Zion Market Research has published a new report titled “Mobile Wallet (NFC and Remote Payment) Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020.” According to the report, global demand for mobile wallet market was valued at USD 500 billion in 2014 and is expected to reach USD 2,500 billion in 2020, growing at a CAGR of approximately 30% between 2015 and 2020.
The mobile wallet is nothing but an online-interface that provides the ease of carrying the money or cash just like a physical wallet. Mobile wallet offers online transactions for every single operation in a routine. The mobile wallet is also known as m-wallet. Mobile wallet offers the various facilities like debit, credit and online transaction from a bank account or via cash (a recharge kiosk). One of the major driving factors of mobile wallet market is that it provides the user with the greater convenience of the mode of payment. The mobile wallet is basically a digital version of conventional wallet that someone would hold in their pocket.
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The mobile wallet is an innovative technological feature that is equivalent to the physical wallet used to hold money. It is an online interface which permits the user to deposit money similarly to the bank account. Therefore, it is essential to have an account with a mobile wallet provider. This account holds debit, credit, the online transaction from a bank account or via cash (a recharge kiosk). The mobile wallet is very beneficial as it offers the fast transactions process, it saves time and provides comfort and ease to the end-user.
The mobile wallet market is mainly driven by the growing demand for the smart phones use and the entry of new players in this market. Another major driving factor is increasing working population engaged in the banking and on-line buying of products, discounts offered by companies to draw in customers in festive seasons for purchase through mobile wallet and growth of service portfolios by the enterprises. Owing to this, mobile wallet market is expected to exhibit strong growth during the years to come.
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The mobile wallet market is segmented on the basis of different types of mobile wallet products such as near field communications NFC and remote payment. The NFC dominated the market with over 50% share in total revenue generated in 2014 and is expected to be the fastest growing segment over the forecast period.
The mobile payment mode dominated application segment and was accounted for a large chunk of the mobile wallet market in 2014. Furthermore, the OSS/BSS solution providers are expected to witness the fastest CAGR during the forecast period. This is attributed to the constant improvement of the mobile wallet in NFC technology. Moreover, the money transfer transactions contributed to the largest share accounted for over 30% of share in total revenue generated in the mobile wallet market, followed by recharge & bill payments and utility segment respectively.
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North America dominated the mobile wallet market and accounted for over 25% share of the total revenue generated in 2014. The mobile wallet market in the Asia Pacific region is expected to exhibit strong growth in the years to come. Despite its promising future, the mobile wallet market segment is facing challenges like different cash transfer channels, lack of awareness, stringent policies, low margins and poor web connectivity in several areas.
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Some of the key industry participants in global mobile wallet market include American Express, Apple Inc., MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, and others.
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