Mobile Wallet Take Banking to Next Stage
A mobile wallet is a virtual wallet enabling to store payment card information on a mobile device. Just as e-wallets, mobile wallets too offer the convenience of secure payment in-store as well as online. The major difference between e-wallet and mobile wallets is that mobile wallets can be installed on a mobile device, while digital wallets include wallets that can also be used on a computer.
It can also be used at merchants listed with the mobile wallet service provider. The business-consumer relationship is rapidly becoming digital. From e-commerce platforms to robo-advisors, businesses are transforming the way they operate to meet the ever-changing needs of their clients. Rising use of mobile phones and devices and digital payment platforms is a major driving force behind the mobile wallet market growth.
Companies emerging in the financial sector strive to offer innovative digital platforms and solutions that are easily accessible at a low cost. Mobile payments have become rife in the financial industry, allowing users to make online and offline transactions using mobile technology such as smartphones, tablets or smartwatches. Moreover, the utilization of mobile devices escalates market revenues.
The rising need for secured mobile payment applications and the proliferation of various mobile devices, such as tablets, smartphones, and others, drive the market growth. Besides, cloud computing delivery developments in business applications and virtual mobile infrastructure platforms boost the market growth.
Heading with such positive implications, the global mobile wallet market is expected to reach a valuation of US$15.20 billion by 2030, growing at 28.95 % CAGR from 2020 to 2030. Acceptance of mobile wallet solutions and favorable government initiatives & regulations boost the market size. Wide installments of versatile mobile wallet solutions worldwide push the market growth.
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COVID-19 Impacted the Mobile Wallet Industry Positively
The COVID 19 pandemic has positively impacted the mobile wallet industry, catalyzing contactless payment adoption. Physical distancing policy and mandates encouraged by the governments of countries worldwide have inspired consumers to practice contactless activities, including payment transactions.
Besides, government authorities in a number of countries are taking actions to encourage contactless payments as the COVID-19 pandemic escalates, which impacts the mobile wallet industry positively. The perception that novel coronavirus can be transmitted through physical money, which drives people to shift to the mobile wallet, drives the market growth. The effect of government support and perceived usefulness of these payment systems during the COVID-19 outbreak, influence mobile wallet adoption.
With coronavirus crises continuing in 2021 and beyond, the mobile wallet market is projected to grow exponentially in future years. Most organizations are now more aware of the importance of digital payments, implementing all necessary, appropriate security measures. This, along with the advent of 5G and rising uses of AI, is projected to shape the mobile wallet industry in 2021 and beyond.
Countries Leading the Mobile Wallet Market
North America and Europe are the major regions contributing to the market growth. Wide-spread awareness for mobile wallet benefits and government initiatives to strengthen cashless payment methods boost the market demand in these regions. Furthermore, the high disposable incomes of populations and the strong presence of major mobile wallet and mobile payment security providers drive the market growth in major North American and European countries.
In Asia Pacific, Japan, China, and India are moving towards cashless policies. There are high growth opportunities for mobile wallets in these countries due to the rising popularity of hassle-free digital payments and smartphone uses. In India, after demonetization, online payment transfer has been increased drastically.
Government initiatives are promoting digital payments and making the country go cashless to support the growth of the mobile wallet market. Moreover, the advent of virtual cards and fuel cards has doubled its number of users post demonetization in India, moving towards a cashless economy. Mobile wallet in India would soon function as a bank account, allowing transfer and receive funds, in addition to making payments just as through bank accounts.
Top Mobile Wallet Companies
Apple, Inc. (US), Google, Inc. (US), Visa (USA), Blackberry Ltd. (Canada), Samsung Inc. (South Korea), American Express (US), and MasterCard Incorporated (US) are the key vendors in the global mobile wallet market.
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