Mobile Wallet Market Growing at a CAGR of 35.5% During 2017 to 2021

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17 Jan, 2017, 15:30 IST

PUNE, India, January 17, 2017 /PRNewswire/ --

The global mobile wallet market was valued at USD 1,221 billion in 2016 and is expected to surpass USD 4,175 billion by 2021. The analysts forecast global mobile wallet market to grow at a CAGR of 35.5% during the period 2017-2021.

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The global mobile wallet market analyst says the governments of countries across the Americas and EMEA have introduced stringent regulations to secure digital payment gateways. Governments in developed countries, in particular, have mandated the recertification of electronic payment systems used by merchants. In addition, with regard to electronic systems employed by retailers that connect to payment networks, mobile wallet services also need to be certified by financial institutions, card associations, and payment processors. These certifications must comply with government and telecom regulations in other countries. The introduction of stringent regulations is expected to boost the credibility of mobile wallet services among consumers and drive the growth of the market.

The following companies are the key players in the global mobile wallet market: Alibaba, Apple, Citrus Payment Solutions, Google, MasterCard, Oxigen Services, PayPal Holdings, Samsung Electronics, and Visa. Other prominent vendors in the market are: Airtel, American Express, Bank of America, Dwolla, LevelUp, LivQuik, Merchant Customer Exchange, MobiKwik, M-Pesa, Square, Venmo, Y-cash Software Solutions, and ZipCash. Order a copy of Global Mobile wallet Market 2017-2021 research report at http://www.reportsnreports.com/purchase.aspx?name=788355.

APAC will be the major revenue contributor to the mobile wallet market by the end of the forecast period Though EMEA currently accounts for the major market shares, factors such as the increasing penetration of smartphones and mobile internet, the rise in usage of mobile devices in developed countries such as Australia, Hong Kong, and Singapore, and the increased adoption of mobile wallet technology in the developing countries such as India and China will augment the market's growth prospects in this region.

During 2016, the retail stores segment accounted for the major shares and dominated mobile wallet market. The adoption of cashless payments using mobile wallets reduces the operational cost for retailers and increases their revenue. Additionally, mobile wallets have much lower processing fee than card-based transactions and also enable retail stores to easily track and analyze consumer data. As a result, this segment will witness an increased adoption of mobile wallets in the coming years as well.

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