Selbyville, Delaware, Oct. 13, 2021 (GLOBE NEWSWIRE) —
Mobile Wallet Market revenue is anticipated to record a valuation of USD 700 billion by 2027, according to the most recent study by Global Market Insights Inc. The growing demand for contactless payments during the COVID-19 outbreak is supporting the industry statistics.
Increasing attractive discounts and cashback offers provided by mobile wallet providers is boosting the market revenue. The mobile wallets provide customers with the ability to save & store coupons, discounts, and loyalty cards. These coupons and discounts are offered with unique barcodes or QRs that can be redeemed in-store. The mobile wallet providers are offering loyalty programs that can also be utilized for various payment purposes based on point accumulation, further fostering repeated use.
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The semi-closed segment dominated the mobile wallet market with over 60% share in 2020. The rising investments in the Fintech sector are also fueling the growth of the semi-closed mobile wallets. Various prominent investors and venture capitalists have been in the Fintech sector to capitalize on various growth opportunities in the sector. The increasing investments in the Fintech sector have encouraged various new startups to launch semi-closed wallets.
The telecom companies owned mobile wallet is expected to grow at 25% CAGR through 2025. The global mobile network providers are introducing multiple mobile wallet initiatives to offer mobile wallet services to their customers. They are forming partnerships with various card issuers, such as Visa and Mastercard, to develop mobile wallets for their customers for business to business and business to customer models. For instance, Vodafone, a telecom service provider, partnered with ICICI bank to launch M-Pesa mobile money service.
Europe mobile wallet market is predicted to generate revenue of around USD 100 billion by 2027. Mobile banking is becoming one of the most popular payment methods in Europe, allowing customers of a bank or other financial institutions to develop a wide range of financial transactions through their websites. Over time, Europeans’ have developed confidence in mobile payment system. Meanwhile, the use of physical cash is experiencing a significant reduction in some countries including Germany or Austria.
The companies operating in the market are focusing on strategic partnerships to enhance their mobile wallet capabilities. For instance, in February 2021, Bizum, S.L. partnered with Orange, a telecommunications company, to incorporate Bizum into Orange’s means of payment. This partnership helped the customers of Orange to make payments via Bizum app.
Some major findings of the mobile wallet market report include:
- The growing adoption of smartphones and shifting consumer preferences toward digital payments are supporting the market growth.
- Rapidly changing customer behavior due to growing digitalization is spurring the mobile wallet market demand.
- Changing customer preference is fueling financial & commercial establishments to adopt various mobile banking solutions.
- Introduction of flurry mobile wallets by various retail players, such as Starbucks and Dunkin Donuts, to gain customer loyalty is further endorsing the use of mobile wallets across consumers.
- Major market players are focusing on the development of advanced mobile wallet solutions to gain a competitive advantage over their competitors.
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Partial chapters of report table of contents (TOC):
Chapter 3 Mobile Wallet Industry Insights
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 Regional outlook
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Latin America
188.8.131.52 Middle East & Africa
3.3.3 Industry value chain
184.108.40.206 Mobile wallet providers
220.127.116.11 Marketing & distribution channel
3.3.4 Competitive landscape
18.104.22.168 Distribution network
22.214.171.124 Business growth
3.4 Mobile wallet industry ecosystem analysis
3.4.1 Application developer
3.4.2 API provider
3.4.3 Technology provider
3.4.4 Cloud service provider
3.4.5 System integrator
3.4.6 Third party provider
3.5 Mobile wallet evolution
3.6 Type & innovation landscape
3.6.2 Artificial Intelligence (AI)
3.6.3 Application Processing Interface (API)
3.7 Investment portfolio
3.8 Regulatory landscape
3.8.1 Alternative Investment Fund Managers Directive (AIFMD)
3.8.2 Anti-Money Laundering Directive 2015/849/EU (AMLD)
3.8.3 Dodd–Frank Wall Street Reform and Consumer Protection Act
3.8.4 European Market Infrastructure Regulation (EMIR)
3.8.5 Federal Information Security Management Act (FISMA)
3.8.6 Foreign Account Tax Compliance Act (FATCA)
3.8.7 General Data Protection Regulation (GDPR)
3.8.8 Health Insurance Portability and Accountability Act (HIPAA)
3.8.9 Markets in Financial Instruments Directive (MiFID)
3.8.10 North American Electric Reliability Corp. (NERC) standards
3.8.11 Payment Card Industry Data Security Standard (PCI DSS)
3.8.12 The Gramm-Leach-Bliley Act (GLB) Act of 1999
3.8.13 The Sarbanes-Oxley Act of 2022
3.9 Industry impact forces
3.9.1 Growth drivers
126.96.36.199 Increasing penetration of smartphones
188.8.131.52 Rise of various e-commerce platforms
184.108.40.206 Supportive government initiatives
220.127.116.11 Attractive discounts and cashback offer by mobile wallet providers
18.104.22.168 Changing customers preferences towards digital payments
3.9.2 Industry pitfalls & challenges
22.214.171.124 Data security issues
126.96.36.199 Lack of clear regulatory framework
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.