Customers can conduct transactions using a mobile wallet from any location at any time, including while travelling. It not only offers inexpensive transaction services but also makes it simple for customers to manage their accounts.
New York, Oct. 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Mobile Wallet Market Size, Share & Industry Trends Analysis Report By Technology, By Application, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06352748/?utm_source=GNW
Despite the fact that these limitations are widespread, businesses in the telecommunications sector are working together to innovate new and better products and services that will better meet the demands of their customers.
A completely new dimension is provided by mobile wallets for retail sales to enhance their commercial presence. Mobile devices give clients a simple method to pay, but they also open up a new line of communication for businesses and financial institutions with their clientele. In addition, mobile devices make it simple to send and collect data; they may operate specialized programmes and keep track of their position.
The ability to interact with customers about special offers in a way that is focused, practical, and more appropriate to their interests is made possible by mobile connections for retailers and financial institutions. Companies may also create new branded apps which are available for free download. This feature has the potential to significantly personalize customer interactions by tracking each person’s specific buying habits and demands. A fresh opportunity and fierce competition are presented to marketers by such real-time, networked marketing.
COVID-19 Impact Analysis
The majority of key market participants experienced increases in revenues all through the pandemic, despite the fact that most of them acknowledged that the pandemic constituted a risk to their firm and were unsure of its impact. Mobile payments and digital transactions were propelled globally by the pandemic. It has sped up the e-commerce sector’s expansion into new markets, businesses, and product categories. Due to these constraints, mobile wallets have become a practical way to sustain cash flow and maintain the firm afloat.
Market Growth Factors
Growing investment in fintech industry would escalate the growth of mobile wallet
Over the past few years, the fintech sector has grown significantly, prompting banks to push forward with technological investments. For example, Xendit received USD 150 million in a Series C fundraising round in September 2021. The fintech business created cutting-edge digital payment value-added services for clients thanks to this financing. The growing fintech sector investment would open up attractive potential for the growth of the mobile wallet industry. There is an increase in the investments by various companies in the development of various fintech solutions and services.
Higher convenience of mobile wallet
The market is expanding because mobile wallets can conveniently and securely offer possibilities for online bill payments as well as other money transfer services. Additionally, more customers are choosing mobile wallets due to its user-friendly layout, which allows them to collect and make regular payments whenever it’s convenient for them. In addition, the user-friendly interface makes it simple to transact while travelling, which is a significant element anticipated to fuel the market’s growth.
Market Restraining Factors
Growing cases of cyber-attacks across the world
Despite the widespread use of digital payment systems, the threat of cyberattacks could put a stop to the continuous expansion of the industry. Fintech service providers are increasingly vulnerable to different types of cyber breaches as a result of their quick adoption of new technologies and features to meet client requests. This could have an adverse effect on the growth of the mobile wallet market.
On the basis of technology, the mobile wallet market is bifurcated into Remote and Proximity. The remote segment garnered a significant revenue share in the mobile wallet market in 2021. It is as a result of communication networks’ increasing adoption of cashless transactions. Customers can utilize their mobile devices to make purchases utilizing a mobile website or SMS text message by employing a remote technology-based mobile wallet.
Based on application, the mobile wallet market is divided into Retail & E-commerce, Hospitality & Transportation, Banking, Vending Machine and Others. The retail & ecommerce segment recorded the maximum revenue share in the mobile wallet market in 2021. Retailers and online merchants are starting to recognize the potential benefits of taking payments received utilizing a mobile wallet. Retailers who use cashless or contactless payment methods with digital marketing want to increase customer loyalty and data opportunities.
Region-wise, the mobile wallet market is analyzed across North America, Europe, Asia Pacific and LAMEA. Asia Pacific emerged as the leading region in the mobile wallet market with the maximum revenue share in 2021. The industry is being driven by factors like increased e-commerce and retail activity in nations like China and India, as well as aspects like rising smartphone use and internet subscriber numbers. Additionally, it is anticipated that growing government efforts like Digital India and Make in India would increase the adoption of smartphones as well as other smart devices, driving up demand for mobile wallets.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Apple, Inc. and Google LLC are the forerunners in the Mobile Wallet Market. Companies such as Amazon Web Services, Inc. (Amazon.com, Inc.), Samsung Electronics Co., Ltd. (Samsung Group), AT&T Intellectual Property are some of the key innovators in Mobile Wallet Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), PayPal Holdings, Inc., Ant Group (Alipay) (Alibaba Holding), AT&T, Inc. (AT&T Intellectual Property), Mastercard, Inc., Visa, Inc., and American Express Company.
Recent Strategies Deployed in Mobile Wallet Market
Partnerships, Collaborations and Agreements:
Aug-2022: Alipay came into a partnership with Thunes, a B2B cross-border payments network. This partnership aimed to allow merchants in Europe to accept mobile wallets, which are most popular among Asian clients.
Aug-2022: Alipay formed a partnership with Agoda, a Singapore online travel agency. This partnership aimed to use Alipay+ solutions on the Agoda platform for better customer advantages and rewards.
Aug-2022: Samsung formed a partnership with Paytm, a Digital financial services firm. This partnership aimed to facilitate smart payments and its loan service Paytm Postpaid via the implementation of point-of-sale devices.
Jul-2022: American Express signed an agreement with Cardless, a financial technology firm. This agreement aimed to empower certain countries’ most recognized brands incorporating travel providers and retailers to effortlessly introduce digital-first cards using the Cardless platform, backed by the advantages, offers, and safety of the American Express network.
Jul-2022: Samsung came into a collaboration with ING and NXP Semiconductors. This collaboration aimed to develop a payment method, which includes pointing their mobile phone in the direction of the person who is paying.
Jul-2022: AliPay joined hands with Qatar National Bank (QNB). This partnership aimed to allow millions of consumers to complete their transactions safely, and securely with QNB’s wide merchant network.
Jul-2022: Visa entered into a partnership with Pecunpay, a mobile payments platform. This partnership aimed to introduce the latest solution Visa Direct, which enables consumers to receive and spend money quickly.
Jun-2022: Alipay entered into a partnership with ComfortDelGro Taxi, a leading taxi company in Singapore. This partnership aimed to enable mobile payments from Malaysia and South Korea, named as the Touch ‘n Go eWallet and Kakao Pay.
Jun-2022: Mastercard came into a partnership with PayQuicker, an…