Mobile Wallet Market - Global Market Analysis, Trends And Forecasts

The worldwide mobile wallet market will achieve a size of more than USD 2, 900 billion by 2020. The growing number of smart phones, rapidly increasing applications of mobile internet and 3G and 4G network developments will drive the market ahead. Advanced equipments and near field communication will improve the market conditions over the forecast period. A mobile wallet, also known as an electronic wallet, helps clients complete purchases and execute business operations by electronic means. It forms global commerce's basic building block and helps people in completing payments. This includes stocking up the payment bills and making them accessible when required. Moreover, new functionality is supported by these bills. This functionality entails the mechanical recovery of loyalty points and location based offers of the mobile wallet market. Besides payment choices, a portal is offered to traders and fiscal organizations by mobile wallets. This customizable portal promotes improved client engagement and client experiences. Mobile Wallet Market Overview Depending on the targets of transaction, mobile payments are categorized into person-to-person payment and customer-to-business payment. On the basis of communication, mobile payments are categorized into remote payment and proximity payment. Remote payment is a method through which clients use mobile appliances and complete payments using the back-end system. Proximity payment is a type of contactless payment through which clients complete the payments using communication technologies of less range, like infra red and blue tooth. The demands of clients include using simple and suitable modes of payment, among others. These modes take less time as opposed to conventional channels of banking. This requirement of the clients differentiates the mobile wallet market from others. Simple and safe payment procedures and improved client experience provided by the mobile wallet market is said to increase the demand across the globe. The worldwide mobile wallet market had 230 million clients in 2013 and is growing at a CAGR of 30 percent. This will result in it having more than 1, 400 million clients by 2020. Application Aspects The mobile wallet market has its applications in retail machines, public conveyance, restaurants and vegetable stores. Retail was the biggest area of application in 2013 and made up for more than 40 percent of the entire market. In public conveyance, mobile wallets enable ticket purchase for rail, air and bus and other kinds of transport effectively. The mobile wallet market for sales applications will experience improvement due to the execution of numerous proposals. These proposals supply sales stores with POS appliances and smart phones-assisted simple payment alternatives. Regional Aspects The growth of mobile wallets varies from nation to nation. In 2013, Asia Pacific made up for more than 30 percent of the mobile wallet market volume all over the world. In addition to this, this region will also expand most rapidly in the next 6 years due to increased number of internet and smart phone users. In China, mobile payments have exceptional prospects and are on the rise. This is due to various measures adopted by the government of China. The mobile wallet market can be analyzed further by referring to the links .