The global mobile wallet market was valued at USD1,221 billion in 2016 and is expected to surpass USD4,175 billion by 2021, says Technavio.
Technavio has announced its latest market research report on mobile wallets for the forecast period, 2017-2021. This market analysis, under the Internet and e-commerce vertical, discusses the major drivers and key emerging trends that will influence the growth of the mobile wallet market during the forecast period. Some of the top vendors listed in this industry analysis include Alibaba, Apple, Citrus Payment Solutions, Google, MasterCard, Oxigen Services, PayPal Holdings, Samsung Electronics, and Visa.
In terms of geographical analysis, the Americas is likely to continue its domination over the global mobile wallet by accounting for a revenue of more than USD1,294 billion by 2021. The US will emerge as the key revenue-generator.
“The emergence of host card emulation (HCE) is an upcoming trend the market. HCE is an on-device technology that enables mobiles or wearable devices to perform card emulation on an NFC-enabled device without accessing a secure element. The introduction of NFC platforms based around HCE has high investment scope for NFC stakeholders, given the value chain and current business models are restructured,” says Ujjwal Doshi, a lead analyst at Technavio for Internet and e-commerce.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased use of m-commerce
The global market for m-commerce is flourishing owing to a rise in the number of smartphone users and high Internet penetration. M-commerce offers customers a variety of products and provides accessibility without any time and location constraints. It also offers flexible, easy payment services to customers and enhances brand recall value, which benefits vendors in the long term. Increasing preference for m-commerce among consumers across the globe is expect to reflect positively on the global mobile wallet market during the forecast period.
High adoption of contactless payment solutions
The introduction of mobile payment gateways such as Apple Pay, Samsung Pay, and Android Pay has simplified the process of paying bills. The increased adoption of mobile devices and wearables is propelling the use of mobile payments. Many retailers are adopting platforms like NFC POS terminals that facilitate mobile payments. NFC POS terminals also increase the value proposition and effectiveness of a retailer’s marketing efforts. The growing need for faster checkouts at retail outlets, increasing adoption of EMV cards, effective information management among retailers, and the increasing focus on secure payments are factors that are expected to contribute to the growth of the market during the forecast period.
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The introduction of mobile payment gateways from Apple, Samsung Electronics, and Google has simplified transactions for shoppers as they eliminate the need to carry credit or debit cards. Mobile payment gateways allow users to save their secure elements in their smartphone and make payments by bringing the phone closer to the vendor’s contactless payment-capable POS system. The convenience, safety, and hassle-free transactions offered by NFC-enabled mobile payment solutions are expected to contribute to the rising use of mobile wallets.
Some of the other prominent vendors identified in this report are Airtel, American Express, Bank of America, Dwolla, LevelUp, LivQuik, Merchant Customer Exchange, MobiKwik, M-Pesa, Square, Venmo, Y-cash Software Solutions, and ZipCash.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Mobile Wallet Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global E-commerce Payment Market 2016-2020
- Global Mobile Coupons Market 2016-2020
- Global Mobile Payment Security Software Market 2016-2020
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