DUBLIN, Mar. 30, 2015 /PRNewswire/ --Research and Markets
(http://www.researchandmarkets.com/research/jqbvhv/global_mobile) has announced the addition of the "Global Mobile Wallet Market 2015-2019" report to their offering.
The analysts forecast the Global Mobile Wallet market to grow at a CAGR of 36.8 percent over the period 2014-2019.
Mobile wallets are electronic accounts that enable people to manage their bank accounts through their cell phones. Their working is based on the NFC technology. They are considered a revolutionary trend in the Digital Payments industry. One can make bill payments and online purchases, while on the go. Increased adoption of smartphones, tablets, and other mobile technologies has transformed the ways in which customers make payments. Java-enabled and internet-based phones were used sparingly before the advent of smartphones because their usage was limited to SMS and calling options.
This report covers the present scenario and the growth prospects of the Global Mobile Wallet market for the period 2015-2019. To calculate the market size, the report considers the total revenue generated from retail transactions. These transactions include mobile commerce transactions, mobile ticketing and purchase of mobile coupons, money transfer, and micropayments.
One major trend emerging in this market is increased awareness about mobile wallets. Vendors are opting for various marketing strategies to promote their products. They offer various discounts and benefits, which help in creating awareness about mobile wallets.
According to the report, increased benefits of mobile wallets are one of the key drivers of the market. There are many advantages of mobile wallets; for example, they are more secure than physical wallets, and consumers do not have to carry them.
Further, the report states that infrastructural inadequacies are a major challenge in the market. Hindrances in communication systems and lack of accessibility and interoperability are some of the fallouts of infrastructural inadequacies, especially in the APAC region. Mobile wallet is a new concept, and, therefore, its success is highly dependent on the confidence level of end-users. However, these infrastructure issues can inhibit end-users' confidence.
- Citrus Payment Solutions
- First Data
- One97 Communications
- Oxigen Services India
Other Prominent Vendors
- Airtel Money
- American Express
- Bank of America
- Tata Teleservices
- Zip Pay
For more information visit http://www.researchandmarkets.com/research/jqbvhv/global_mobile
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SOURCE Research and Markets