Global Mobile Wallet Market report provides an in-depth analysis of the COVID-19 impact, key player’s strategies, market growth, product demand, growth factors, technological innovations, regional outlook, and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. The Market report focus to provide extensive information on the industry with a market overview, key trends, and business plans for the Mobile Wallet market.
The market for the global mobile wallet is expected to register a CAGR of 22.5% over the forecast period (2021 – 2026).
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The Top Key Players in the Global Mobile Wallet Market are like Alibaba, Apple, Citrus Payment Solutions, Google, MasterCard, Oxigen Services, PayPal Holdings, Samsung Electronics, Visa and Others.
Industry News:
– December 2019– Ant financials announced that it has acquired a sizable stake in eMonkey, a Vietnamese e-wallet and report it will be controlling about 50% of eMonkey operations with significant influence on the wallet. This acquisition will enable Ant financials to enter the Vietnamese payment market leveraging the operating licenses of eMonkey from the State Bank of Vietnam as it plans to invest several hundred million dollars in the market in the near future.
– November 2019– In response to the prior announcement of Tencent to support international card schemes in its mobile wallet, Visa released a statement that it believes the strategy would leverage the international consumers traveling to china. Visa is currently collaboratively working with Tencent to develop an environment where visa cardholders will be able to visa cards in china wherever WeChat pay is accepted.
Key Market Trends:
Proximity Payments to Witness the Fastest Market Growth
– Although there are various proximity payment based mobile wallet available in the market including NFC, UHF, MST, Location-based payments among others, However, The Near Field Communication, QR and Magnetic Secure Transmission are leading technologies driving the market
– NFC solutions enable users to seamlessly integrate existing payment cards through mobile phones and activation of payment services added with convenience and assured security. Even so, it makes contactless payment via wearables leveraging tokenization. Also, it also integrates with vendor machines
– Also, owing to its low processing fees will help retailers to achieve cost and operational efficiency and obtain data opportunities and loyalty which turn could be used to improve relations with customers. For instance, All the major mobile wallet vendors such as Apple Inc, Google LLC, Samsung Corporation utilize NFC technology on top their mobile wallet
– Also, Developed region such as North America already have substantial market for NFC powered devices such as smartphones, chips , readers added to it many wireless carriers such as Verizon, AT&T have implemented NFC in their products
– While In the emerging market such as India most smartphones do not come equipped with NFC technology and people relay on the platform called Unified Payment Interface (UPI) developed by the National Payments Corporation of India which is based on QR code.
– Additionally, In order to counter the data privacy and centralization concerns, vendors are now planning on leveraging cryptocurrecncy powered technologies such as Blockchain. For instance, In November 2019, JPMorgan Chase announced it has created an e-Wallet product intended to large tech firms such as Amazon, Airbnb, and Lyft. The new wallet aims to bring an open virtual account that no processing fees and is powered by Blockchain technology, Evident by its prior launch, the company launched a cryptocurrency called JPM coin that enables the instantaneous transfer of payment between the institutional clients in February 2019.
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Top Line Market Forecast:
Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2016 to 2020 historically and from 2021 to 2026 forecast, it also includes the impact of Post-Covid-19 both on the short- and long-term prospects of the industry.
Asia-Pacific to Witness the Fastest Market Growth:
– China has always been a major player in the mobile economy leveraging its fintech firms enabling cashless payment across the country until recently, southeast Asia is catching the rise majorly due to its robust economic growth added smartphone penetration in the market
– Also, the traditionally cash-reliant economy is leveraging the host of vendors in the region such as ride-rentals, remittance firms, fintech startups, banks to provide people in Southeast Asia greater access to e-wallets, microloans, insurtech products through smartphones. For instance, According to Forbes, Indonesia is one of the mobile-first countries in the world with 95% of internet users reported as mobile users
– According to a report from Gooogle, Temasek and Bain & Company, Southeast Asia digital payment industry is projected to grow the gross transaction volume from USD 600 billion in 2019 to USD 1.1 trillion by 2025, with e-wallets sharing USD 22 billion in 2019 and USD 114 billion in 2025
– To capture such potential market, Global vendors are strategically collaborating and acquiring local vendors. For instance In December 2019, Ant Financial has patnered with several local wallets in Southeast Asia and has invested in eMonkey to capture digital payments market share in the region.
– Additionally, Government initiative such as Digital India leverage the growth of the market in the region
This Mobile Wallet Market report addresses:
-The Market size from 2016-2020
-Expected market growth until 2026
-Forecast of how market drivers, restraints, and future opportunities will affect
-Segment and regions that will drive or lead market growth and why
-Comprehensive mapping of the competitive landscape
-In-depth analysis of key sustainability strategies adopted by market place
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– Post Covid-19 Analysis
All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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