Today’s generation are ofcourse becoming Tech Savvy. What's different about mobile wallet, since pockets are already made cash-less with debit and credit cards? Mobile wallet is a platform where you can transfer money online without using any cards or cash.
New report by AMR observes that Mobile Wallet market will reach $5,250 billion by 2020 with a CAGR of 127.5%. Experts estimated that Mobile commerce will lead this sector till 2020. Mobile ticketing and Mobile money transfer will follow.
Analyst studied that due to higher inclination of people towards smart phones, mobile payment is increasing gradually. Many consumers still prefer debit and credit cards even though mobile payment has the potential to change the payment and shopping experience. Analyst explained this due to Security and technological infancy among consumers. As per the study, factors that deter the growth of mobile wallet market are high cost of investment and deployment issues.
In order to provide a better product to consumers, many telecommunication companies are working together.
Get full access of the report: http://www.alliedmarketresearch.com/mobile-wallet-market
As per the report, market is divides on the basis of Mode of Payment, Application and Stakeholders. Money Transfer, Mobile Ticketing, Mobile Commerce and others form the application market. On the other hand NFC and remote payment is two segments that make up Mode of Payment. Stakeholder’s market is divided as mobile payment service providers, OSS/BSS solution provider’s mobile network operators, handset manufacturers and others.
Asia Pacific is expected to have highest growth from 2013-2020. Less strict laws in Africa have triggered growth, as per analysts. On contrary, lack of interest from merchants in Asia Pacific region has slowed the growth which will pave way for future growth, as per analysts.