Mobile Wallet Market Overview:

According to IMARC Group latest report titled “Mobile Wallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on mobile wallet industry share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global mobile wallet market reached a value of US$ 120 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 336.2 Billion by 2027, exhibiting a CAGR of 18.6% during 2022-2027.

Mobile wallet is a virtual wallet which saves credit, debit, and loyalty cards, coupons, and reward card information on a smartphone. It is a favorable way for users to make in-store purchases and pay merchants listed with these service providers. Apple Pay, Google Pay, and Amazon Pay are commonly used mobile wallets across the globe. They are accessible through applications that are installed or built-in on smartphones and tablets. Mobile wallets store the payment information by linking a personal identification format, including a QR code, key, or an image of the user. As a result, these services find widespread applications across various sectors, such as retail, telecommunication, healthcare, transportation, hospitality, etc.

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Market Trends:

The increasing smartphone utilization among the masses and the rising internet penetration are primarily driving the mobile wallet market. Besides this, the elevating collaborations of the leading players with vendors, banks, and financial service providers for the development of innovative payment infrastructure to enhance the user experience is further augmenting the market growth. Moreover, the growing popularity of mobile wallets is offering a new dimension to retail stores to improve their business presence by connecting financial institutions and merchants to communicate promotional schemes and other relevant interests. This, in turn, is also fueling the global market. Apart from this, the introduction of various features, including digital loyalty schemes, vouchers, charity boxes, and dynamic currency conversion to promote cashless transactions, is expected to bolster the mobile wallet market in the coming years.

Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.

• Alipay com (Alibaba Group Holding Limited)
• Amazon Web Services Inc. (Amazon.com Inc)
• American Express Company
• Apple Inc.
• Google LLC (Alphabet Inc.)
• Mastercard Incorporated
• Paypal Holdings Inc.
• Samsung Electronics Co. Ltd.
• Squareup Pte. Ltd.
• Visa Inc

Mobile Wallet Market Segmentation:

Our report has categorized the market based on region, type and application.

Type:

• Proximity
• Remote

Application:

• Retail
• Hospitality and Transportation
• Telecommunication
• Healthcare
• Others

Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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