Mobile Wallet Market Segments: by Industry Size (Large Enterprises, SMBs); by Transaction Mode (Short Message Service, Near-Field-Communication, and Wireless Application Protocol) and Region - Global Analysis of Market Size, Share & Trends for 2014 - 2020 and Forecasts to 2030
Mobile wallet is a term used for virtual wallet payment as mWallet, digital wallet or eWallet. This is a mobile innovation and can be used efficiently by retailers by listing to their preferred mobile wallet network operator. Simply put, an application that enables users to send and receive money from their mobile devices is known as a mobile wallet. It is a mobile trade model aimed at making the payment services of a user easily accessible and comfortable. A mobile wallet enables consumers to transfer money from anywhere, even during travel. This provides not only cheaper transaction facilities, but also facilitates easy account management by consumers.
Global Mobile Wallet Market is expected to project a notable CAGR of 20.90% in 2030.
Global Mobile Wallet Market to surpass USD 668.2 billion by 2030 from USD 121.3 billion in 2020 at a CAGR of 20.90% in the coming years, i.e., 2021-30. More smartphones are anticipated to fuel the market over the forecast period, combined with a high Internet penetration. Further growth in the market is anticipated to augment better availability of mobile wireless payout applications. In addition, many governments worldwide are implementing digital payment initiatives. The Indian Government, for example, has introduced the Digital India initiative to encourage the country's digital payment methodologies and cashless transactions.
Large enterprises are anticipated to grow at a CAGR of over 20.90% from 2019 to 2030
Global Mobile Payment Market is segmented by size into large enterprises, SMBs Due to growing usage of the safety solutions to prevent critical information, SMBs are also anticipated to experience significant growth over the forecast period. Organizations of all sizes are moving to digital transactions to reduce the burden on their IT support workers, lower costs and provide advanced service. Mobile Payment has been rapidly embraced and security companies have developed comprehensive cloud-based security solutions.
Short Message Service dominated the market with XX% Market share in 2019 and is anticipated to witness significant growth in the forecasted period
Global Mobile Payment market is segmented by transaction mode into Short Message Service, Near-Field-Communication, and Wireless application protocol SMS payment is a way of paying for goods and services by sending a mobile text message. SMS payment is the most common and preferred form of making mobile pay as customers only need the use of a smartphone with text message functionality. These transaction payment gateway systems have a virtual terminal. These systems contribute to the authentication and authorization of payment proof between the vendor and the customer. The cost of the transaction is added to a client bill monthly or deducted from the prepaid balance by the telephone operator. In Europe, SMS transfers are used for parking and to purchase buses and trams in comparison to the United States. Given the fact that SMS payments are dominant in the mobile payment market, people purchase food, drink, and taxi services with this app.
Faster and better consumer experience
Companies invested in new technology to meet the fast-changing market climate and have improved customer service. Mobile payments offer valuable data for consumers that companies can help influence future strategies. The enhancement of consumer service and increased trading profits is driven by digital payments. The transaction data collected from Mobile payments provide retailers with specific consumer insights and help to improve various business aspects, including marketing, promotional, and customer service choices.
Smart devices and internet penetration:
More smartphones are anticipated to fuel the market over the forecast period, combined with a high Internet penetration. Further growth in the market is anticipated to augment better availability of mobile wireless payout applications. In addition, many governments worldwide are implementing digital payment initiatives. The Indian Government, for example, has introduced the Digital India initiative to encourage the country's digital payment methodologies and cashless transactions.
Lacking the standard level
The number of organizations buying goods and services worldwide increased year after year in cross-border trade. Mobile payment services are, however, unable to obtain a competitive advantage, given the lack of a single standardized global payment system, the lack of common standards, and diverse regulatory regulations. Countries have numerous payment rules and compliance with data storage that render unsustainable payments across borders. Furthermore, the national payment system is not for cross-border payment purposes.
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Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Mobile Wallet Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the projected timeline, North America ought to have the highest share in the total market for Mobile Wallet. With a share value of US$ XX billion, North America held the largest the industry in 2019. There are a great number of mobile payment solution providers in the area as a result of the growth in the industry. Possible factors driving the demand are the growth of the mobile trading industry and the growing digital economy in North America. Different factors such as trustworthy broadband and network infrastructure, consumer readiness, and cashless payment desires and the banking system in Canada contribute widely to the country's higher cashless transactions.
Global Mobile Wallet Market is further segmented by region into:
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