The mobile wallet market is likely to gain substantial momentum over the coming years owing to rising penetration of smartphones, extensive usage of NFC based mobile wallets, and increasing mobile based payments across the globe.
Mobile wallet, also known as mobile money transfer or mobile money, refers to a kind of payment service through which users can receive as well as send money through mobile devices. Mobile wallet stores loyalty card numbers, debit card numbers, and credit card numbers. In comparison to other methods, mobile wallet is much safer and convenient payment method and is also easily accessible, which make it easier for consumers to make payments.
The mobile wallet market is bifurcated into different segments in terms of type, ownership, technology, and regional landscape.
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With respect to ownership, the mobile wallet market is classified into tech companies, device manufacturers, telecom operators, and banks. Among these, telecom operators segment is likely to exhibit a CAGR of more than 15% over the forecast time frame. The segmental growth is majorly ascribed to the increasing investment of telecom companies in mobile payment technologies.
In terms of technology, the overall mobile wallet market is bifurcated into text based, digital only, optical/QR code, and NFC. Among these, text based technology segment will witness a CAGR of around -18% (minus 18%) through the forecast time period. This is due to gradual phasing out of SMS and text based mobile wallets.
From a regional frame of reference, Latin America mobile wallet market is anticipated to witness a respectable CAGR of more than 15% over the forecast time period. This anticipated growth is ascribed to the rising penetration of smartphones and increasing mobile based payments across the region.
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Meanwhile, mobile wallet market in Middle East & Africa is expected to grow at a strong CAGR of around 16% over the forthcoming time period. This anticipated growth is accredited to high adoption of NFC based mobile wallets among consumers across the region.
Today, new product launches are the most commonly used strategies among regional market players. Citing an instance, in November 2020, Noon, a renowned technology platform with an aim to create local digital marketplaces for businesses and consumers across the Middle East, reportedly announced the launch of its new mobile wallet, named Noon Pay in UAE.
The mobile wallet would allow users to add money by linking their credit or debit cards such as Mastercard or Visa. This app would further be available for both iOS and Android users. Such new launches are thus likely to contribute towards regional market growth.