Mobile Wallet Market Share is Projected to Reach USD 750.3 Billion By 2028: Zion Market Research

NEW YORK, Feb. 8, 2022 /PRNewswire/ -- According to findings of Zion Market Research, Mobile Wallet industry amassed returns worth nearly US$ 101.2 billion in 2020 and is set to register profits of approximately US$ 750.3 billion by 2028. Moreover, Mobile Wallet market is slated to register CAGR of almost 21% in 2021-2028.

Furthermore, Growth of mobile wallet market over estimated timeframe is subject to its ability in enabling & facilitating fiscal operations for customers during travel and from any remote or distant location. In addition to this, rise in use of smart equipment including smartphones and iPhones has culminated into humungous expansion of mobile wallet industry. With smart city concept gaining traction in emerging economies, market for mobile wallet is likely to witness commendable growth over ensuing years. Large discount offers and attractive cash back schemes offered by firms in mobile wallet business will proliferate size of mobile wallet industry over forthcoming years. Apart from this, growing customer demand for online payment due to digitization and COVID-19 outbreak will help market garner huge revenue over coming years.

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Some of the major participants have strongly influenced expansion of mobile wallet market across globe. We have included them in our report and they are Citibank, AT&T Inc., Visa Inc., The American Express Company, Samsung Electronics, BlackBerry Limited, Citrus Payment Solutions Pvt. Ltd., Apple Inc., Google, Inc., Sprint Corporation, Amazon.com Inc., Bank of America, Dwolla, MasterCard Inc., First Data Corporation, and Paytm.

Near Field Communication (NFC) Mobile Wallet Market To Witness Steep Rise Over 2021-2028:

Growing demand for near field communications can be credited to huge level of encoding & information security provided by NFC enabled equipment. Apart from this, NFC-based mobile wallets possess additional security layer and thus can thwart information from getting intercepted by third parties. Additionally, NFC tool provides seamless experience to end-users in their online financial dealings and thus enhances customer satisfaction. It will also help in increasing sales & profits of mobile wallets. Adoption of NFC technology will spur online payments through mobile wallets across businesses of varied sizes.

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Europe To Make Notable Contributions Towards Regional Market Size By 2028:

Growth of mobile wallet market in Europe over forecast timespan is subject to smartphone banking activities gaining prominence in European countries. Moreover, less use of physical cash in countries such as Germany will account substantially towards regional market proceeds in coming years. Apparently, mobile banking has become one of the most popular modes of performing financial transactions in Europe enabling banks to develop range of payment websites. This, in turn, will steer regional market growth.

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North American Market To Record Fastest Surge Over Forecast Period:

Growth of regional market over forecast timespan can be credited to rise in use of mobile wallets as mode of online payment in internet banking industry. In addition to this, rise in discounts along with enhanced customer experience in region will boost growth of mobile wallet market in North America. Massive need of avoiding physical contact with individuals due to huge spread of new variants of COVID-19 in countries such as the U.S. will provide impetus to mobile wallet industry in North America.

Browse the full "Mobile Wallet Market- By Product (Near Field Communication (NFC) And Remote Payments), By Application (Vending Machines, Retail Payments, Public Transportation, And Restaurants), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2021 – 2028" Report At https://www.zionmarketresearch.com/report/mobile-wallet-market

Report Scope:

The global Mobile Wallet Market is segmented as follows:

By Product

• Near field communication (NFC)
• Remote Payments

 By Application

• Vending Machines
• Retail Payments
• Public Transportation
• Restaurants

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