Soar in a number of mobile subscribers across the globe, surge in the adoption of mobile wallet as a digital payment-based business model among digital applications, and increase in government initiatives to encourage cashless economy drive the growth of the global mobile wallet market. However, concerns associated with fraudulent transactions and data security hamper market growth.
On the contrary, an increase in mobile point of sale (POS) devices and NFC-enabled handset and mobile banking & inventive mobile payment application are expected to create lucrative opportunities for the market players in the coming years.
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COVID-19 impact: The pandemic has positively affected the global mobile wallet industry.
1. The outbreak of Covid-19 has increased the demand for contactless payment and payments through the use of chip and pin machines.
2. Several Fintech companies gathered forces to create digital solutions, and have asked for fiscal support from the government.
By type, the remote segment held the largest share in 2019, accounting for nearly three-fifths of the global mobile wallet market, owing to the high popularity of smartphones and rise in trend of purchasing digital and physical goods via mobile wallet account.
However, the proximal segment is expected to register the highest CAGR of 29.8% during the forecast period, due to an increase in the number of smartphone users along with the emergence of NFC-equipped devices for transport ticketing purposes.
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By application, the telecommunication segment is expected to register the highest CAGR of 35.0% during the study period. However, the retail segment held the largest share in 2019, accounting for more than one-third of the global mobile wallet market, due to the emergence of e-commerce in developing countries.
The market across Asia-Pacific held the largest share in 2019, contributing to more than two-fifths of the market. Moreover, the region is expected to register the highest CAGR of 30.5% during the forecast period, owing to the drastic shift to digitalization and internet capabilities in the region. On the other hand, the global mobile wallet market across North America held more than one-fourth of the market in 2019.
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