The global market for mobile wallet has been expanding at a starry rate over the past decade, and a number of changes in the global setup can be reasoned as the drivers of this growth. Mobile wallet refers to transference of the credentials of a debit or credit card to a digital format such as smart phone, laptop, smart watch, or tablet. The availability of mobile wallet can free the users of the hassle of carrying credit or debit cards for making purchases. With digitization of most industries, the need to make swift and easy monetary transactions has escalated, which has in turn given a boost to the demand within the global market for mobile wallet.
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Furthermore, several stakeholders across a wide range of industries have begun using mobile wallets as an easy mode of making company-related transactions and payments. It is anticipated that the demand for mobile wallet would further elevate as a number of smart phone apps glut the market. Furthermore, the propensity of the people to go for safe, secure, and easy payment options is also expected to push the demand within the global mobile wallet market.
The worth of the global market for mobile wallet was US$675.0 bn in 2015, and is expected to reach a stellar value of US$1,602.4 bn by 2018. Transparency Market Research (TMR) uses this blog as a media to shed light on the various dynamics that affect the growth of the global market for mobile wallet.
1. Popularity of Smart Phones
Smart phones have become in indispensable part of people’s lives, and a number of key tasks and functions are performed through these smart devices. In this with this propensity, people also prefer to pay their bills, make payments, or extend remittances through smart phones. This factor, coupled with the ability to travel cashless, has given a boost to the demand within the global market for mobile wallet. Furthermore, cashless transactions are considered more secured as they can be duly recorded and do not involve the risk of theft.
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2. Emerging Economies
The emerging economies such as India, China, and Japan have started promoting the use of mobile wallet in order to standardize payment procedures and give a mark of sophistication to the way transactions work. Hence, the market for mobile wallet in Asia Pacific is expected to grow by leaps and bounds in the years to come. Due to the early adoption of mobile wallet services in the west, the markets in North America and Europe are at the forefront of market growth.
3. Market Players
The competitive landscape of the global market for mobile wallet is highly consolidated and a countable number of players exercise control over the market. Some of the key players in the global mobile wallet market are PayPal, Google Wallet, and Softcard.