A mobile wallet is a virtual wallet that is used to store payment card information on a mobile device. It is a type of internet business model that is used with cell phones and offers simple access & comfort to the consumers. The mobile wallet allow consumers to make transactions from any location, anytime and thus, manage their accounts easily.
COVID-19 Impact on Mobile Wallet Market
The outbreak of COVID-19 across the globe has progressively impacted the global mobile wallet market growth. This growth is majorly attributed to the substantial increase in e-commerce, cash displacement, digital payments, and rapid payments, and cash displacement. Consumers are now choosing mobile wallets like Google Pay and PhonePe for financial transactions to avoid physical contact with other people and thus prevent the spread of coronavirus.
Additionally, various companies functioning in the global mobile wallet market are taking strategic steps during the pandemic, which is driving the market growth. For example, in May 2021, Viva Wallet, the first European entirely cloud-based Neobank that provides localized payment services to businesses, announced the launch of ‘Tap on Phone’ solution for both pin and contactless payments.
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Mobile Wallet Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global mobile wallet market growth in the upcoming years.
For instance, in November 2019, Paytm, a multinational technology company specializing in digital payment system, finance, and e-commerce, raised about US$ 1 billion in investor funding led by Softbank, a Japan-based multinational conglomerate holding company, and Alipay, a third-party online and mobile payment platform. Paytm utilized these funds in strengthening its e-commerce business and payments along with an aim to expand in the new South Asian markets.
In March 2020, TransferWise (Wise), a London-based financial technology company, entered into a partnership with Alipay, a hird-party online and mobile payment platform, to introduce international mobile payments by using the mobile wallet. This new feature allows the users of TransferWise to make payments in Chinese yuan and the Alipay users from 17 currencies supported by the financial technology company’s mobile wallet.
In June 2020, Stocard, one of the largest B2C start-ups and the leading mobile wallet in Europe in terms of number of users, officially announced its launch in the UK and unveiled a mobile payment feature after reaching 50 Million users across the globe. Now, the UK-based Stocard users can pay through a virtual Mastercard issued in the app, which is an option that may be rolled out across Europe in the near future.
Forecast Analysis of Global Market
The global mobile wallet market is projected to witness an exponential growth during the forecast period, owing to the ongoing digitalization and the increasing technical advancements that can provide organizations and consumers with a variety of convenient, personalized, and flexible transaction options. Conversely, the lack of trust among people regarding the usage of mobile wallets for transactions are expected to hamper the market growth in the projected timeframe.
The growing popularity of mobile wallet payments across various industry verticals and the increase in number of mobile transactions across the globe are the significant factors and mobile wallet market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global mobile wallet market is expected to garner $46,006.0 million during the forecast period (2021-2028). Regionally, the Asia Pacific region is estimated to observe the fastest growth by 2028, owing to the booming retail market of the region that has prompted the payment processing solution providers to deliver improved services.
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The key players functioning in the global market include Amazon Web Services Inc., Apple Inc., American Express Banking Corp., Alipay.com, Google Inc., AT&T Inc., Mastercard Incorporated, Samsung Electronics Co., Ltd., PayPal Holdings, Inc., and Vodafone Group PLC.
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