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 growing awareness of comfort and convenience and increasing adoption of smartphones is one of the major driving factors for mobile wallet market. Secondly, rapid growth e-commerce is expected to fuel the growth of mobile wallet market in the years to come. Moreover, mobile wallets are more secure than physical wallets as someone does not to carry them. However, higher initial investment and rise in online frauds is expected to affect the growth of this industry to some extent.
Near field communications (NFC) and digital wallet are key products segments of the global mobile wallet market. NFC dominated the global mobile wallet market in terms of revenue generated in 2014. NFC accounted for over 50% share of the revenue generated by global mobile wallet market in 2014. Moreover, NFC is also expected to be the fastest growing segment during the forecast period.
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.
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Retail payments, vending machines, public transportation, grocery stores, and restaurants are key application markets for the mobile wallet. At present, mobile wallet market is dominated by retail payment segment. On the basis of mode of payment, the mobile wallet market is segmented into NFC and remote payment.
Major stakeholders in the mobile wallet market include mobile network operators, handset manufacturers, mobile payment service providers, OSS/BSS solution providers, software developers, content and applications aggregators, and others includes TSM, value service providers, retailers/merchants and mobile payment networks and banks. In 2014, the mobile payment mode was the leading segment and accounted around the three-quarters of total revenue generated by mobile wallet market.
North America held to be leading region for the mobile wallet market and accounted more than a quarter of the entire revenue generated in 2014. Asia Pacific is one of the fastest growing markets for the mobile wallet. This can be attributed to the significant growth in emerging economies like India and China.
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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.