The global mobile wallet market size is expected to experience substantial growth backed by the increasing usage of smartphones across the globe. This information is published by Fortune Business Insights in its report, titled “Mobile Wallet Market, 2022-2029.” With data theft a major concern, the companies are developing advanced wallet systems that secure transactions with stringent encryption data leading to the growing adoption of such payment wallets during the forecast period.
Mobile Payment Surged amid Pandemic Worldwide in 2020
The pandemic has boosted the adoption of digital solutions to a higher level. The companies have accelerated digitization services to interact with their customers. In addition to this, the rapid-paced development of IT infrastructure has boosted the growth of the market considerably. This has led to the growing emergence of mobile applications to accept payments and provide other critical solutions.
Fortune Business Insights™ lists out all the mobile wallet market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- American Express Co
- Apple Inc.
- Mastercard Inc.
- AT&T Inc.
- Samsung Electronics Co., Ltd.
- Google LLC
- First Data Corporation
- Sprint Corporation
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What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Number of Smartphone Users to Propel Market Growth
According to the data by Businessworld Magazine, by 2030, around 1.2 billion Indian people will have a smartphone, and 99% of the internet consumption will be through mobile phones. The increasing number of smartphone users is expected to boost the product’s demand across the globe. Furthermore, companies are focusing on providing security to ensure safe and secure transactions. According to TradingPlatforms.com, a leading education platform for online trading estimates that around one-third of all POS transactions will be through mobile by 2024 across the globe. Therefore, security becomes crucial for safe transactions, and the companies developing advanced security solutions will contribute to the global mobile wallet market growth during the forecast period.
Based on type, the market is trifurcated into closed, semi-closed, and open. On the basis of technology, the market is categorized into NFC (Near field communication), Optical/QR Code, Digital Only, and Text-Based.
- Based on technology, the NFC segment is expected to hold the largest global mobile wallet market share in terms of revenue during the forecast period. This is due to the increasing adoption of such digital communication systems across several retail stores for the convenience of customers globally.
Finally, on the basis of region, the market is segregated into Europe, Asia-Pacific, North America, the Middle East and Africa, and South America.
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