Global Mobile Wallet Market is estimated to reach $5,795 Billion by 2024; growing at a CAGR of 37.5% from 2016 to 2024. Mobile wallet is a digital form of debit card, credit card, or prepaid card information on mobile devices used for sending or receiving payment and to do online money transaction. Mobile wallet can provide an alternative method for physical plastic card to make quick purchase through mobile apps. They are extremely convenient for regular payments such as utility bill payments, groceries etc., and has gained wide popularity in various sectors such as retail, utilities, telecom, and transportation, among others. Additionally, increasing demand for NFC (near field communication) technology among consumers and retailers are boosting the growth of the market.
The factors supporting the growth of the global mobile wallet market includes high penetration of smartphone and internet, increasing demand for e-commerce services, and adoption of digital marketing. However, issues in security and privacy and lack of government restrictions may hamper the growth of the market. Additionally, technological advancement and market expansion would provide several growth opportunities for the market during forecast period.
The global mobile wallet market is categorized into application, mode of payment, user age group, and geography. Application is bifurcated into merchant purchases, money transfers, bill payments, and others. By mode of payment, the segment is categorized into SMS, NFC, WAP, and others. Furthermore, user age group is categorized into 18-29, 30-44, 45-59, and above 60.
Based on geography, global mobile wallet market is segmented into North America, Europe, Asia- Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe segment consist of UK, Germany, France, Italy, and others. Asia-Pacific is segmented into India, China, Japan, South Korea, and others while RoW is bifurcated into South America, Middle East, and Africa.
The major key players operating in the global mobile wallet market are Apple Inc., Amazon.com Inc., American Express, Microsoft Corp. Inc, Visa Inc., Paytm, Alipay, MasterCard Inc, BlackBerry Ltd., Samsung Electronics Co., Ltd., and Google Inc, among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Mobile Wallet Market with respect to major segments such as application, mode of payment, and user age group
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Mobile Wallet Market has been included in the report
- Profile of the key players in the Global Mobile Wallet Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Mobile Wallet Market
- Merchant Purchases
- Money Transfers
- Bill Payments
- Other Applications
Mode of Payment Segments
- Other Mode of Payments
User Age Group Segments
- Above 60
- North America
- South Korea
- South America
- Middle East