Zion Market Research has published a new report titled “Mobile Wallet Market (NFC, Remote Wallet) for Retail payments Vending machines Public transportation, Restaurants and other application – Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022”. According to the report, the global mobile wallet market was valued at approximately USD 594.00 billion in 2016 and is expected to reach approximately USD 3,142.17 billion by 2022, growing at a CAGR of around 32% between 2017 and 2022.
Worldwide adoption of smartphones and technological advancements are influencing the growth of mobile wallet market. The mobile wallet is a type of payment service by which anyone can receive and send money via mobile devices. A mobile wallet is a form of e-commerce model that is made to be used with mobile devices and offers convenience and easy access. It provides service of the online transaction for every single operation in a routine. Mobile wallet offers various facilities such as debit, credit and online transaction from a bank account.
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In 2015, consumer spent USD 610 billion on all forms of mobile transaction globally. Increasing mobile internet users has encouraged the new player to enter the market to provide e-commerce services. This will fuel the growth of mobile wallets during the forecast period, as users will be able to make instant purchases online. High transaction volumes through m-commerce, growing use of smartphone users and high Internet penetration worldwide are key drivers of the market growth. However, higher initial investment and rise in online frauds is expected 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 methods. The remote mobile wallet segment has generated the highest revenue in 2016and anticipated to maintain its dominance throughout the forecast period due to payment availability globally. NFC product type is expected to have highest growth rate with the increasing penetration of NFC-enabled smartphones across all the regions. The product flexibility for converting the devices to NFC-enabled is expected to drive the market growth.North America dominated the global mobile wallet market due to its efforts of making the digital economy. Europe is also growing with a strong CAGR followed by Asia Pacific. The Asia Pacific shows high growth potential due to high adoption of smartphones.
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Key industry participants operating in the global mobile wallet market include American Express, Apple Inc., Amazon.com inc., Bank of America, Citibank, Citrus Payment Solutions, Dwolla, MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, Paytm, and others.
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