Mobile Wallet Market Size to exceed $270bn by 2025

Mobile Wallet Market  size is set to exceed USD 270 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

The mobile wallet market is propelled by attractive discounts and cashback offers by mobile wallet providers. Mobile wallet providers are enticing the customers’ by offering various attractive discounts and cashback offers. These cashback offers promote repeated purchases among customers which presents mutual benefits for customers and mobile wallet providers. Cashback offers also reduces the customer acquisition cost by preventing companies from spending large amounts on marketing their product.  

 

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Changing customer behavior is fostering the growth of the mobile payments market. Digital disruption & generational shifts are causing fundamental transformations in customer behavior that are influencing customer expectations from banking solutions. These customers, particularly the younger generation (aged between 15 to 34) are hyper-connected, digitally savvy, and more accustomed to the digital experiences provided by online retailers. The millennials prefer to partner with banking establishments that provide meaningful, contextual, and personal engagement with their customers. This is promoting the use of mobile wallets among users.
 

U.S. Mobile Wallet Market Revenue, By Type, 2018 & 2025
Mobile Wallet Market

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The open wallet market will grow at a CAGR of over 16% over the forecast timespan. Rising investments by the financial players in mobile wallets are driving the mobile wallet market share. Technology players and device manufacturers mostly offer semi-open mobile wallets that do not permit cash withdrawal or redemption and are applicable at select locations. Financial institutions are investing in open mobile wallets as these permit cash withdrawal & redemption and allows users to purchase products & services at various locations through a centralized mobile wallet. This is promoting the development of open wallets among traditional banks to gain an edge over its competitors.
 

Browse key industry insights spread across 300 pages with 346 market data tables & 32 figures & charts from the report, “Mobile Wallet Market Size By Type (Open, Semi-closed, Closed), By Ownership (Banks, Telco’s, Device, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-Based), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Russia, Australia, China, India, Japan, Singapore,  Brazil, Mexico, Argentina, UAE, Saudi Arabia, South Africa), Growth Potential, Growth Potential Analysis, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/mobile-wallet-market

 

The bank’s market is projected to grow at a CAGR of over 15% over the projected time period. Banking establishments are investing in the development of their own mobile wallets to capitalize on opportunities to cross sell and up-sell various other financial products and gain actionable insights to provide a customized experience to their customers. The telco industry is also expected to grow at a CAGR of over 10% over the projected time period. An increasing number of partnerships between card issuers and mobile networks is fueling the mobile wallet market demand.  
 

The NFC mobile wallet market is projected to grow at a CAGR of more than 25% during the forecast period. A high level of encryption is promoting the use of NFC technology among mobile wallet providers. NFC-enabled mobile wallets have an additional layer of security, which prevents the data from being intercepted when it is being transferred. Moreover, the growing adoption of the contact-less payment systems across retailers is also promoting the mobile payments mobile payments market growth. Besides, the digital-only mobile payments market is projected to grow at a CAGR of over 11% over the forecast time period. The rising need to conduct financial transactions through remote locations has resulted in the growth of the digital-only segment. 
 

Europe’s mobile payments market is anticipated to grow a CAGR of over 17% over the forecast timespan. The European mobile banking landscape has evolved significantly over the last 5 years. This can be attributed to the rise of various competing mobile wallets operated by various international & domestic entities. The collaborative effort between banking establishments and technology players is accelerating the growth of the mobile wallet landscape in the region. The widespread adoption of NFC technology across the retail industry is promoting the use of mobile wallets among merchants across the region.
 

Key vendors of the mobile wallet market are Apple, Samsung, Amazon, Tencent, Google, Skrill, American Express, One97 Communications Limited, Vodafone, Ant Financial, JP Morgan Chase, PayPal, Sprint Corporation, Visa, Well Fargo, First Data, AT&T, and Mastercard. The players in the mobile wallet market are forming strategic alliances with financial institutions, retailers, card network providers, and telecoms service providers to expand their customer base and gain market share. For instance, in July 2018, Visa partnered with Kuwait Finance House to launch a mobile wallet for credit card and prepaid cardholders.    
 

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The mobile wallet market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue from 2014 to 2025, for the following segments:

By Type

  • Open
  • Semi-closed
  • Closed

By Ownership

  • Banks
  • Telco’s
  • Device
  • Tech companies

By Technology  

  • NFC
  • Optical/QR code
  • Digital only
  • Text-based

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Netherlands
    • Russia
  • Asia Pacific
    • Australia
    • China
    • India
    • Japan
    • South Korea
    • Russia
    • Singapore
  • Latin America
    • Mexico
    • Brazil
    • Argentina
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia

 

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