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Global Mobile Wallet Market Spurred by Growing Demand for Contactless Payment Methods

Press release   •   Jul 25, 2017 09:04 EDT has added a new research report to its database on the global information and communication technologies industry. “Global Mobile Wallet Market 2017-2021” takes care of analyzing the current factors propelling or restraining the global BYOD and enterprise mobility market, while also providing a statistical forecast on the same. The report also calculates the size of the global mobile wallet market based on the revenue generated by the various segments of the market, including revenue generated from from retail transactions sourced through mobile wallets. These transactions include m-commerce transactions, mobile ticketing, mobile coupons, money transfer, and micropayments.

According to the report, the global mobile wallet market is expected to expand at a massive CAGR of 35.5% within the forecast period from 2017 to 2021. The market is currently being driven by the high adoption rate of contactless payment solutions across the world, especially in developed economies.

The global mobile wallet market is also being propelled by the growing use of 3G and 2G mobile data and broadband globally. Mobile wallets are equipped with options like integration with coupons and tickets, which are making them highly popular among users. In addition, users can also save their card and bank details on their smartphones and make payments and purchases easily. The increasing technological advances in NFC devices and growing security of payment portals are other factors driving the market growth.

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However, the global mobile wallet market is currently being inhibited by the overall lack of awareness about features of mobile wallet technology. One of the currently visible trends in the market is the swift growth in 3G/4G subscriptions and mobile data consumption.

The report also provides a regional assessment of the global mobile wallet market, by taking up the key regions of the Americas, EMEA, and Asia Pacific. Each region is individually examined along with the impact that each region may have on the global mobile wallet market over the coming years.

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The report also comprises an evaluation of the competitive landscape of the global mobile wallet market. This includes a detailed look at the leading entities in the market, including Alibaba Group, Apple, Citrus Payment Solutions, Google, MasterCard, Oxigen Services, PayPal Holdings, Samsung Electronics, and Visa. Other prominent players mentioned in the report include Airtel, American Express, Bank of America, Dwolla, LevelUp, LivQuik, Merchant Customer Exchange, MobiKwik, M-Pesa, Square, Venmo, Y-cash Software Solutions, and ZipCash.

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