Mobile wallet is a system that allows consumers to pay by phone during travel, from any location, anytime. The global mobile wallet market is expected to grow at a CAGR of 12.5% from 2012 to 2020.
Portland, OR -- (ReleaseWire) -- 08/13/2014 --Mobile wallet is a system that allows consumers to pay by phone during travel, from any location, anytime. The global mobile wallet market is expected to grow at a CAGR of 12.5% from 2012 to 2020. The key driver for the growth of the market is it to provide consumers with greater convenience for payment. It is estimated that more than 70% smartphone users are willing to adopt mobile payment modes and 15% have already completed the adoption.
However, the payment method can be used till the mobile has power and battery backup. Therefore, when the battery of the mobile is down, the mobile wallet cannot be used. This is one of the key restraints for the growth of the market. Smartphone users have multiple applications on their phones which consume power and the chances of battery outages are high. This limits the usability of the mobile wallet application. An important challenge for technology providers is to make the advances in the emerging NFC technology, as it is expected to have high demand among consumers.
Some of the key players profiled in this report are American Express, Apple Inc., AT&T Inc., Blackberry, First Data, Google, Sprint, Samsung, MasterCard and Visa.
To Get Details: http://www.bigmarketresearch.com/mobile-wallet-market
- This report provides market intelligence with respect to applications, mode of payment, stakeholders and geographies
- Deep dive of top factors impacting the market growth
- Value chain analysis, Porter’s five forces, top investment pockets are analyzed and presented in detail in the report
- SWOT analysis and strategic developments are included in the report for key players
- Study the challenges and opportunities available in the mobile wallet market
- Derive market estimates for mobile wallet market and its sub-segments
- Analyze the key strategies adopted by major market players engaged in the market
- Analyze the market factors in various geographic regions and understand business opportunities
- Assess and rank the top factors that are expected to affect the growth of the market
- Mobile wallet technology providers, dealers, and wholesalers
- Mobile service providers
- System integrators and software vendors
- Research institutes
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About Mobile Wallet
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