The advancement of mobile phone technology is expected to drive mobile wallet market or digital wallet industry in near future. In 2015, mobile wallet market size was valued USD 592.45 billion worldwide. The boundless Smartphone use and its increasing penetration level will favour mobile wallet market. The market has emerged as a result of technological advancement which enhances customer experience. Consumer payment credentials are saved and are made available at point of sale. NFC has made significant change in payment technologies.
Mobile wallet market allows consumers to manage their account and transaction from any location at affordable price. Banks, technology vendors and payment service providers in association with main players are developing platform and infrastructure to reinforce customer experience. To differentiate the business from competitors key players have provided features such as mobile vouchers and services, digital charity scheme, dynamic currency conversion. Value added service (VAS) is acting as driving force for cashless payment.
Security issues and privacy concerns can act as restraint in this industry. Lack of government initiatives and supervision is another barrier for growth in this industry over a forecasted period.
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“Proximity product type is expected to portray highest growth over the forecast period”
In 2014 mobile wallet segment had generated highest revenue and throughout the forecasted period it will dominate the market due to increase in cashless payment over a communication network.
Due to increase in penetration of NFC enabled smart phones across the globe proximity product type is expected to have high growth rate. Flexibility feature will lead markets growth.
“Government initiatives for modernizing the transportation and adoption of advanced technology has contributed public transportation application to have highest growth over the projected period”
Mobile wallet market has applications in different segment such as retail, restaurant, public transportation and vending machine. According to revenue generated in 2015 its application in retail segment is expected to dominate the business. Better consumer experience and increasing number of smart phones will push the demand.
Vending machine allows customers to make cashless transactions that will encourage consumers to purchase regularly. Devices with NFC integration provide better consumer experience along with security feature that will drive retailers to use this technology. Countries such as India, China and Indonesia have high vending machine usage that will improve the demand for application segments.
Low processing fees through NFC technology will achieve cost and operational efficiency. Retailers accepting cashless payment will attain consumer data opportunities and loyalty. Special promotions and loyalty reward will help retailer to improve relations with mobile customers.
Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Mobile Wallet Market: Market Variables, Trends & Scope
Chapter 4 Mobile Wallet Market: Product Estimates & Trend Analysis
Chapter 5 Mobile Wallet Market: Application Estimates & Trend Analysis
Chapter 6 Mobile Wallet Market: End-use Estimates & Trend Analysis
Chapter 7 Mobile Wallet Market: Industrial End-use Estimates & Trend Analysis
Chapter 8 Mobile Wallet Market: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Mobile Wallet Market: Manufacturers Company Profiles
Top Key Players of ****** Mobile Wallet Market :
Bharti Airtel limited, Apple Inc (US), and American express company
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