Market Highlights

The Mobile Wallet Market Size 2020 can hope to progress at a striking pace of 40% from 2017 to 2022 (assessment period). The global market size can grow to USD 5 billion by 2022-end, uncovers MRFR. We will furnish COVID-19 effect examination with the report, alongside the advancements post the Covid illness flare-up.

Top Drivers and Main Deterrents

Exchanges by means of and Mastercards, online installment stages and charge cards have taken off significantly higher since the COVID-19 flare-up. This vertical direction is the consequence of the flourishing web based business since the lockdown forced combined with the flood in e-installments for mobile, staple bills and utility. While SARS-CoV-2 has prompted ruin of style and attire, flying, feasting and films, the pandemic has been a gift for OTT/ridiculous diversion administrations like Amazon Prime, Netflix, Hulu as well as instruction administrations. In addition, buyer gadgets and drugs are additionally en route to recuperation, which can thus incline toward the mobile wallet market.

The novel Covid and the resulting lockdown have prompted major computerized change. The sped up utilization of cell phones and other shopper hardware has helped add to the market energy. The pattern of close to handle correspondence/NFC chip controlled cell phones joined with the different measures taken by states worldwide to energize digitization additionally helps the market generally. The mounting execution of the most recent innovations like IoT, AI and enormous information and the development of VAS/Value Added Service likewise supports market development.

Besides, the eminent firms are teaming up with innovation players, installment administration merchants and banks for advancement of the framework that could prompt enhanced and better customer experience. They are sending off new highlights and applications that take care of each request of the clients. For example, in July 2020, MoneyLion, a main mobile bank in New York sent off RoarMoneySM, which highlights two-day quicker paydays, subsidizing decisions, mobile wallet capacities, and better online protection alongside continuous exchange notices.

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Segmentation:

The mobile wallet industry can be considered based on mode of payment as well as application.

The key segments depending on the mode of payment are NFC, remote payment, and others.

Micro payment, ticketing market, commerce market, mobile transfer, mobile coupon, and more are the key application areas of a mobile wallet.

Regional Outlook

The mobile wallet market is regionally split into Europe, Asia Pacific/APAC, North America, and the rest of the world/RoW.

The biggest mobile wallet market share is owned by APAC, thanks to the escalating number of smartphone users and the generally thriving consumer electronic industry in the region. The demonetization concept by the Indian government that commenced in 2016 boosted the country’s cashless economy, which was favorable for the mobile wallet market. Increasing consumer preference for cashless transactions and the huge number of well-established service vendors present in the region also contribute to the market growth. The shift towards analog from digital systems and the astounding rise in disposable income of people across India and China have also fostered market growth in the region.

The increasing popularity of payment-enabled smartphones, real-time and connected marketing, and the rising social media prevalence are some of the top growth influencers in the North American market. The top revenue generating segments in the regional market are mobile ticketing and mobile commerce. The increasing efforts given by leading firms for the development of mobile commerce platforms, apps and services could also work in favor of the mobile wallet market in the region.

Key Industry Firms

The key industry firms outlined in the MRFR study include MasterCard Incorporated (the U.S.), AT&T INC. (the U.S.), First Data Corporation (the U.S.), Google Inc. (the U.S.), Samsung Electronics Co., Ltd. (South Korea), Visa Inc. (the U.S.), Sprint Corporation (the U.S.), American Express (the U.S.), Apple Inc. (the U.S.), Blackberry Ltd. (Canada), to name a few.

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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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