Mobile Wallet Market to reach US$1,602.4 by 2018 End
The
substantial flux of players in numerous key regional markets in
recent years has greatly altered the market dynamics toward less
degree of consolidation. The continued entry of new players in the
market is likely to raise the ante higher for incumbent and
established players in the coming years, notes TMR. With the global
mobile wallet market being increasingly price-sensitive, the
interoperability of money transfer across mobile wallets plays a
crucial role in the competitive dynamics in the market. A growing
number of players in the market are expected to enter into
collaborations and strategic partnerships to achieve standardization
of the products they offer.
The
global market for mobile wallet is projected to rise expand at a
robust pace over the assessment period 2012–2018. The market stood
at a worth of US$675.0 billion in 2015 and is expected to expand to
touch a valuation US$1,602.4 billion by the end of the forecast
period.
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The
various application areas for mobile wallets are financial
institutions, MNOs, payment network, customers, intermediaries, and
merchants or retailers. Of these, retailers are expected to form the
leading segment throughout the assessment period and is projected to
hold a share of 46.6% by the end of 2018. The proliferation of retail
stores across the globe is a notable factor bolstering the uptake.
Regionally,
Europe, the Middle East, and Africa (EMEA) is expected to emerge as
the dominant market for mobile wallets. The extensive demand is
attributed to the staggering usage of smartphones and is supported by
the growing collaborations undertaken by mobile operators.
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The
growth of the mobile wallets market rides on the back of the rising
demand for a convenient, rapid, and secure mode of digital payments
for goods and services all over the globe. The rising need for making
money transactions secure and less fraud-prone is a key factor
bolstering the demand for mobile wallets. The vast popularity that
smartphone apps among worldwide population has increased in the rapid
and steady expansion of the market.
The
attractive strides that mobile banking products and services are
experiencing in the developing world are propelling the demand for
mobile wallets. The demand for mobile apps that help in seamless,
hassle-free, and anytime access to various banking services is
boosting the market. The focus on financial inclusion has also
provided a large impetus to the demand for mobile wallets in emerging
economies.
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