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Sunday, March 10, 2013

Global Mobile Wallet Market 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.

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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.

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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.

Based on the type of services provided, the global market for mobile wallets is segmented into money transaction, check coupons, status and offers, receive and store digital receipts, and select rewards and discount offers and others. Different technologies used for a mobile wallet include Near Field Communication (NFC), electronic wallet application, secure element and Trusted Service Manager (TSM). Depending on mobile payment service providers’ model the mobile wallet market is segmented into an Operator-Centric Model, Bank-Centric Model, or Peer to Peer Model, and Collaboration Model.

Hemendra Parmar
State Tower
90 State Street, Suite 700
Albany, NY 12207
United States
Tel: +1-518-618-1030

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