Mobile Wallet Market Size & Share | By Top Leading Companies American Express, Apple Inc. AT&T INC. Blackberry Ltd. First Data Corporation, Google Inc. Sprint Corporation, Samsung Electronics Co., Ltd. MasterCard Incorporated, Visa Inc.
The mobile wallet market is witnessing growth globally with increasing adoption of mobile payment services. Asia Pacific is expected to be the fastest growing region for the mobile wallet market, during the forecast period followed by EMEA, state analystLita Person and Saurabh Saxena. The lack of regulations and monitoring for mobile enabled payments in African countries has triggered the mobile wallet market growth in the region, whereas reluctance of merchants in Asia Pacific countries such as India, temporarily has hold the growth, which in turn will prompt the much faster adoption in future explain the analysts.
Although mobile payment services have the potential to transform the shopping and payment experience, most consumers still prefer cash or credit card payment due to their concerns related to security and technology infancy of mobile wallet. On the other hand higher investment and deployment issues have also been detrimental to market growth. Although these restraints are prevalent, companies from the telecommunication industry are collaborating to better serve the needs of the customers with new and improved product/service innovations, which will help to better the adoption both in consumer and merchant groups.
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The report segments the global mobile wallet market on the basis of applications, mode of payment and stakeholders. The mobile wallet market by applications includes mobile commerce, mobile ticketing, mobile coupons, money transfers, micro payments and others. In context to mode of payment, the mobile wallet market is divided into NFC and remote payment. The stakeholders for the mobile wallet market encompass mobile network operators, handset manufacturers, mobile payment service providers, OSS/BSS solution providers, software developers, content and applications aggregators, and others which includes TSM, value service providers, retailers/merchants and mobile payment networks and banks.
The OSS/BSS Solution Providers is expected to witness highest growth rate mainly due to the consistent development of mobile wallet in terms of technologynamely NFC technology. The study also offers an updated review on the present major market players, which also includes description of relevant recent developments activities. Global positioning of the most active market players is also included in the study. Companies profiled in this report includes American Express, Apple Inc., MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, and Google.
TOP FACTORS IMPACTING WORLD MOBILE WALLET MARKET
The world mobile wallet market is influenced by numerous factors including realization of the significance of payment-enabled mobile phones, connected and real-time marketing, value-added services and other benefits and convenience, security concerns, and compatibility & cost. These factors collectively create opportunities for the market growth, whereas some of them hamper the market growth. However, each factor would have its definite impact on the market during the forecast period.
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Realization of the Significance of Payment-Enabled Mobile Phones
Around 1.3 billion active debit and credit accounts exist in the world today, while there are nearly 5.3 billion active mobile phone accounts. There is a large possibility of payment-enabled mobile phones, outnumbering conventional card-based payment accounts in the near future. This is what merchants and payment account issuers have now started realizing.
Connected and Real-Time Marketing
Mobile wallet offers an entirely new dimension to retail sales to improve their business presence. While mobile devices provide consumers with an easy way to make payments, they act as a new channel for merchants and financial institutions to connect with their customers. Information can be easily sent and received via mobile devices; they also run specialty applications, and are location-aware. The mobile connection facilitates merchants and financial institutions to communicate information such as promotional offers with their customers in such a way that the information is targeted, useful, and more relevant to their interests. Businesses can also come up with new branded applications that are freely downloadable. As unique shopping preferences and needs of a person are tracked, this aspect can make customer communications highly personalized. Such a connected and real-time marketing offers a new opportunity and competitive challenge to marketers.
Wide adoption of smartphones indicates the accessibility level for mobile wallet. Smartphone users are able to make the most of the mobile wallet functionalities, and it is expected that more such users will come up in the next few years owing to plenty of benefits that mobile wallet provides.
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