New York, USA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global mobile wallet market is likely to register a revenue of $46,006.0 million by 2028, at a CAGR of 18.9% over the forecast period from 2021 to 2028. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global mobile wallet market are:
- American Express Banking Corp.
- Amazon Web Services Inc.
- Apple Inc.
- AT&T Inc.
- Alipay.com
- Google Inc.
- PayPal Holdings, Inc.
- Mastercard Incorporated
- Vodafone Group PLC
- Samsung Electronics Co., Ltd.
These players are implementing several strategies to gain a chief position in the global industry.
Market Dynamics
As per the analysts of Research Dive, the growing popularity of payments in several industrial verticals via mobile wallets coupled with the rise in number of mobile transactions across the globe are the major factors anticipated to accelerate the growth of the global mobile wallet market over the forecast period. In addition, the cost-effectiveness and enhanced operational efficiency in mobile wallets are other factors expected to boost the market growth by 2028.
Moreover, the increasing digitization and continuous technical advancements in mobile wallets are projected to create huge growth opportunities for the mobile wallet market in the estimated timeframe. However, the rising concerns about cyber-related crimes and the lack of awareness regarding the benefits of mobile wallets across the globe may restrict the market growth in the coming years.
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COVID-19 Impact on the Global Market
The outbreak of COVID-19 pandemic has prominently impacted the mobile wallet market growth. This is mainly due to the significant increase in digital payments, cash displacement, e-commerce, and rapid payments across the globe during the pandemic period. The global market is estimated to grow gradually even after the pandemic, mainly because customers are now greatly choosing mobile wallets like PayPal, Paytm, and Google Pay for financial transactions to prevent physical contact.
Open Wallet Sub-segment to Subjugate in the Industry
By wallet type, the open sub-segment is projected to have a dominating market share and garner a revenue of $16,553.8 million in the analysis period. This is majorly because open mobile wallets allow users to withdraw, transfer money, and buy goods and services. In addition, open wallets provide numerous benefits to customers such as utilizing the funds in their digital wallet to withdraw money or make payments that are transferred to the account in cash.
Point of Sale (POS) Sub-segment to Witness Prominent Growth
By payment type, the point of sale (POS) sub-segment accounted for $7,181.7 million in 2020 and is projected to garner the highest revenue during the analysis period. The prominent growth of the sub-segment can be attributed to the growing usage of point of sale systems by small enterprises to take advantage of various capabilities they offer. Besides, effective POS systems enable business owners to spend lesser time on store/business management and helps in quick decision-making.
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QR Code Sub-segment to be Most Lucrative
By technology, the QR code sub-segment garnered a revenue of $3,595.2 million in 2020 and is expected to reach up to $15,866.3 million during the analysis period. This is mainly because any data transferred through QR codes is encrypted and the payments made are quick and completely secured.
Asia-Pacific Region to Observe Fastest Growth
By region, the Asia-Pacific mobile wallet market is predicted to account for $18,025.2 million by 2028 and witness fastest growth over the forecast period. This growth is attributed to the increasing preference of customers in the APAC region for equal amounts of seamlessness and security. In addition, the booming retail market has prompted the global payment processing solution providers to focus their efforts in this area to deliver improved services in e-wallet industry. These factors are predicted to propel the mobile wallet market in the Asia Pacific region.
For instance, in March 2020, TransferWise (Wise), a leading financial technology company, partnered with Alipay, a third-party online & mobile payment platform, and introduced international mobile payments by using the mobile wallet.
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