Mobile Wallet market is poised to witness a remarkable CAGR over the forecast period, primarily because of the growing penetration of smartphones and internet. The mobile wallet technology helps consumers with financial management as well as transfer of funds, thus, driving the Mobile Wallet Market Share.

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Key Drivers and Emerging Trends
The major factors fueling the mobile wallet market includes expansion of e-commerce platforms, rapid digitalization, easy availability of smartphones and internet-enabled devices, and the emerging need for safe and convenient mode of payment. In addition, the increasing adoption of mobile wallet across retail industry to strengthen their business presence by connecting with merchants and financial institutions is forecast to augment the Mobile Wallet Market Size. The growing emphasis of companies towards expansion in mobile commerce platforms, apps, and services, and the user-friendly interface with ease of transactions during travel, will boost the market growth. Further, according to the Mobile Wallet Market research report, in order to improve the customer service, leading players are merging with banks, payment service vendors, and technology vendors, which will offer huge opportunities for the market.

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Type segment analysis

Semi-closed segment is estimated to dominate the market over the forthcoming years. The semi-closed wallet helps in sending and receiving money to other users, transferring funds to a bank account, make bill payments, and pay for goods and services at selected dealer’s location, which propels the market. Besides, open wallets are projected to expand at a faster CAGR over the upcoming years, owing to their ability to allow users buy goods and services, transfer and withdraw money without restrictions.

Technology Segment Analysis

Near Field Communication (NFC) is estimated to hold a larger share over the upcoming years, owing to its low processing fees. Also, the technology allows users to incorporate existing payment cards through mobile devices and activate payment services, ensuring convenience and security. The NFC technology provide users with a quick & user-friendly way to make purchases in commercial organizations, improves customer satisfaction, increases employee sales, and business profits, thus, encouraging its adoption across organizations of all sizes, driving the segment’s size.

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Regional Analysis

Asia Pacific is projected to hold a larger share over the forecast period, owing to the existence of a large number of service providers in the region. Further, the growing demand for mobile wallets primarily from India and China because of the increasing inclination towards digital systems and rising per capita income will expand the market growth. For example, as per the report by Google, Temasek and Bain & Company, Southeast Asia digital payment industry is forecast to witness an increase in the gross transaction volume from USD 600 billion in 2019 to USD 1.1 trillion by 2025. Besides, strategic government initiatives such as Make in India and Digital India have bolstered the adoption of smartphones and other consumer electronics, driving the regional growth.

Top Market Players

Various notable players in the global mobile wallet market include American Express, Apple Inc., Samsung Electronics Co., Ltd., Visa Inc., One97 communications, MasterCard Incorporated, Sprint Corporation, First Data Corporation, Blackberry Ltd., AT&T Inc. among others.

Segments covered in the Report:

• In 2020, Mobeewave, a Canadian startup was acquired by Apple Inc., to help the company expand its global reach with merchants for Apple Pay.
• In 2019- Ant financials acquired majority of stakes in eMonkey, a Vietnamese e-wallet and it will control nearly 50% of eMonkey operations with significant influence on the wallet. This acquisition will help Ant financials to enter the Vietnamese payment market leveraging the operating licenses of eMonkey from the State Bank of Vietnam as it decided to invest several hundred million dollars in the market in the near future.
• In 2019- Tencent decided to support international card schemes in its mobile wallet, and entered into a partnership with Visa to develop an environment where visa cardholders will be able to use visa cards in China wherever WeChat pay is accepted.

Segments covered in the Report:

The Global Mobile Wallet market has been segmented on the basis of Type, Technology, Application and Geography. Based on type market is categorized into Open, Semi-Closed and Closed mobile wallets. On the basis of technology market is categorized into Near Field Communication, QR Code, WAP and Text Based. Based on Application market is categorized into Retail, E-Commerce, Transportation, Telecom, Banking and Others.

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Key questions answered in this research report:
1- At what pace is global mobile wallet market growing? What will be the growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global mobile wallet market?
4- What are the various application areas and how they are poised to grow?

Market Segmentation

Global Mobile Wallet Market by Type
• Open
• Semi – Closed
• Closed

Global Mobile Wallet Market by Technology
• Near Field Communication
• QR Code
• WAP
• Text Based

Global Mobile Wallet Market by Application
• Retail
• E-Commerce
• Transportation
• Banking
• Others

Global Mobile Wallet Market by Region

• North America Mobile Wallet Market (Option 1: As a part of the free 25% customization)
  • By Type
  • By Technology
  • By Application
  • US Market All-Up
  • Canada Market All-Up
• Europe Mobile Wallet Market (Option 2: As a part of the free 25% customization)
  • By Type
  • By Technology
  • By Application
  • UK Market All-Up
  • Germany Market All-Up
  • France Market All-Up
  • Spain Market All-Up
  • Rest of Europe Market All-Up
• Asia-Pacific Mobile Wallet Market (Option 3: As a part of the free 25% customization)
  • By Type
  • By Technology
  • By Application
  • China Market All-Up
  • India Market All-Up
  • Japan Market All-Up
  • Rest of APAC Market All-Up
• RoW Mobile Wallet Market (Option 4: As a part of the free 25% customization)
  • By Type
  • By Technology
  • By Application
  • Brazil Market All-Up
  • South Africa Market All-Up
  • Saudi Arabia Market All-Up
  • UAE Market All-Up
  • Rest of world (remaining countries of the LAMEA region) Market All-Up