Mobile Wallet Market
Internet penetration worldwide are key drivers of the growth . However , higher initial investment and rise in online frauds is anticipated to impact the growth of mobile wallet market .
The global mobile wallet market has been segmented as per applications , product , and geography . Product segments cover NFC and remote payment . On the basis of the application , market has segmented retail payments , vending machines , public transportation , restaurants and others .
North America prevails over another region on account of its shift towards digital economy . Europe is also showing robust growth rate , followed by Asia pacific . Asian countries show high growth potential due to adoption of smartphones .
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At present , in the UK more than 88 % of consumer payments are made via cashless modes . In U . S . 80 % of the consumer are using online payment . Governments are supporting mobile wallet and have implemented policies to move their countries to cashless economies .
In Asia pacific , Japan , China , and India are moving towards cashless countries . There is the high growth opportunity for mobile wallet due to increased adoption of smartphones this region . In India , after demonetization , online payment transfer has been increased drastically . Government supports the cashless country and digital country and such initiatives will fuel the growth of mobile wallet market . A company like paytm & freecharge revenue has doubled recently . All the