Pune, India, May 24, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America mobile wallet market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 80 billion by 2026.
Mobile wallets are gaining widespread recognition, especially among the younger generation, as they make payment processes a lot easier and safer. Physical wallets have now been replaced by these as they provide the required security while making payments for various products and services. One doesn’t need to worry about losing cash or going short on change as mobile wallets take care of all these drawbacks that come with physical ones.
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Digital wallets provide personalized services to customers and offer them a wide range of benefits in the form of discounts and offers on new products. Mobile banking has become one of the most sought-after mediums for customers to get all their transactions done in a matter of minutes. This form of banking is giving stiff competition to several traditional banks, who have now decided to go digital with their products and services.
Here are some of the key trends that will foster the market share in the future:
Closed mobile wallets to see increased demand:
There are different types of mobile wallets like closed, semi-closed and open wallets. However, the closed mobile wallet segment will grow at a CAGR of 20% during the mentioned timeline in North America. There are some serious security concerns associated with using mobile wallets such as online hacking and other fraudulent activities through fake OTPs.
These concerns have not gone unnoticed as the device manufacturers and e-commerce platforms have started creating their own wallets which can create a sense of confidence among their consumers. Closed mobile wallets possess high security and there are certain restrictions on the amount of withdrawals and other financial activities of the user. These rules have been put in place for customers’ safety.
Banks will be the largest owners of mobile wallets:
Telecom operators, device manufacturers, banks and tech companies are some of the popular owners of mobile wallets in North America. However, it is being reported that banks will be the largest owners of these wallets in the region. The North America mobile wallet market share from bank owners will register a nearly 15% CAGR during 2020-2026. One of the major reasons for this is that banks want to improve the overall banking experience of their customers by creating a smooth medium for transactions to take place.
Customers today do not have the time to stand in long queues to get their business done. Several institutions are coming up with their own banking apps to help customers transfer and receive money without any technical glitch or security threats. This will help them in retaining their clients and will improve their relationship with them as well.
Canada’s role in North America mobile wallet market:
Canada will significantly contribute towards the strong progress of mobile wallet market in North America, with a projected a CAGR of 20% through 2026. Some of the major reasons for this are the notable rise in the number of digital banking services and platforms in the country. It is even seeing commendable increase in the number of customers accepting these virtual solutions. According to statistics, nearly 68% of the country’s population uses online banking services including mobile wallets, indicating the steady rise in demand for these services in the region.
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Device manufacturers will create their own mobile wallets:
Device manufacturers in North America are reported to adopt mobile wallets in their devices to increase the confidence of the customers on their products, ultimately resulting in a larger buyer base. This segment of mobile wallet market will capture around 18% regional share in the future. A smartphone is one of the primary devices used by millions of people across the region and most of them use it to pay several bills.
Manufacturers like Apple and Samsung are creating their own mobile wallets as a way of cementing customers’ trust on their products by providing safe mode of payment. Some of the leading companies that provide mobile wallet services in North America are Google LLC, Samsung, Apple, Amazon.com Inc., PayPal Holdings Inc. and many others.
Browse Related Report:
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
