Mobile Wallet Market - Global Forecast, Market Share, Size, Growth and Industry Analysis, 2012 - 2018


A mobile wallet is an e-account used to store and transfer money through a cell phone which is also known as mobile payment or mobile money transfer. With an increasing adoption of money transfer through handheld devices, the mobile wallet market is expected to double by 2013 compared to 2011. Financial service providers will take this opportunity to improve their services and satisfy transaction needs.

The mobile payment is a promising market and is predicted to increase to 1.2 billion users and USD 2 trillion in value transaction by 2018. Europe and North America with large numbers of mobile users is dominating the current market. However, Asia-Pacific represents the fastest growing market with rapidly growing smartphone markets in emerging economies such as India and China. In terms of applications, SMS-based services are leading the market. 


Innovation in web based applications will play an important role in spurring the growth of the mobile wallet market in the short and medium term. Market collaboration between industry players such as IT industries, financial services and telecom service providers will further drive the growth of this market. In emerging countries due to increasing deployment of wireless technology, Near Field Communication (NFC) technology will play a major role in the market development. However, stringent regulations and growing security concerns for online transactions will inhibit the growth of the mobile wallet market globally. 

Five different types of Mobile Wallets in the marketplace, it makes sense to first ground ourselves in what we mean by this term. After all, in the past year this term has grown wildly in popularity, and is used to describe a whole host of different concepts. We think that, at its core, a Mobile Wallet is any application that enables individuals to store their credit/debit cards and banking information on their mobile device, and use that device to make retail purchases or other online payments. Mobile wallets are also known as virtual wallets or digital wallets, and there are various providers all competing for widespread market acceptance, among them traditional credit card processors, online payment solutions, brick-and-mortar retailers, and even telephone network carriers. Typically, Mobile Wallet solutions facilitate in-store payments only or BOTH in-store AND online transactions. While the approaches of the providers vary, their end goals are all the same: to make brick-and-mortar retail payments as easy as holding up your mobile device at the Point of Sale (POS) in stores, eliminating the need for customers to carry their physical wallets, while capturing user behavior and customer information that can be used to drive future sales.      


For retailers and consumer products companies, Mobile Wallets provide a compelling opportunity to market to customers directly. Each consumer is unique, with individualistic shopping habits and expectations. Mobile Wallets enable merchants and brands to provide real time customized and targeted marketing to their customers through mobile devices. While this is great news for the retail industry, there is a wide array of Mobile Wallet solutions in the marketplace, with no clear market leader. As each of those solutions use different approaches to solve the problem and provide different feature sets, retailers and their vendors need to weight these factors carefully when deciding which approach to adopt.

The Payment Industry and the Mobile Wallet Landscape

According to the Nilson Report, last year $6.7 trillion was channeled through credit card networks such as Visa, MasterCard, and American Express ($15 trillion when including debit cards/pre-paid cards). Competing firms and industries want to take a slice of this huge market via the mobile revolution by transforming the way consumers make payments – from plastic cards to mobile devices. However, due to complicated regulations and specialized payment and anti-fraud systems, it is not easy for scrappy start-ups or new market entrants to provide valid mobile purchasing options without help from the veterans in the payment industry (see figure 1 below for an overview of the relationship network surrounding the Mobile Wallet).


.
Browse All Market Research Report : http://www.transparencymarketresearch.com/



0 comments:

Post a Comment

Note: only a member of this blog may post a comment.

Search This Blog

About Me

My photo

The dedicated team of researchers and analysts at Business Research Industry into the Advantage of Knowledge for your company. Data becomes knowledge through the application of Dolcera's optimization process as follows.

Archives

Business Research Industry. Powered by Blogger.