The Worldwide Mobile Wallet Industry is Expected to Reach $30.2 Billion by 2028 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 10, 2023--
The “Global Mobile Wallet Market Size, Share & Industry Trends Analysis Report by Technology, Application, Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Mobile Wallet Market size is expected to reach $30.2 Billion by 2028, rising at a market growth of 27.0% CAGR during the forecast period.
A completely new dimension is provided by mobile wallets for retail sales to enhance their commercial presence. Mobile devices give clients a simple method to pay, but they also open up a new line of communication for businesses and financial institutions with their clientele. In addition, mobile devices make it simple to send and collect data; they may operate specialized programmes and keep track of their position.
The ability to interact with customers about special offers in a way that is focused, practical, and more appropriate to their interests is made possible by mobile connections for retailers and financial institutions. Companies may also create new branded apps which are available for free download.
This feature has the potential to significantly personalize customer interactions by tracking each person’s specific buying habits and demands. A fresh opportunity and fierce competition are presented to marketers by such real-time, networked marketing.
COVID-19 Impact Analysis
The majority of key market participants experienced increases in revenues all through the pandemic, despite the fact that most of them acknowledged that the pandemic constituted a risk to their firm and were unsure of its impact.
Mobile payments and digital transactions were propelled globally by the pandemic. It has sped up the e-commerce sector’s expansion into new markets, businesses, and product categories. Due to these constraints, mobile wallets have become a practical way to sustain cash flow and maintain the firm afloat.
Market Growth Factors
Growing investment in fintech industry would escalate the growth of mobile wallet
Over the past few years, the fintech sector has grown significantly, prompting banks to push forward with technological investments. For example, Xendit received USD 150 million in a Series C fundraising round in September 2021. The fintech business created cutting-edge digital payment value-added services for clients thanks to this financing. The growing fintech sector investment would open up attractive potential for the growth of the mobile wallet industry. There is an increase in the investments by various companies in the development of various fintech solutions and services.
Higher convenience of mobile wallet
The market is expanding because mobile wallets can conveniently and securely offer possibilities for online bill payments as well as other money transfer services. Additionally, more customers are choosing mobile wallets due to their user-friendly layout, which allows them to collect and make regular payments whenever it’s convenient for them. In addition, the user-friendly interface makes it simple to transact while travelling, which is a significant element anticipated to fuel the market’s growth.
Market Restraining Factors
Growing cases of cyber-attacks across the world
Despite the widespread use of digital payment systems, the threat of cyberattacks could put a stop to the continuous expansion of the industry. Fintech service providers are increasingly vulnerable to different types of cyber breaches as a result of their quick adoption of new technologies and features to meet client requests. This could have an adverse effect on the growth of the mobile wallet market.
Scope of the Study
Market Segments Covered in the Report:
- Retail & E-commerce
- Hospitality & Transportation
- Vending Machine
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Apple, Inc.
- Samsung Electronics Co., Ltd. (Samsung Group)
- Google LLC
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- PayPal Holdings, Inc.
- Ant Group (Alipay) (Alibaba Holding)
- AT&T, Inc. (AT&T Intellectual Property)
- Mastercard, Inc.
- Visa, Inc.
- American Express Company
For more information about this report visit https://www.researchandmarkets.com/r/crck9b
View source version on businesswire.com:https://www.businesswire.com/news/home/20230110005745/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: PROFESSIONAL SERVICES PAYMENTS TECHNOLOGY MOBILE/WIRELESS FINANCE FINTECH BANKING
SOURCE: Research and Markets
Copyright Business Wire 2023.
PUB: 01/10/2023 10:17 AM/DISC: 01/10/2023 10:18 AM