A mobile wallet and payment solutions let consumers make transactions from any location and anytime. Mobile wallet and payment solutions not only provide transaction facilities at reasonable prices but also enables consumers to manage their accounts easily. Companies from the telecommunication industry are working together with each other to better serve the needs of their customers with improved and new service/product innovation. The increasing adoption of NFC (near field communication) technology by retailers and consumers is anticipated to propel the growth of the mobile wallet and payment market.
The "Global Mobile Wallet and Payment Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the mobile wallet and payment market with detailed market segmentation by type, technology, end user, and geography. The report provides key statistics on the market status of the leading mobile wallet and payment market players and offers key trends and opportunities in the market.
- Based on type, the global mobile wallet and payment market is segmented into remote and proximity.
- On the basis of technology, the market is segmented into near field communication, QR code, digital only, and text-based.
- Based on end user , the market is segmented into personal and business.
- The rising awareness regarding mobile wallets and their applications, an increase in smartphone penetration, and increasing security are some of the significant factors driving the growth of the mobile wallet and payment market.
- The increasing adoption of mobile payment services is anticipated to boost the growth of the mobile wallet and payment market.
- Concerns related to security is the major factor which may restrain the growth of the mobile wallet and payment market.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The mobile wallet and payment market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the mobile wallet and payment market in these regions.
IMPACT OF COVID-19 ON MOBILE WALLET AND PAYMENT MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
The report covers key developments in the mobile wallet and payment market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from mobile wallet and payment market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the mobile wallet and payment market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
American Express Company
First Data Corporation
Paypal Holdings Inc.
Paytm Mobile Solutions Private Limited
Verizon Communications Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.