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Increasing Use of M-commerce to Drive Adoption of Mobile Wallet Technology

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Published on : Jan 05, 2017

ALBANY, NY, Jan 05, 2017: The report provides a comprehensive coverage of the various aspects of the global mobile wallet market including its dynamics, application and regional segmentation, and competitive landscape. As per the findings of the report, the market is poised to expand at a CAGR greater than 35% between 2017 and 2021. 

An extensive research on the subject indicates that the rising use of m-commerce is one of the primary factors driving the global mobile wallet market. The proliferation of smartphones worldwide and the growing number of internet users across the globe are fuelling the m-commerce industry. Moreover, the increasing use of mobile devices for payment and the rising adoption of digital wallet services are augmenting the market.

However, the privacy and security concerns associated with mobile wallet technology are hindering the market from reaching its utmost potential. Nevertheless, rapid technological advancements and advent of high-speed internet such as 3G and 4G are creating significant growth opportunities for the market.

On the basis of application, the global mobile wallet market is divided into grocery stores, retail stores, vending machines, transportation, and restaurants. Retail stores will continue to dominate the market until 2021. The adoption of mobile wallets cuts down the operation cost for retailers and increases their revenue. In addition, card-based transactions have higher processing fee than mobile wallets. Owing to these advantages, the demand for mobile wallets in retail stores is expected to rise.

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Based on industry, the market was led by the retail segment in 2016. The rising popularity of m-commerce is resulting in the growing trend of digital purchase of goods, which in turn is fuelling the growth of the segment. Geographically, Europe, the Middle East, and Africa (EMEA) accounted for the leading share in the overall market revenue in 2016. However, Asia Pacific is likely to surpass the region by the end of the forecast period. The phenomenal growth of the Asia Pacific region can be attributed to the increasing penetration of smartphones and mobile internet and the rising adoption of mobile wallet technology in developing regions such as India and China.

Companies operating in the global mobile wallet market are focusing on product portfolio diversification, service differentiation, and pricing to stay relevant in this highly competitive arena. International players are acquiring small companies in order to attain inorganic growth. Analysts predict that the burgeoning usage of mobile wallets for shopping will create immense growth potential for the market, which will attract a large number of new players.

The market leaders are Samsung Electronics, Citrus Payment Solutions, Apple, Google, MasterCard, PayPal Holdings, Alibaba Group, Visa, and Oxigen Services. Some of the key players in the global mobile wallet market are American Express, Airtel, Dwolla, Bank of America, LivQuik, LevelUp, MobiKwik, Merchant Customer Exchange, Square, M-Pesa, Y-cash Software Solutions, Venmo, and ZipCash.

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