The global mobile wallet market is expected to reach USD 7,581.91 billion by 2024, according to a new report by Grand View Research, Inc. Growing mobile penetration with improved payment infrastructure and data connectivity are expected to offer the significant opportunity of the mobile wallet market. Increasing application of mobile wallet which includes Apple Pay, Android Pay and Samsung Pay with the growing capability of paying through mobile phones, is expected to drive the market demand.
Increasing demand for enhanced government policies and security issues is expected to drive the market growth. Enterprises across the industries are developing and deploying the new products for improving the productivity with increasing security. The increasing need for lowering cost of ownership and increased convenience need will continue to dictate the market development.
Growing development in NFC has encouraged the consumers to use the mobile devices for making small and large payments. Proliferation and adoption of mobile payments including digital wallets and usage of apps has encouraged the non-payment technology firms to enter into payment landscape such as American Express and Jawbone. According to the U.K. Cards Association, contactless payments in the region have surged to 184% high with 179.6 Billion of transactions.
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Further key findings from the study suggest:
- Banking entities, payment gateways, businesses and payment processors are expanding with the emerging payment technologies.
- Proximity product type is expected to have maximum CAGR over the forecast period owing to the increased penetration of NFC enabled mobile phones.
- The public transportation application segment is expected to have significant growth over the forecast period, owing to changing industry trends the transit system operators are moving away from traditional payment of parking fees, displaying interactive route maps, sounding alarms in case of emergency, real time service information and service schedules.
- The restaurant application is expected to witness a CAGR of over 38% over the forecast period. Restaurants have started upgrading terminals for accepting the various payment methods. The technology has enabled the customer to use a mobile app to check in, pre-order, order online and make reservations.
- Developed regions such as North America have a well-established NFC market, owing to the high adaptability of the consumers for the new technology. Three wireless carriers, T-Mobile USA , AT&T Mobility (U.S) and Verizon Wireless (U.S) are working in collaboration with Barclaycard U.S. and Discover Financial Services to analyze and implement the NFC technology in the product list
- The key players in the mobile wallet market include Google Inc (U.S), Samsung Electronics Co., Ltd (South Korea), VISA Inc (U.S). Companies are focusing on developing new services and secure payment platform to enhance the market share.