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