Published on : Aug 26, 2016
ALBANY, New York, August 26, 2016: Mobile payments have become more popular in recent years thanks to the advent of mobile technology and the introduction of smartphones. The adoption of mobile wallets is increasing in many developing nations. Considering the rising adoption, many companies are updating their mobile wallets and relevant services. Add-ons such as P2P payments and in-browser and in-app payments have boosted the adoption of mobile wallets. These are some of the crucial findings of a new report recently added to the repository of ResearchMoz.us.
The report, titled ‘Global Mobile Wallet Market 2016-2020,’ states that the market is expected to exhibit a 34.58% CAGR during the period between 2016 and 2020. The market is predicted to benefit from the high transaction volume through m-commerce. The rise in the number of mobile internet users is expected to benefit the market for mobile wallets in the years to come. However, infrastructure inadequacies in most developing nations are expected to challenge the global market.
The report further highlights some of the key factors restricting the growth of the global mobile wallet market. Even though the popularity of mobile payments is increasing rapidly, there are certain barriers faced by the key companies. Consumers’ loyalty towards traditional payment methods is the biggest barrier to the adoption of mobile wallets. Considering the many benefits of using mobile wallets and other mobile payment methods, many people are investing in smartphones. As per the findings of the report, the preference for traditional payment methods will soon shift towards mobile wallets, even in developing economies.
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The report briefs readers about the changing trends in the global mobile wallet market. The advent of smartphones has led to the introduction of many mobile applications. Among all mobile applications, mobile wallets are one of the most used applications by smartphone users. Ease of use and time saving are some of the features of mobile wallets.
It has been observed that companies often give discounts and offers to motivate people to use new apps. Key companies are currently focusing on offering discounts on mobile wallets to new customers. Companies are also offering certain offers for people willing to upgrade their existing mobile wallets on smartphones. Such discounts and offers are predicted to increase the sale of mobile wallets, boosting the global mobile wallet market in the years to come.
Mobile wallets have revolutionized the global digital payments market. Advancements in mobile wallet technologies have benefitted the market in many ways. Key manufacturers operating across many geographical locations are focusing on updating mobile Internet technologies to offer enhanced mobile wallets to the patrons. By region, the global market for mobile wallet is divided into the Americas, EMEA, and APAC.
Apple, Google, PayPal, Visa, Airtel Money, Alipay, American Express, Bank of America, Citibank, Citrus Payment Solutions, Dwolla, First Data, LevelUp, LivQuik, MasterCard, MCX, Mobikwik, and Vodafone are some of the key players operating in the global mobile wallet market.
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