Mobile Wallet Market Size will Grow from 201 to 2026 at an Estimated CAGR of 37% | Straits Research

Mobile Wallet Market

The global mobile wallet market was valued at USD 700 Billion in 2017 and is estimated to grow at a CAGR of 37% during the forecast period.

The global e-commerce boom is a primary factor expected to drive the mobile wallet market growth during the forecast period, 2019–2026. The e-commerce market is growing at a rapid pace on account of the increasing penetration of smartphones and the internet, which has compelled e-commerce companies to rely on strategic acquisitions and new product development to expand their market presence. In December 2017, Kroger Co., a Cincinnati-headquartered grocery chain, launched a new mobile payment option by teaming up with JPMorgan Chase & Co to offer mobile payment options with select retail markets and e-commerce programs in 2018.

The conventional payment market is experiencing high-level technological transformation with the emergence of smart card, e-wallet, net banking, and others. Mobile payment technology is set to disrupt legacy business models, owing to new technological innovations such as integration of wearables, biometrics, and blockchain technology. For instance, in September 2018, Infinito Wallet launched the Universal wallet with Cardanol’s ADA cryptocurrency support. The technology is expected to pave way for fast and secure transfers through a smart contract platform, specifically for applications that consumers, businesses, and governments can rely on.

North America is estimated to hold the largest share in the mobile wallet market, owing to rapid developments in mobile wallet technology, which have intensified competition among various companies in the U.S. with an intention to improve consumer convenience and lower payment costs. As mentioned above, blockchain technology could revolutionize mobile wallet technology by mitigating the cybersecurity risk associated with digital transactions. Blockchain technology can provide a secure medium for identity verification and authentication of a user’s financial transaction. In blockchain technology, all transactions are time stamped, encrypted and tamper-proof, which largely reduces the issues of fraud and double spending.  Currently, the average remittance charged by any financial intermediary (bank) for performing any financial transaction is about 7.5 to 10%. The adoption of blockchain would enable customers to have direct point-to-point transactions without a need for third-party interface, thereby reducing expensive transaction fees.

The Point of Sale (POS) environment is changing rapidly in Canada, owing to the increased usage of tablets and mobile devices for payments in e-commerce. These devices have enabled the creation of a secure channel to conduct financial transactions. In 2016, Payments Canada enhanced its framework to allow mobile payments through POS by introducing the process of tokenization, which replaces customers’ banking credentials with proxy credentials, thereby introducing privacy in customer transaction.

PayPal, one of the global players in the e-wallet market, has expanded in Europe by integrating with many e-commerce platforms. It has also recently rolled out its mobile app to offer a better user experience. Additionally, other companies that are expanding in Europe include Apple, Samsung, Alipa, and others. Alipay has recently acquired the support of more than 900,000 merchants in Europe for supporting Asian communities and travelers abroad.

The emergence of new players in the mobile wallets market, such as Yoga Wallet and Pay by Bank App in the U.K., has also intensified competition. Pay by Bank App was developed by four of the biggest banks in the U.K., namely Bank of Scotland, Barclays, Halifax, and Lloyds Bank and offers a secure and trusted solution to customers. On the other hand, Yoga wallet adopts a competitive strategy to indulge incorporated player and their beneficial schemes into their application, thereby expanding its consumer base. The Yoga wallet application has received an investment of about USD 15 Million from the retail company, Metro Group, which would be used for its expansion.

Obtain Brochure For Latest Technology Advancements @ 
https://straitsresearch.com/report/mobile-wallet-market/request-sample

The Major Prominent Players Covered in this Report:
American Express, Apple Inc., Google Inc., Blackberry Ltd., Sprint Corporation, MasterCard Incorporated, AT&T INC, Samsung Electronics Co., Ltd, and Visa Inc.

By Wallet Type, Device Centric, Merchant Centric, Network Centric, Others,
By Payment Mode, NFC, Remote Payment,
By Application, Mobile Commerce, Mobile Transfers, Micropayments, Others, & More.

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2026, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

View this report with a detailed description and TOC @ https://straitsresearch.com/report/mobile-wallet-market/toc

Key Mobile Wallet Market Trends:
- The report identifies, determines, and forecasts the Global Mobile Wallet Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Mobile Wallet Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Mobile Wallet Market.

Key Questions Answered in The Report:
What will the Mobile Wallet market growth rate?
What are the key factors driving the global Mobile Wallet market?
Who are the key manufacturers in the Mobile Wallet market space?
What are the market opportunities, market risk, and market overview of the Mobile Wallet market?
What are sales, revenue, and price analysis of top manufacturers of the Mobile Wallet market?
Who are the distributors, traders, and dealers of the Mobile Wallet market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Mobile Wallet Industry?
What are sales, revenue, and price analysis by regions of Mobile Wallet industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Why Buy This Report?
The report covers the following points within the scope,
Potential Venture Avenue
CR5 Ratio of Top Companies
Market Share Analysis

In October 2018, the Reserve Bank of India laid out several guidelines that would allow payments between different mobile wallets, which is expected to bolster the mobile wallet market growth during the forecast period. Digital payments have witnessed an upsurge in the country post the demonetization period and are expected to grow to about USD 1 Trillion by 2023

Browse Full Report @ 
https://straitsresearch.com/report/mobile-wallet-market

Even if your business is a multinational venture or a single storefront, we believe innovation is the key to progress, in both what you build and how you promote your products and brands.

Buy Full Report with Detail Analysis with COVID-19 Impact – https://straitsresearch.com/buy-now/mobile-wallet-market/global/

So let's put our minds together. We'll make your vision a reality and help you grow.

For more details, please contact us -
Straits Research
Email: sales@straitsresearch.com
Address: 825 3rd Avenue, New York, NY 10022
Tel: +1 646 480 7505, +44 208 068 9665
Website: https://straitsresearch.com/

About Us:
Regardless of whether you're looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with what customers purchase. We overcome the issues of our customers by recognizing and deciphering just the target group, while simultaneously generating leads with the highest precision. We seek to collaborate with our customers to deliver a broad spectrum of results through a blend of market and business research approaches. This approach of using various research and analysis strategies enable us to determine greater insights by eliminating the research costs.

This release was published on openPR.