New York, NY, July 10, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Mobile Wallet Market (NFC, Remote Wallet) for Retail payments Vending machines Public transportation, Restaurants and other application - Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 - 2022”.

According to the report, the global mobile wallet market was valued at approximately USD 594.00 billion in 2016 and is expected to reach approximately USD 3,142.17 billion by 2022, growing at a CAGR of around 32% between 2017 and 2022.

Worldwide adoption of smartphones and technological advancements are influencing the growth of mobile wallet market. The mobile wallet is a type of payment service by which anyone can receive and send money via mobile devices. A mobile wallet is a form of e-commerce model that is made to be used with mobile devices and offers convenience and easy access. It provides service of the online transaction for every single operation in a routine. Mobile wallet offers various facilities such as debit, credit and online transaction from a bank account.

Browse through 26 Tables & 29 Figures spread over 110 Pages and in-depth TOC on “Global Mobile Wallet Market: By Type, Product, Application, Size, Share, Trends, Growth, Analysis, Segment and Forecast 2016 – 2022”.

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The mobile wallet also is known as m-wallet is an innovative technological feature. It is an online interface that offers ease of carrying the money or cash like the physical wallet. This is the simple way to carry credit card or debit card information in a digital form on a mobile device. Instead of using a physical plastic card to make payment, payment can be easily done by smartphone, tablet, or smart watch.

A mobile wallet is very convenient, easy and safe way of payment. Increasing awareness of comfort, convenience, and adoption of the smartphone is a key driver of the mobile wallet market. Additionally, high growth in e-commerce is anticipated to fuel the growth of mobile wallet market during upcoming years. However, increasing hacking and fraud cases along with the lack of trust can impact the growth of the market. Although, these challenges are prevalent, many companies from telecom sector are collaborating with each other to provide better service to end user. Many businesses are now focusing on security to provide safe service to end-user and technological advancements are together boosting mobile wallet market growth. Currently, the mobile wallet is largely adopted by different businesses across the globe that will increase the revenue, reduce operation cost, augment safety from thefts and improve end-user satisfaction.

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Mobile wallet market is segmented on the basis of product, application, and geography. Product segment is the ways to make the payment which include near field communications (NFC) and remote payment. Recently, remote payment is dominating the market as many payments is done out of the states or country. The high amount of payment and transaction can be done through remote payment. NFC payment is also in growing phase as there are several NFC compatible smartphones such as Google’s Nexus Series, Samsung’s Galaxy Series, and the iPhone are providing NFC payment option. Mobile wallet market has high growth potential due to considerable growth of e-commerce industry.

On the basis of the application, the market has been segmented retail payments, vending machines, public transportation, restaurants and others. Retail and restaurants segment are growing rapidly due to increasing demand of online clothes, cookery, and grocery and easily available cooked food items.

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North America prevails over other region on account of its shift towards digital economy. Europe is also showing robust growth rate, followed by Asia pacific. Asian countries show high growth potential due adoption of smart phones.

At present, in UK more than 88% of consumer payments are made via cashless modes. In U.S. 80% of the consumer are using online payment. Governments are supporting mobile wallet and have implemented policies to move their countries to cashless economies.

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In Asia pacific, Japan, China and India are moving towards cashless countries. There is high growth opportunity for mobile wallet due increased adoption of smartphonein this region. In India after demonetization online payment transfer has been increased drastically. Government supports cashless country and digital countryand such initiatives will fuel growth of mobile wallet market.  Company like paytm&freecharge revenue has doubled recently. All the countries are supporting online wallet payment which will help to trackall type of transaction  andlower the black money transactions.

Key industry participants operating in the global mobile wallet market includes American Express, Apple Inc., Amazon.com inc.,  Bank of America, Citibank, Citrus Payment Solutions, Dwolla, MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, Paytm, and others.

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The report segments global mobile wallet market as follows:

Mobile Wallet Market: Product Segment Analysis

  • Near field communication (NFC)
  • Remote payments

Mobile Wallet Market: Application Segment Analysis

  • Retail payments
  • Vending machines
  • Public transportation
  • Restaurants

Mobile Wallet Market: Regional Segment Analysis  

  • North America
    • U.S.
  • Europe
    • Germany
    • UK
    • France
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • Middle East & Africa

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