Mobile Wallet Market Opportunities, Consumption and Business
Overview Forecasts To 2024
“The Global Mobile Wallet Market is estimated to develop at a substantial
CAGR for the duration of the prediction period. The market research report
delivers an exceptional means for assessing the market, emphasizing
openings, and backing up the planned and calculated policymaking.”
The advancement of mobile phone technology is expected to drive mobile wallet market or digital wallet
industry in near future. In 2015, mobile wallet market size was valued USD 592.45 billion worldwide. The
boundless Smartphone use and its increasing penetration level will favour mobile wallet market. The market
has emerged as a result of technological advancement which enhances customer experience. Consumer
payment credentials are saved and are made available at point of sale. NFC has made significant change in
payment technologies.
Mobile wallet market allows consumers to manage their account and transaction from any location at affordable
price. Banks, technology vendors and payment service providers in association with main players are developing
platform and infrastructure to reinforce customer experience. To differentiate the business from competitors
key players have provided features such as mobile vouchers and services, digital charity scheme, dynamic
currency conversion. Value added service (VAS) is acting as driving force for cashless payment.
Security issues and privacy concerns can act as restraint in this industry. Lack of government initiatives and
supervision is another barrier for growth in this industry over a forecasted period.
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"Proximity product type is expected to portray highest growth over the forecast period"