Mobile Wallet Market Share 2020 Global Leaders: First Data Corporation, Sprint, Samsung Electronics, MasterCard Incorporated, Visa, American Express, Blackberry, AT&T INC
Mobile wallet payments have gained much popularity in recent years. It is a system where the card (both debit and credit) can be stored in the payment gateways of applications. It eliminates the task of physically carrying and entering the details of the card for every transaction. This report by Market Research Future (MRFR) unravels that the global Mobile Wallet Market is anticipated to register an exponential CAGR of 40% during the review period 2016 to 2022. The report asserts that the market is poised to reach USD 5 Bn mark towards the end of 2022.
Increasing penetration of smartphones is one of the primary driving factors of the mobile wallet market. Factors such as increasing use of internet services, declining process of data services, availability of high-speed internet, etc. are expected to drive the expansion of the mobile wallet market in the coming years. The developments in the network technology with the evolution of 4G services has further facilitated the development of the market in the recent years. In addition, 5G services are expected to be commercialized globally by the end of 2020. It is again expected to boost the future trajectory of the mobile wallet market over the assessment period.
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The governments are promoting cashless transactions. It is anticipated to drive the expansion of the mobile wallet market in the foreseeable future. In 2016, the government of India had demonetized its currencies, which has led to rapid growth of cashless transactions. Similarly, countries such as Canada and Sweden are promoting the shift to cashless transactions. These measures are poised to drive the growth of the market in the upcoming years.
In October 2019, Paysafe Group (Paysafe), a global payments provider, has announced the launch of its Mobile Pay in the U.S. market.
In September 2019, Chinese smartphone maker OnePlus has ventured into the digital payments landscape with the launch of its OnePlus Pay Mobile Wallet Service.
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.
The global mobile wallet market has been divided on the basis of mode of payment into remote payment and NFC, among others.
By application, the segmentation of the mobile wallet market covers - mobile transfer, e-commerce, mobile coupon, ticketing, micropayment, among others.
The regional assessment of the global mobile wallet market spans across four regions - North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). Asia Pacific exhibits rapid growth and is currently dictating the growth of the mobile wallet market. The support extended by the governments to promote digitization of payments is anticipated to lead the expansion of the market in the coming years. North America is also anticipated to witness rapid growth. Canada is poised to have a favorable share of the regional mobile wallet market. The region is also poised to benefit from the technological advancements and availability of high-speed internet services.
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• Software developers
• Mobile app Developers
• Banking Service Providers
• Software Developers
• Software Distributors
• Mobile based financial service providers and distributors
• Research Institutes & Universities
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