Tag: mobile wallet market

Indian mobile wallet market will be 190 percent bigger by 2022

The country’s effort to go cashless has led to an unprecedented growth in smartphone digital payments.

A new study predicted that the Indian mobile wallet market will experience a growth rate of more than 190 percent by fiscal year 2022. The forecast was made as a result of research conducted by Assocham, a trade organization, and RNCOS, a business consulting firm.

The prediction was that mobile payment transactions are likely to reach a CAGR of over 160 percent per year.

That rate will continue to increase from the current fiscal year through to 2022. At that time, the mobile wallet market will be worth 250 billion, said the prediction. That is a substantial increase over the current size of the market which is estimated to be just over half a billion.

The report on the forecast suggested that there are several reasons that the use of mobile payments in India is growing exceptionally quickly. To start, e-commerce as a whole is on the rise. This is a trend occuring worldwide. Moreover, mobile internet penetration is also growing rapidly, meaning that more consumers have access to these options than ever before.

That said, the mobile wallet market is rising faster in India than in most other areas of the world.

Mobile Wallet Market With rising smartphone penetration, the Indian environment is also aligning well for mobile wallet use in a way that is not being experienced in other areas of the globe. For one thing, there is an increase in disposable incomes. More people have money to spend on areas outside of vital essentials.

With all these factors combined with the country’s efforts to reduce the use of cash, people are turning to their phones to pay for products and services. This is, after all, a country that is greatly unbanked and in which it is not necessarily commonplace to have credit cards. Therefore, when cash is not an option, people are turning to the option they already have in their hands: mobile phones.

This has created a nearly ideal opportunity for mobile wallet market growth and it appears as though this will continue for at least another five years.

Mobile Wallet Market 2016 Industry size, Share, Growth, Forecast of CAGR 36.8% by 2020

Mobile wallets are electronic accounts that enable people to manage their bank accounts through their cell phones. Their working is based on the NFC technology. They are considered a revolutionary trend in the Digital Payments industry. One can make bill payments and online purchases, while on the go. Increased adoption of smartphones, tablets, and other mobile technologies has transformed the ways in which customers make payments. Java-enabled and internet-based phones were used sparingly before the advent of smartphones because their usage was limited to SMS and calling options. Carrier charges were high during that time, which had led to reduced usage of mobile wallet services. In recent times, high competition in the Telecom market and an increase in adoption of smartphones and value-added services have propelled overall market growth considerably.

Global Mobile Wallet Market 2016 report has Forecasted Compound Annual Growth Rate (CAGR) in 36.8% value for particular period, that will help user to take decision based on futuristic chart. Report also includes key players in global Mobile Wallet market.

The market report, titled Mobile Wallet Market 2016, is an analytical research done by QY Market Research study based on the Mobile Wallet market, which analyzes the competitive framework of the Mobile Wallet industry worldwide. This report “Worldwide Mobile Wallet Market 2016” build by the usage of efficient methodical tools such SWOT analysis, the Mobile Wallet industrial 2016 study offers a comprehensive evaluation worldwide Mobile Wallet market.

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About the Report

The latest report highlights the fact that mobile wallets eliminate the need to carry physical wallets while on the go. Mobile wallets ensure more security than cards or carrying cash, especially when traveling, and also offer many other benefits like remote locking, data encryption, memory protection and password control.

“With mobile wallets, the cash is stored on the mobile device, which bypasses the bank in the transaction and reduces the transaction failure rate significantly,”.

The Mobile Wallet market size is estimated in terms of revenue (US$) and production volume in this report. Whereas the Mobile Wallet market key segments and the geographical distribution across the globe is also deeply analyzed. Various Mobile Wallet market dynamics such as growth drivers, restrictions, and the future prospects of each segment have been discussed in detail. Based on that, the Mobile Wallet market report determines the future status of the market globally.

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Covered in this Report

This report covers the present scenario and the growth prospects of the Global Mobile Wallet market for the period 2015-2019. To calculate the market size, the report considers the total revenue generated from retail transactions. These transactions include mobile commerce transactions, mobile ticketing and purchase of mobile coupons, money transfer, and micropayments.

Global Mobile Wallet Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It also covers the market landscape and lists growth prospects. The report includes a discussion of the key vendors operating in this market.

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Furthermore, the report emphasizes the increased awareness about mobile wallets among consumers, which is expected to help sustain market projections through the forecast period. The average consumer is becoming savvier with regards to NFC, and other technology necessary for mobile wallet-based transactions.

“Increased awareness and the overall convenience of the technology is expected to increase the adoption of m-commerce, thus leading overall growth in the Global Mobile Wallet Market in the coming years,”

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