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Mobile Wallet Market is Likely to Experience a Tremendous Growth over 2020 – 2025

Author : Ronak Bora | Published Date : 2020-09-07 

With several different cyber threats currently crowding the internet, the NFC mobile wallet market is anticipated to witness over 25% CAGR in coming years. The high-level encryption facilitated by NFC technology to mobile wallet users is promoting its integration among mobile wallet service providers.

Essentially, mobile wallets that incorporate NFC technology provide an additional layer of security, preventing the data from being intercepted while in transit. This reliability factor is expected to support market growth in coming years.

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The semi-closed market holds over 65% stake in the mobile wallet market in 2018. The growth is credited to the influx of tech companies in the mobile banking landscape. The shifting customer preference toward digital technologies is driving the tech companies to invest in mobile wallet technology. The open mobile wallet market is expected to grow at a CAGR of over 15% over the forecast time period. The increasing investment by the banking establishments to launch their own mobile wallets to better compete with the fintech players is promoting the use of open mobile wallets.

Across the Asia Pacific, where the penetration of smartphones is supposedly the highest, consistent efforts taken by the regional governments towards realizing the goal of being cashless have benefited the mobile wallet market in a profound manner. The dense concentration of smartphone users and the government efforts toward establishing a cashless economy is so extensive that in 2017, APAC was known to have captured a sizable proportion of the global mobile wallet industry share.

According to a report by Disruptive Asia, the most common denominator behind the market’s unprecedented growth in APAC is the sheer penetration the smartphone industry in the region is witnessing. Mobile wallet service providers have been able to capitalize on this lucrative opportunity by developing cost-effective & ubiquitous smartphone application-based as well as online solutions for customers across the region.

In fact, according to a 2018 report by Merchant Machine, Asia’s home-grown mobile payment platforms, WeChat Pay & Alipay were able to effectively grow their user base to 600 million & 400 million respectively, significantly outperforming industry veteran PayPal which had over 210 million users that year.

While the region’s mobile payments market is being led by the countries such as South Korea, Japan, Singapore, Australia and China, the country with the largest mobile wallet user base is China, with more than 45% of the nation having used this payment service in 2018 for their daily transactions. Augmented by the extensive popularity of this payment method, APAC mobile wallet market is set to depict an unprecedented growth rate over 2019-2025.The mobile banking sector in Europe has been evolving at a commendable pace over the previous five years. This trend could be attributed to the increasing prominence of a plethora of international as well as domestic entities competing with each other through their mobile wallet services in an attempt to capture a profitable chunk of the global industry. Moreover, the collaborative efforts of the region’s technology-oriented enterprises and the banking establishments have also been acknowledged as a factor that is responsible for expediting the Europe mobile wallet market size.

Meanwhile, the European Commission has been working diligently to develop an integrated & efficient payment services market across the European Union. The EU has adopted a new payment services directive in January 2018 to make internet payment services safer & easier to use and also to promote innovative internet & mobile payment services that would prove extremely beneficial for the Europe mobile wallet industry. Owing to these conducive factors, the Europe mobile wallet market share is slated to grow at an impressive CAGR of more than 17% over 2019-2025.

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The players present in the mobile wallet market are Apple, Amazon, Google, American Express, One97 Communications, JP Morgan Chase, Well Fargo, First Data, Sprint Corporation, Visa, PayPal, Vodafone, Ant Financial, Skrill, Tencent, Samsung, AT&T, and. Mastercard. In the Asia Pacific region, the mobile wallet market is dominated by the prominent players such as Tencent and Ant Financial.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1. Methodology

1.1.1.   Initial data exploration

1.1.2.   Statistical model and forecast

1.1.3.   Industry insights and validation

1.1.4.   Scope

1.1.5.   Definitions

1.1.6.   Methodology & forecast parameters

1.2. Data Sources

1.2.1.   Secondary

1.2.1.1.    Paid sources

1.2.1.2.    Public sources

1.2.2.   Primary

Chapter 2.   Executive Summary

2.1. Mobile wallet  industry 360º synopsis, 2014-2025

2.2. Business trends

2.3. Regional trends

2.4. Type trends

2.5. Ownership trends

2.6. Technology trends

Chapter 3.   Mobile Wallet Market Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2014-2025

3.3.1.   Mobile wallet transaction volume, 2014-2025

3.3.2.   Mobile wallet transaction value, 2014-2025

3.3.3.   Mobile wallet market, 2014-2025

3.4. Industry statistics

3.4.1.   Mobile banking users

3.4.2.   Mobile banking users, by country

3.4.3.   Internet banking users

3.4.4.   Internet banking users, by country

3.5. Industry ecosystem analysis

3.6. Mobile wallet evolution

3.7. Regulatory landscape

3.7.1.   Health Insurance Portability and Accountability Act (HIPAA)

3.7.2.   Payment Card Industry Data Security Standard (PCI DSS)

3.7.3.   North American Electric Reliability Corp. (NERC) standards

3.7.4.   Federal Information Security Management Act (FISMA)

3.7.5.   The Gramm-Leach-Bliley Act (GLB) Act of 1999

3.7.6.   The Sarbanes-Oxley Act of 2022

3.7.7.   General Data Protection Regulation (GDPR)

3.7.8.   Alternative Investment Fund Managers Directive (AIFMD)

3.7.9.   Anti-Money Laundering Directive 2015/849/EU (AMLD)

3.7.10. Dodd–Frank Wall Street Reform and Consumer Protection Act

3.7.11. European Market Infrastructure Regulation (EMIR)

3.7.12. Foreign Account Tax Compliance Act (FATCA)

3.7.13. Markets in Financial Instruments Directive (MiFID)

3.8. Technology and innovation landscape

3.8.1.   Biometrics

3.8.2.   Artificial Intelligence (AI)

3.8.3.   Application Processing Interface (API)   

3.8.4.   Blockchain

3.9. Industry impact forces

3.9.1.  Growth drivers

3.9.1.1.    Increasing penetration of smartphones

3.9.1.2.    Rise of various e-commerce platforms

3.9.1.3.    Supportive government initiatives

3.9.1.4.    Attractive discounts and cashback offers by mobile wallet providers

3.9.1.5.    Changing customers preferences towards digital payments

3.9.2.  Industry pitfalls & challenges

3.9.2.1.    Data security issues

3.9.2.2.    Lack of clear regulatory framework 

3.10.    Growth poential analysis

3.11.     Porter’s analysis

3.12.     PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/mobile-wallet-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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