The global mobile wallet services market was valued at around $115 billion in 2016 and is expected to surpass $664 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on mobile wallets services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global mobile wallet services market during the forecast period. Some of the top vendors listed in this industry analysis include Apple Pay, Android Pay, Samsung Pay, PayPal, and Alipay.
In terms of geographical analysis, the Americas are the largest shareholder in the global market, with a market share of around 35%. The initiatives taken by the government and corporate sectors to promote mobile payments across the region will drive the market growth in APAC.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “The introduction of front-end innovations increase the number of payment options available to consumers. The new technologies launched include mobile wallets, closed loop solutions, mobile merchant payment solutions, and machine-to-machine payments. These systems help the customers and businesses conduct transactions irrespective of their locations and channels. These developments have initiated mobile wallet service providers to revamp their back-end processing capabilities to stay relevant and competitive in the market.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in acceptance of mPOS
The development of mPOS systems is encouraging small, medium, and large-scale merchants to implement these systems to provide customers with a different choice of payment options and the best in-store experience. The mPOS solutions are cost-effective and provide new channels for revenue along with opportunities to cross-sell and up-sell products and services. The global mPOS installed base is expected to grow from approximately 13 million units in 2015 to around 54 million units in 2019.
Potential for growth in emerging and developing economies
The increasing penetration of formal banking services provides more opportunities for mobile network service providers to become enablers of financial services for banks and governments. The vendors in the market are targeting to expand their businesses to emerging nations like India, Malaysia, Indonesia, Kenya, and Uganda to introduce mobile money solutions and increase their revenues. The emergence of e-commerce platforms is increasing the consumers’ willingness to perform transactions via mobile devices. Suppliers are investing in creating opportunities introduce coupon codes and cashback offers from e-commerce value chains that go beyond payments to promote mobile transactions.
Penetration of smartphones
The increasing usage of smartphones and tablets are rapidly becoming consumers’ primary computing device. The payment and network processors and retailers are focusing on developing solutions that make mobile transactions faster and easier for the consumers. The introduction of single-click checkouts and multiple features for enhancing UIs will help the vendors promote the use of mobile payments in the market during the forecast period.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Mobile Wallet Services – Procurement Market Intelligence Report 2017-2021.’
