The mobile wallet market is anticipated to grow at a significant CAGR of 25.0% during the forecast period (2022-2028). Mobile wallets are generally used during travelling. It not only offers low-cost transaction services but also makes it simple for customers to maintain their accounts. Mobile wallet adds a whole new dimension to retail purchases, allowing businesses to expand their reach. The mobile wallets have also presented a new way of communication for the merchants and financial institutions with their customers. Mobile devices make it simple to send and receive information; they also run special programs and are location-aware. The mobile connection allows merchants and financial institutions to transmit information to their clients, such as promotional offers, in a way that is targeted, useful, and relevant to their needs. The major factor contributing to the growth of the market includes the emergence of payment-enabled smartphones and social media marketing.
The global mobile wallet market is segmented based on type, technology and application. Based on the type, the market is sub-segmented into proximity and remote. Based on the technology, the market is sub-segmented into near field communication, QR code, text-based/ short message service, and digital-only. Among these technologies, the QR code segment is expected to propel the growth of the market due to the convenience of just scanning the code and making the payment through UPI applications. Based on application, the market is sub-segmented into hospitality & transportation, media & entertainment, retail, healthcare, energy & utilities, telecommunication and others.
The market players are also contributing significantly to the market growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in December 2021, in the ‘Statement on Developmental and Regulatory Policies, the Reserve Bank of India (RBI) announced proposals to ease the process for small value transactions and popularize UPI payment through feature phones. The RBI is going to simplify process flow through a new “on-device” wallet for small value UPI transactions. The central bank is also going to launch a UPI-based payment product for feature phone users.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Technology
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Amazon Web Services Inc., American Express Co., Apple Inc., AT&T Inc., Google LLC, Mastercard Inc., PayPal Holdings Inc., Samsung Electronics Co. Ltd., and Visa Inc., among others.
A full report Mobile Wallet Market of is available at: https://orionmarketreports.com/mobile-wallet-market/107748/
Global Mobile Wallet Market Report by Segment
By Type
- Proximity
- Remote
By Technology
- Near Field Communication
- QR Code
- Text-based/ Short message service
- Digital Only
By Application
- Hospitality & Transportation
- Media & Entertainment
- Retail
- Healthcare
- Energy & Utilities
- Telecommunication
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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