|02-11-2019 07:04 PM CET - IT, New Media & Software||
Mobile Wallet Market by Application With Leading Market Players Such as American Express, Apple Inc., MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, and Google.
Press release from: Allied Market Research
We are gradually closing in on the day when your phone or smartwatch will replace your wallet. Instead of scrambling to locate your credit or debit card to pay for a meal, shopping excursion or prescription, you will simply tap your device to a retail terminal and be on your way.
While card-free mobile payments facilitate and protect transactions for consumers, they are a potential gold mine for mobile vendors. According to a 2017 report by Allied Market Research, the global mobile payments market is estimated to reach nearly $3.4 billion by 2022, with a compound annual growth rate of 33.4 percent from 2016 to 2022.
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Apple, Google and Samsung all want a piece of the action, and they have rolled out solutions like Apple Pay, Google Pay and Samsung Pay, which use near-field communication (NFC) technology to let users make everyday purchases with maximum speed and minimum fuss.
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.
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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.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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