About Mobile Wallet and Payment Technologies
Mobile wallets are applicable to transfer money by using credit and debit cards. Mobile payment is the payment service done through mobile and operated under financial rules and regulations. Due to the increasing adoption of E-commerce applications as well as E-trading will lead to upsurge the demand for the same. Although, the hacking, as well as data security risks, will stagnate the demand.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 37.45% |
The market is highly fragmented due to the presence of several prominent vendors. Some of the leading players are adopting organic and inorganic strategies such as a merger, acquisition, product launches, among others in order to gain competitive advantage. Moreover, some of the prominent vendors are continuously focusing on technological advancements in order to offer the products as per the market necessities. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Mobile Wallet and Payment 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.
PayPal (United States), MasterCard (United States), American Express (United States), Apple (United States), Bank of America (United States), Amazon (United States), Citrus Payment Solutions (India), WorldPay (United States), AT&T Inc. (United States) and Visa (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 Paytm Mobile Solutions Pvt Ltd (India), First Data Corp (United States) and Verizon Communications Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Mobile Wallet and Payment Technologies market by Type (Mobile Commerce, Contact less Near-Field Communication, Mobile Ticketing, Money Transfer, Micro payments and Mobile Coupon), Application (Bill Payments, Shopping, Entertainment, Rail, Metro and Bus Tickets, Hotel Booking, Air Tickets and Boarding Passes and Other) and Region.
On the basis of geography, the market of Mobile Wallet and Payment 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 Technology, the sub-segment i.e. Proximity Payment will boost the Mobile Wallet and Payment Technologies market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Process of Digitization and Adoption of Instant Payment Methods
Market Growth Drivers:
Increasing Demand of Bluetooth Payment Technology, Growing Inclination towards Smart Phones, Mobile and Tablets and Attractive Promotional and Marketing Services
Challenges:
Rising Concern about Security and Privacy
Restraints:
Lack of Knowledge about Mobile Wallets and Payments
Opportunities:
The Emergence of IoT in Mobile Wallet and Payment Technologies
Market Leaders and their expansionary development strategies
On 18th October 2020, American Express and PayPal are together for improvement in digital payments skill for U.S. American Express Card Members paying with PayPal and Venmo. They provide solutions for joint customers to include the use of Membership Rewards points for PayPal purchases and integrated peer-to-peer payment experience.
In August 2023, The Bank of Montreal (BMO) launched a mobile wallet for virtual cards alongside Mastercard and Extend for its users across the USA and Canada. The move will give the Canadian organization’s clients access to even greater payment management functionality with the launch of Extend for the BMO app.
Key Target Audience
Mobile Wallet and Payment Manufactures, Mobile Wallet and Payment Suppliers, Technology Investors, Private Research Organizations and Consulting Companies., Government Research Institutes 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.