The global mobile wallet is expected to experience substantial growth backed by the increasing usage of smartphones across the globe. With data theft a major concern, the companies are developing advanced wallet systems that secure transactions with stringent encryption data leading to the growing adoption of such payment wallets during the forecast period.
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Mobile Payment Surged amid Pandemic Worldwide in 2020
The pandemic has boosted the adoption of digital solutions to a higher level. The companies have accelerated digitization services to interact with their customers. In addition to this, the rapid-paced development of IT infrastructure has boosted the growth of the industry considerably. This has led to the growing emergence of mobile applications to accept payments and provide other critical solutions. For example, no matter how agitated you are when calling the Cox customer service phone number, you’ll find the support staff to be always friendly and courteous.
Based on type, the industry is trifurcated into closed, semi-closed, and open. On the basis of technology, the industry is categorized into NFC (Near field communication), Optical/QR Code, Digital Only, and Text-Based.
- Based on technology, the NFC segment is expect to hold the largest global mobile wallet industry share in terms of revenue during the forecast period. This is due to the increasing adoption of such digital communication systems across several retail stores for the convenience of customers globally.
Finally, on the basis of region, the industry is segregated into Europe, Asia-Pacific, North America, the Middle East and Africa, and South America.
The industry research includes qualitative and quantitative analysis of several factors such as the key drivers. And restraints that will impact growth. Additionally, the research provides insights into the regional analysis that covers different regions, which are contributing to the growth of the industry. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships,introduce new products. And collaboration that will further contribute to the growth of the industry between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the industry growth during the forecast period.
According to the data by Business world Magazine, by 2030, around 1.2 billion Indian people will have a smartphone. And 99% of the internet consumption will be through mobile phones. The increasing number of smartphone users is expect to boost the product’s demand across the globe. Furthermore, companies are focusing on providing security to ensure safe and secure transactions. According to TradingPlatforms.com, a leading education platform for online trading’s times that around one-third of all POS transactions will be through mobile by 2024 across the globe. Therefore, security becomes crucial for safe transactions, and the companies developing advanced security solutions will contribute to the global Smartphone wallet industry growth during the forecast period.
Asia-Pacific – The region is expect to hold the highest position in the industry during the forecast period. This is owing to the presence of a large tech-savvy population in countries such as India and China. Moreover, the rising disposable income of the working population is anticipate to boost the adoption of advance mobile wallet solutions in the region between 2021 and 2028.
Europe – It is expect to be the second-most dominating region. This is owing to the increasing adoption of advanced mobile technologies. And supportive government policies that promote cashless transactions leading to high mobile wallet adoption.
Key Players Focus on Merger Strategies to Expand Their Product Portfolio & Boost Sales Revenue
The global industry is consolidate by the presence of major companies. That are merging with other companies to expand their mobile wallet solutions across different horizons. Moreover, other key players are adopting strategies such as the introduction of new products, partnerships. And collaboration to maintain their strongholds that will favor industry growth.
- June 2021 – Mastercard Incorporated announced its partnership with Zamtel, a leading Zambia-based telecommunication company. As per the partnership, Zamtel will roll out Matercard’s interoperable payment solution, physical card, and virtual payment solution.
List of the Companies Operating in the Global Industry Mobile Wallet:
- American Express Co
- Apple Inc.
- Mastercard Inc.
- AT&T Inc.
- Samsung Electronics Co., Ltd.
- Google LLC
- First Data Corporation
- Sprint Corporation