Market World Mobile Wallet Market Opportunities | Page 2

In 2014 mobile wallet segment had generated highest revenue and throughout the forecasted period it will
dominate the market due to increase in cashless payment over a communication network.
Due to increase in penetration of NFC enabled smart phones across the globe proximity product type is expected
to have high growth rate. Flexibility feature will lead markets growth.
"Government initiatives for modernizing the transportation and adoption of advanced technology has
contributed public transportation application to have highest growth over the projected period"
Mobile wallet market has applications in different segment such as retail, restaurant, public transportation and
vending machine. According to revenue generated in 2015 its application in retail segment is expected to
dominate the business. Better consumer experience and increasing number of smart phones will push the
demand.
Vending machine allows customers to make cashless transactions that will encourage consumers to purchase
regularly. Devices with NFC integration provide better consumer experience along with security feature that will
drive retailers to use this technology. Countries such as India, China and Indonesia have high vending machine
usage that will improve the demand for application segments.
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Low processing fees through NFC technology will achieve cost and operational efficiency. Retailers accepting
cashless payment will attain consumer data opportunities and loyalty. Special promotions and loyalty reward
will help retailer to improve relations with mobile customers.
"Increasing penetration of NFC enabled mobile phones in Asia Pacific has contributed to significant growth
from 2016 to 2024"
By 2024, Asia pacific region is predicted to generate key revenue and will have highest share among other
regions. Large number of service providers and consumer preferences in this region are important factors for
growth of mobile wallet market. In countries like India and China due to increase in disposable income and
consumer needs mobile wallet market will have significant growth over the forecasted period.
Government initiatives likes make in India and Digital India in country is expected to boost the penetration of
mobile phones and other consumer electronics which will result in growing demand of industry.