Mobile
wallet enables clients to make
payments through the phone while travelling. Cleints can do the same from any
place at any time. The worldwide mobile wallet market is estimated to hit a
revenue size of almost USD 5, 250 billion in 2020. It is projected to rise
through the predicted phase, at almost 127 percent CAGR. The predicted phase continues
from 2013 to 2020.
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The mobile wallet
market is expected to be propelled ahead in the future by some factors.
Increased consciousness with regard to mobile wallets and their applications,
growing safety measures and enhanced infiltration of smart phones are
anticipated to drive demand for this market. The market is experiencing
worldwide expansion, with growing implementation of mobile payment services.
It is also
experiencing major development owing to the availability of better payment
options to clients. More than 70 percent of the users of smart phones are keen
on implementing mobile payment procedures. Almost 15 percent of these have
already followed these procedures. Nonetheless, the inability of clients to
make payments owing to no power or battery in their phones, hinders the mobile
wallet market.
This market is
segmented on the basis of functionalities, consumer kinds, components,
geographical regions and industrial contributors. On the basis of
functionality, the mobile wallet market is divided into multi function, single
function and universal function. Online shoppers, cash players and card users
are the three kinds of consumers in the market.
Software, hardware
and services are the three components. On the basis of regions, the worldwide
mobile wallet market is segmented into Asia Pacific, North America, Latin
America and EMEA (Europe, the Middle East and Africa). The industrial
contributors of the mobile wallet market include payment network, fiscal
organizations, clients, merchants, mediators and MNOs.
Increase in the
consumption of mobile data also promotes the mobile wallet market.
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