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 market considerably. This has led to the growing emergence of mobile applications to accept payments and provide other critical solutions.
Based on type, the market is trifurcated into closed, semi-closed, and open. On the basis of technology, the market is categorized into NFC (Near field communication), Optical/QR Code, Digital Only, and Text-Based.
- Based on technology, the NFC segment is expected to hold the largest global mobile wallet market 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 market is segregated into Europe, Asia-Pacific, North America, the Middle East and Africa, and South America.
The global mobile wallet market size is expected to experience substantial growth backed by the increasing usage of smart phones across the globe. This information is published by Fortune Business Insights in its report, titled “Mobile Wallet Market, 2021-2028.” 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.
The siteswise market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. 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 market 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 market growth during the forecast period.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
The report analyzes growth rate, market size and valuation of the market during the forecast period.
Increasing Number of Smartphone Users to Propel Market Growth
According to the data by Business world Magazine, by 2030, around 1.2 billion Indian people will have a smart phone, and 99% of the internet consumption will be through mobile phones. The increasing number of smart phone users is expected to boost the product’s demand across the globe. Furthermore, companies are focusing on providing security to ensure safe and secure transactions. According to Trading Platforms.com, a leading education platform for online trading estimates 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 mobile wallet market growth during the forecast period.
Asia-Pacific – The region is expected to hold the highest position in the market 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 anticipated to boost the adoption of advanced mobile wallet solutions in the region between 2021 and 2028.
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