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A mobile wallet is a mode of payment service through which an individual or a business can do a sending or receiving of a transaction of money with a mobile device. The benefit of a mobile wallet that fosters the growth of the demand includes easy accessibility, simple to load money, and quick fund transfer. Mobile wallet is very simple to use and doesn’t require much afford in its registration also act as a flourishing factor fo the growth of the market. Furthermore, it is simple to load money at any time and place through internet banking, credit card, and debit card. Moreover, it has the ability to do quick fund transfer from one user to another user. Therefore, these factors act as propelling factors for the growth of the market.
The Tech innovation like the ability to know the customers in the real-time act as one of the factor which increases the adoption of a mobile wallet. Due to its ability to get username and information in real-time, it makes more retailers quickly adopt the technology as it simplifies their work and this thus flourishes the growth of the market.
Several companies in the mobile wallet market such as Alibaba Group, Apple Pay, Samsung Pay, Square, and American Express are working hard to come up with applications which are user-friendly, easy to use, and of high security to attract more consumers to use a mobile wallet to helps boost the growth of the market.
The rising usage of smartphones acts as a driving factor for the growth of the market. Due to the booming market of the smartphone industry, there is an increase in the consumption of smartphones which acts as a propelling factor for the growth of mobile wallets. Additionally, quick adoption of mobile wallet by restaurants, bar, and hotel also foster the growth of demand of the global market. According to Leftronic, there were 2.7 billion smartphone users in 2019. The incentive and promotion scheme like cash backs, discounts, offers, gifts, and others act as a flourishing factor for the growth of the market. Moreover, the introduction of 4G technology also act as a flourishing factor for the growth of the market as it mobilized internet connectivity which means that access to mobile internet is quicker and easier.
However, due to the availability of cyber thief, it makes many people skeptical about using a mobile wallet which acts as a restraining factor that hampers the growth of the market.
Key Market Driver -
The rising usage of smart phones act as a driving factor for the growth of the market.
Key Market Restraint -
Availability of cyber thief act as a restraining factor for the growth of the market.
The major players in the mobile wallet market include American Express Co, Apple Inc., Mastercard Inc., AT&T Inc., Samsung Electronics Co., Ltd., Google LLC, First Data Corporation, Sprint Corporation, and others.
The global mobile wallet market is segmented into by type, by ownership, by technology, and by region.
Based on type the market is fragmented into closed, semi-closed, and open. The semi-closed is considered to hold the largest share this is due to the ability to send and receive money to other users, pay for goods and services at select dealer’s location that are linked with the e-wallet providing companies, transfer of the fund to a bank, bill payments, and others.
Depending on the technology the market is grouped into NFC, Optical/QR Code, Digital Only, and Text-based. Near Field Communication is holding the major share this is due to its ability to interact with two devices within a range of 4 cm which is very useful especially in a retail store as they deal with thousands of people on a daily basis and thus act as a larger shareholder as compared to other technology.
Geographically, the mobile wallet market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific is anticipated to be the dominating region and is expected to continue its dominance during the forecast period of 2019-2026. Some of the contributing factors to its dominance include the android operating system propelling more people to use smartphones, due to growth in the economic condition of the region there is an increase in disposable income which fosters to have more need and propels consumption of smartphones. And due to the availability of more smartphones, there is an increase in the number of mobile wallets and thus in turn act as a driving factor for the growth of the market. According to StatCounter, Asia Pacific has 30.68% Samsung users, 13.42% Apple users, 12.57% Xiaomi users, 9.81% Huawei users, 8.32 Oppo users, and 6.21% Mobecil users and thus smartphone users act as a boosting factor for the growth of the market.
Europe is the second dominating region and some of the factors contributing to its dominance are due to people's ability to quickly adopt new technology helps to simplify the work of different businesses, as Europe is a developed country they provided to their people is much faster internet facilities as compared to developing countries and this helps in gaining more consumers to use a mobile wallet, strong support by the government to move towards cashless society also play an important role for the growth of the market. According to J.P. Morgan Global Payment Trends 2019, the Norwegian mobile commerce market is valued at €4.26 billion, and this act as one of the driving factor for the growth of the market in this region.
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