Press release
Mobile Wallet Market : Key Players – Amazon.com, Inc., American Express Company, Ant Financial Services Group, Allied Wallet, Inc., Apple Inc., AT&T Inc., Barclays plc, Due Inc., First Data Corporation, Google
Mobile Wallet Market
The mobile wallet market is anticipated to garner considerable growth on account of rapid penetration of smartphones and high-speed internet. Active participation of multinational tech giants in the fintech industry has led to the boom of digital payment solutions. Over the last few years, tech companies have heavily invested in the mobile wallet sector as more customers shift towards digital payments over conventional methods.
Growing use of tablets, smartphones and other smart devices to manage bank accounts might enhance business outlook over the forthcoming years. Global Market Insights, Inc., estimates that the mobile wallet market could hit USD 350 billion by the year 2026. Shifting consumer preference from online banking solutions to mobile banking platforms could drive the adoption of these wallets.
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Favorable government policies and initiatives can help e-wallet companies to maximize their reach across untapped markets. The technology is yet to reach a saturation point in developing countries, while it is set to hit saturation point in developed nations, attaining almost 83% penetration.
Increasing imposition of white money initiatives could strengthen the share of digital payments across the globe. Citing an instance, after demonetization, India saw a significant rise in mobile wallet transactions. In October 2019, transactions through UPI, the instant payments system, registered a new high of 1 billion. This made digital transactions 1.2 times higher than debit card transactions.
What are the benefits of bank-owned mobile wallet systems?
Financial institutions and banks are adopting mobile wallets to enhance customer retention and relationship while positioning their payment cards as top wallets. Estimates suggest that the segment might witness a CAGR of more than 14% over the predicted timeframe. The rapidly evolving financial landscape across the banking sector has compelled major banks to embrace mobile wallets in their business models.
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How will Europe mobile wallet industry fare over the coming years?
Growing penetration of several competing mobile wallets operated by multiple domestic and international entities could propel the deployment of digital payment solutions across Europe. Forecasters claim that the regional market could attain a growth rate of over 15% by the end of 2026. Earlier in 2019, Europe stood over 50 mobile wallets, out of which 26 were managed by banks. Majority of these wallets were released via the collaborative effort between technology companies and banks.
Which strategies are likely to offer lucrative opportunities to mobile wallet companies?
Companies operating in the mobile wallet industry are mainly emphasizing on forming strategic alliances and introducing new product offerings to enhance their market share. Mobile wallet vendors are constantly updating their mobile wallet technologies by introducing new features. Taking December 2020 for instance, 7-Eleven launched a mobile wallet that enables users to perform contactless payments at its participating stores throughout the U.S. With the help of the 7-Eleven app, users can top-up their wallets through debit and credit cards, cash, Google Pay, prepaid 7-Eleven gift cards or Apple Pay.
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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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