Mobile Wallet Market is estimated to be 7,580.1 Billion by 2027 with a CAGR of 28.1% during the forecasted period.
Key highlights:
·
In
February 2019, America Express and Bill.com signed an agreement for vendor pay
service, which enables streamlined bill payment on corporate or virtual cards
·
In
May 2019, America Express signed an agreement to acquired Resy Networks, Inc.,
which offers management platform and digital restaurants reservation booking
for accessing travel and lodging, exclusive events, airport lounge, and dinning
access and experiences to card members
Analyst View:
Rising penetration of smartphones is promoting the growth of the
mobile wallet market globally. Rapid growth in the adoption of smart devices
have been witnessed, over the past decade. There were above 2.26 billion
smartphones in 2017 worldwide. It is predicted that by 2025, smartphones will
estimate for about 77% internet-enabled devices. As smartphones adoption
is growing, the trend of using financial services on mobile devices is also
witnessing momentum due to cost-effectiveness and convenience. This has
encouraged technology players and financial establishments to meet the rising
demand for mobile applications to deliver payment services.
Growth in various e-commerce platforms is also propelling the
e-wallet market growth. As per 2018, above 1.5 billion customers shopped
online. By 2020, the number of online customers is projected to account for
about 2.5 billion. With the increase in internet coverage and evolution of
global e-commerce worldwide, the ways of payment have also evolved. Consumers
focus to buy the goods they like from anywhere across the globe in an
effective, fast, and simple manner. This is driving the application of mobile
wallets across various e-commerce platforms.
Key Market Insights from the
report:
The global mobile wallet market
accounted for US$ 1,043.1 billion in 2019 and is estimated to be 7,580.1
billion by 2027 and is anticipated to register a CAGR of 28.1%. The market
report has been segmented on mode of payment, application, and
region.
·
By mode
of payment, the remote payment segment is
projected to lead the target market in terms of revenue share and is accounted
to continue its dominance in the coming years
·
By
application, M-commerce is projected to
lead the target market, due to increasing adoption of smartphones across the
globe. Additionally, introducing multi-channel strategies by merchants due to
growing competition from internet vendors is also promoting growth of this
segment.
·
By
region, Asia Pacific led the mobile wallet market with a 60% share of the
overall market in 2018, owing to growing number of e-commerce platforms
including Alibaba and Flipkart. Promising initiatives undertaken by the
government to encourage the use of digital payment channels are also boosting
the growth of the market.
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Competitive Landscape:
The prominent player operating in the global
mobile wallet market includes Amazon Web Services Inc., American Express
Banking Corp., PayPal Holdings, Inc., Apple Inc., Google Inc., Mastercard
Incorporated, Alipay.com, AT&T Inc., Samsung Electronics Co., Ltd., and
VISA Inc.
The market provides detailed information
regarding industrial base, productivity, strengths, manufacturers, and recent
trends which will help companies enlarge the businesses and promote financial
growth. Furthermore, the report exhibits dynamic factors including segments,
sub-segments, regional marketplaces, competition, dominant key players, and
market forecasts. In addition, the market includes recent collaborations,
mergers, acquisitions, and partnerships along with regulatory framework across
different regions impacting the market trajectory. Recent technological
advances and innovations influencing the global market are included into the
report.
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