About Mobile Wallet Technologies
A mobile wallet is a type of virtual wallet which stores credit card, debit card, and loyalty card information. It is accessed via an app on a mobile device, such as a smartphone or tablet. Customers use mobile wallets to make in-store payments because it is more convenient than paying with cash or carrying physical credit cards. Mobile wallets are accepted as a form of payment in stores that have been approved by mobile service providers. Wallets are built into mobile devices, or users can download the app from app stores. When a customer installs a mobile wallet on their device, they must provide their credit card information, reward cards, and coupons. The data is then linked to a recognized form of personal identification, such as a key or a QR code that can be scanned.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 18.5% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Mobile Wallet Technologies market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Alipay.com Co.,Ltd (China), AMAZON.COM INC. (United States), AMERICAN EXPRESS COMPANY (United States), APPLE INC. (United States), AT&T INC. (United States), GOOGLE LLC (United States), MASTERCARD (United States), PAYPAL HOLDINGS, INC. (United States), Jio Money (India), SAMSUNG ELECTRONICS CO., LTD. (South Korea), VISA INC. (United States), Freecharge (India), Mobikwik (India), Vibes (United States), MoneyGram (United States), Airtel Money (India) and FIS (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Global Payments Inc. (United States), Boleto (Brazil), Hypercard (Brazil) and EBANX (Brazil).
Segmentation Overview
AMA Research has segmented the market of Global Mobile Wallet Technologies market by Type (Closed Wallets, Semi-Closed Wallets and Open Wallets), Application (Money Transfers, Bill Payments, Airtime and Top-Ups and Others) and Region.
On the basis of geography, the market of Mobile Wallet Technologies has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Services, the sub-segment i.e. Balance Enquiry will boost the Mobile Wallet Technologies market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Payment Type, the sub-segment i.e. Remote Payments will boost the Mobile Wallet Technologies market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitality & Transportation will boost the Mobile Wallet Technologies market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Use Of Mobile Wallet Among The Youth Generation and The Growing Trend Of Using Digital Payment Applications With The Advent Of Digital Money
Market Growth Drivers:
Increase In The Use Of Smartphones With A High-Speed Network Connectivity And Various Digital Payment Platforms
Challenges:
The Necessity To The Access To The Internet and Lack Of Knowledge About Mobile Wallet In The Rural Areas
Restraints:
The Cyber security Related Theft Associated With Using Mobile Wallet and Unexpected Technological Errors
Opportunities:
Growing Usage Of E-Commerce In The Developing Regions and Rising Promotional Events And Activities Regarding Cashless Payments
Market Leaders and their expansionary development strategies
In November 2023, TerraPay announced a strategic partnership with Small World Money Transfer, a leading provider of cross-border money transfer services for consumers and businesses. In this ever-evolving cross-border payments landscape, this collaboration is poised to redefine mobile wallet services across Senegal, ensuring that Wave Wallet account holders can directly receive remittances into their wallets via instant bank transfers from the EU and UK , using Small World Money Transfer.
On 15 December 2020, Vibes, announced the launch of Mobile Wallet as a Channel, the next level of innovation of its already market-leading dynamic mobile wallet solution. Mobile Wallet as a Channel revolutionizes how brands use native mobile wallet apps, Apple Wallet and Google Pay, on consumers’ mobile devices to deliver persistent, personalized and dynamic mobile experiences for marketing, loyalty and servicing.
Key Target Audience
Mobile Wallet Technologies, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.