According to the latest report by IMARC Group, titled " Global Mobile Wallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global mobile wallet market size reached US$ 120 Billion in 2021. Mobile wallet is an online application and software program that aids individuals in making digital payments via the internet. Additionally, it involves the utilization of near-field communication (NFC) chip and QR codes technologies that facilitate the exchange of digital contents while securing the transaction process. It is generally accessible through installed or built-in applications that enable users to store debit and credit cards details. As a result, it offers enhanced convenience, a safer shopping experience, a wide range of uses, and an easy access as well as cashback and discounts coupons, due to which it is gaining widespread prominence among the masses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Mobile Wallet Market Trends:
The global market is primarily driven by the increasing penetration of high-speed internet connectivity. Coupled with the rising adoption rates of tablets and smartphones among the masses, this is creating a positive outlook for the market. Along with this, continual improvements in the information technology (IT) and financial sectors are also providing a boost to the market growth. Furthermore, the sudden outbreak of coronavirus disease (COVID-19) has facilitated the adoption of digital payment methods in an attempt to maintain social distancing and minimize the spread of the virus, thereby positively influencing the market growth across the globe. In line with this, increasing government initiatives to promote cashless payments via mobile wallets is also driving the growth of the market. Other factors, including rapid digitization, the rising investments by key players to develop robust marketing strategies and celebrity endorsements, along with improvements in e-commerce infrastructure, are also projected to drive the market further. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 18.6% during the forecast period (2022-2027).
- On the basis of the type, the market has been bifurcated into proximity and remote.
- Based on the application, the market has been segmented into retail, hospitality and transportation, telecommunication, healthcare and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Alipay.com (Alibaba Group Holding Limited), Amazon Web Services Inc. (Amazon.com Inc), American Express Company, Apple Inc., Google LLC (Alphabet Inc.), Mastercard Incorporated, Paypal Holdings Inc., Samsung Electronics Co. Ltd., Squareup Pte. Ltd. and Visa Inc.
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