Market Highlights

The global mobile wallet market is developing at a fast speed. Rising utilization of mobile telephones and gadgets and computerized installment stages is a significant main impetus behind the development of the market. Mobile payments have become overflowing in the monetary business, permitting clients to make on the web and disconnected exchanges utilizing mobile innovation, for example, cell phones, tablets, or smartwatches.

Organizations arising in the monetary area endeavor to offer creative advanced stages and arrangements that are effectively available for a minimal price. In addition, the use of mobile gadgets heightens market incomes. The multiplication of different mobile gadgets, like tablets, cell phones, and others, drives market development.

With the rising requirement for got mobile installment applications, the market is projected to earn critical foothold in the years to come. As indicated by Market Research Future (MRFR), the global mobile wallet market is relied upon to acquire immense gatherings by 2027, developing at a noteworthy CAGR during the appraisal time frame (2020-2027)

Mobile Wallet Take Banking to Next Stage

The business-shopper relationship is quickly becoming computerized. From internet business stages to robo-counselors, organizations are changing the manner in which they work to meet the always changing requirements of their customers. Government experts in different nations are progressively making a move to energize contactless payments as the COVID-19 pandemic heightens, which effects market incomes emphatically.

Also, distributed computing conveyance improvements in business applications and virtual mobile foundation stages help the market development. Acknowledgment of mobile wallet arrangements and positive government drives and guidelines support the market size. Wide portions of flexible mobile wallet arrangements overall push the market development.

With Covid emergencies projected to proceed in 2021 and then some, the mobile wallet market is relied upon to fill dramatically in the following not many years. Numerous associations are currently more mindful of the significance of advanced payments, executing all important, suitable safety efforts. This, alongside the approach of 5G and rising employments of AI, is projected to shape the mobile wallet industry in 2021 and then some.

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Segmentation:

The market is segmented into modes of payment, applications, and regions. The mode of payment segment is sub-segmented into Remote Payment, NFC, and others. The application segment is sub-segmented into commerce, ticketing, mobile coupon, mobile transfer, micropayment, and others.

Global Mobile Wallet Market – Regional Analysis

North America and Europe are major markets contributing to the market growth. Wide-spread awareness for mobile wallet benefits and government initiatives to strengthen cashless payment methods boost the market demand in these regions. Furthermore, the strong presence of major mobile wallet & mobile payment security providers and the high disposable incomes of populations drive the market growth in major North American and European countries.

Global Mobile Wallet Market – Competitive Analysis

The mobile wallet market appears to be competitive due to the presence of several well-established players. To gain a larger competitive share, these players initiate strategic moves such as mergers & acquisitions, collaboration, innovation, and brand reinforcement. The market would witness intensified competition with innovations and an increase in R&D investments and M&A.

Major Players:

Players leading the global mobile wallet market are Apple, Inc. (US), Google, Inc. (US), Visa (USA), Blackberry Ltd. (Canada), Samsung Inc. (South Korea), American Express (US), and MasterCard Incorporated (US), among others.

Industry/ Innovation/ Related News:

Aug.17, 2021 ---- Network International (Network), a digital commerce enabler, announced signing a memorandum of understanding with TerraPay, a leading global payments infrastructure company, boosting the acceptance of African mobile wallets in the UAE.

The association would see both companies welcome a large addressable market from the African mobile wallet ecosystem by enabling acceptance of mobile wallets at Network’s terminals in the UAE and e-commerce platforms using TerraPay’s payment processing rails.

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Mobile Wallet Market, By Mode of Payment (Remote Payment, NFC), By Application (Commerce, Ticketing, Mobile Coupon, Mobile Transfer, Micropayment) - Forecast 2020-2027

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