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.
Browse Report : http://www.transparencymarketresearch.com/mobile-wallet.html
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.
Browse Report : http://www.transparencymarketresearch.com/mobile-wallet.html
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).
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