December 1st, 2021
Global Mobile Wallet Market
The Mobile Wallet Market is anticipated to experience a notable extension in demand over the forecast period. This is because of the convenient mode of payment offered to individuals and rising emphasis of companies to improve their services.
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Mobile Wallet Market Dynamics
Mobile Wallet is a digital version of physical wallet operating on the application to be installed or an already existing built-in constituent of a smartphone. The wallet reserves the digital information related to the credit and debit cards in order to enact payments and cumulate coupons. The rapid access to payment and enhanced cash flow are the remarkable advantages of mobile wallet which have strengthened the growth of the global mobile wallet market. The intensified research and development to establish technologically developed items serves a crucial role in fuelling the market growth. Further, the accelerating seepage of smartphones with the increasing consciousness towards the application of mobile wallets are other forces projected to supplement the market growth.
The ease for population to use mobile wallets instead of carrying out liquid currency has supplemented the market growth. Moreover, the demonetisation in India significantly raised the digital payments which elevate the market size. Thus, the increasing online transactions and growing internet penetration have contributed to the market growth. However, the agitation towards safety, confidentiality, and the clarity of charges will restrain the market growth. The compatibility concerns as the software does not support OS and the initiation of UPI with the competitiveness from debit and cards are further projected to curb the mobile wallet market size.
Mode of payment Segment Drivers
According to the mode of payment, the mobile wallet market can be divaricated into NFC and remote payment. The NFC can be further divided into chips and tags, handsets, Micro SD, SIM / UICC cards, and readers. The shareholders across market consolidate handset producers, OSS / BSS solution vendors, and software developers. Moreover, the aggravating consciousness towards mobile wallets and their application, increasing adoption of smartphones, and their lower cost have fuelled the mobile wallet market share.
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