Tag: nfc

Zion Research has published a new report titled “Mobile Wallet (NFC and Remote Payment) Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020.” According to the report, global demand for mobile wallet market was valued at USD 500 billion in 2014 and is expected to reach USD 2,500 billion in 2020, growing at a CAGR of approximately 30% between 2015 and 2020.

Mobile wallet is a innovative technological feature that is equivalent to the physical wallet used to hold money. It is an online interface which permits the user to deposit money similarly to the bank account. Therefore, it is essential to have an account with a mobile wallet provider. This account holds debit, credit, online transaction from bank account or via cash (a recharge kiosk). The mobile wallet is very beneficial as it offers the fast transactions process, it saves time and provides comfort and ease to the end-user.

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The mobile wallet market is mainly driven by the growing demand for the smart phones use and the entry of new players in this market. Another major driving factor is increasing working population engaged in the banking and on-line buying of products, discounts offered by companies to draw in customers in festive seasons for purchase through mobile wallet and growth of service portfolios by the enterprises. Owing to this, mobile wallet market is expected to exhibit strong growth during the years to come.

The mobile wallet market is segmented on the basis of different types of mobile wallet products such as near field communications NFC and remote payment. The NFC dominated the market with over 50% share in total revenue generated in 2014 and is expected to be the fastest growing segment over the forecast period.

Browse the full “Mobile Wallet (NFC and Remote Payment) Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020″ report athttp://www.marketresearchstore.com/report/mobile-wallet-market-nfc-and-remote-payment-z37621

The mobile payment mode dominated application segment and were accounted for large chunk of the mobile wallet market in 2014. Furthermore, the OSS/BSS solution providers are expected to witness the fastest CAGR during the forecast period. This is attributed to the constant improvement of mobile wallet in NFC technology. Moreover, the money transfer transactions contributed to the largest share accounted for over 30% of share in total revenue generated in the mobile wallet market, followed by recharge & bill payments and utilities segment respectively.

North America dominated the mobile wallet market and accounted for over 25% share of the total revenue generated in 2014. The mobile wallet market in the Asia Pacific region is expected to exhibit strong growth in the years to come. Despite its promising future, the mobile wallet market segment is facing challenges like different cash transfer channels, lack of awareness, stringent policies, low margins and poor web connectivity in several areas.

Some of the key industry participants in global mobile wallet market include, American Express, Apple Inc., MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google and others.

The report segments the global mobile wallet market as:

Mobile Wallet Market: Product Segment Analysis

• Near field communication (NFC)
• Remote payment

Mobile Wallet Market: Application Segment Analysis

• Retail payments
• Vending machines
• Public transportation
• Grocery stores
• Restaurants

Mobile Wallet Market: Regional Segment Analysis  

• North America
  • U.S.
• Europe
  • Germany
  • UK
  • France
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East & Africa

Browse Global Mobile Wallet Market Press Release:http://www.marketresearchstore.com/news/mobile-wallet-market-set-for-rapid-growth-to-88

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The agreement has been designed to give the two companies a new opportunity in the Ghana market.

Verifone Mobile Money has now partnered with Airtel Ghana in order to be able to provide a new mobile payments solution that is based on NFC technology that can be used through mobile devices within that country.

The near field communication based service will make it possible for consumers to “tap and pay”.

The idea behind the partnership is to be able to use this NFC technology to be able to provide consumers with a simpler and easier method of paying for the products and services that they wish to purchase. The transactions are designed to be both convenient and secure. This partnership will bring the strengths of both companies into a single transaction service that will become widely available.

The NFC technology based transactions will be available at a range of sale outlets across Ghana.

These mobile payments will be available to be used by owners of NFC enabled devices at the many Airtel Merchants as well as other point of sale outlets throughout the country. This will provide a process for completing transactions that is very quick and easy. Once a customer reaches the checkout counter, all he or she needs to do is tap the near field communication enabled smartphone against a reader device in order to launch a payment by way of the individual’s mobile wallet.

That said, it will also be possible for people who don’t have NFC enabled smartphones to be able to pay by way of this technology by using an enabled sticker that will also give them the technology that they require.

The Verifone Mobile Money chief executive, Chris Jones spoke about the NFC technology based payments agreement between the two companies, saying that it “will deliver developed world technologies to the customers of Airtel Money. We believe that NFC technology and the roll out of contactless “tap and pay” across the African continent will help to realize the true economic benefits of cashless economies while driving mobile money adoption through an improved merchant payments experience.”