in case of the mobile phone is stolen intruder cant access the information as it is protected by the password and other security. NFC is adapted in all situations such as banking, movie pass purchase, transit passes and others. These are the benefit which are makes it suitable in wide range of industries.
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With the advancement in technology, mobile wallet are used to track down of all the transaction necessary such as prescriptions, medicines purchase, doctors and book appointments in health care sector. Hospitals can track down the patient’s information of every visits, prescribed medicines can be recommended. Mobile wallet helps to manage all the transaction between doctor and patients. Hence, adoption of the mobile wallet in the health care system is expected to boost the market.
The global mobile wallet market is expected to grow at CAGR of 40% and estimated to reach at market size of US ~$5 billion by the end of forecast period.
Industry Updates:
In August 2018, three companies are collaborating to test a mobile wallet project 'Agromovil' in Columbia. The project will majorly focus on leveraging digital financial services to agricultural producers and rural population.
Key Players
The major players operating in the market of mobile wallet are- American Express (U.S.), Apple Inc. (U.S.), AT&T INC.(U.S.), Blackberry Ltd. (Canada), First Data Corporation (U.S.), Google Inc. (U.S.), Sprint Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), MasterCard Incorporated (U.S.), and Visa Inc (U.S.) among others.
Market Segmentation:
The global mobile wallet market has been segmented on the basis of mode of payment and application. Based on mode of payment, the mobile wallet market is segmented into remote payment, NFC and others. Based on application, the mobile wallet market is segmented into commerce market, ticketing market, mobile coupon, mobile transfer, micro payment and others.
Regional Analysis:
Geographically, the global mobile wallet market is segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. Among these, the Asia Pacific region is dominating the global mobile wallet market. The mobile wallet market in this region is majorly driven by demonetization initiative taken by Indian government to promote cashless economy and increased number of smartphone users in the developing economies of China and India.
The rapid technological development and easy adoption of trending technologies are leading to the significant growth of the mobile wallet market in the North America region. Whereas, the Europe region is projecting steady growth in the global mobile wallet market.
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Intended Audience:
• Software developers
• Mobile app Developers
• Banking Service Providers
• Software Developers
• Software Distributors
• Government
• Mobile based financial service providers and distributors
• Research Institutes & Universities
About Us:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Technologies and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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