The closed mobile wallet market is estimated to grow at high CAGR over the projected time period. Increasing investments by the e-commerce players to launch their own mobile wallets are promoting the use of closed mobile wallets. E-commerce players as building their own closed mobile wallets to enhance customer loyalty and promote repeated purchases. E-commerce vendors are providing various lucrative cashback and discounts that incentivize customers to store money in their mobile wallets.
The semi-closed market holds over 80% stake in the mobile wallets market. The growth is credited to the influx of tech companies in the mobile banking landscape. The shifting customer preference toward digital technologies is driving the tech companies to invest in mobile wallet technology. The open mobile wallets market is expected to grow at a CAGR of over 15% over the forecast time period. The increasing investment by the banking establishments to launch their own mobile wallets to better compete with the fintech players is promoting the use of open mobile wallets.
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The attractive discounts and cashback offers by mobile wallet providers are fostering the growth of the mobile wallets market. The mobile wallet providers are gaining customer loyalty and promoting repeat purchases among their customers. The rise of multiple e-commerce platforms is also further propelling the use of mobile wallets. As of 2018, approximately 1.5 billion customers have used online shopping channels. By 2020, it is anticipated that the number of online customers will reach over 2.5 billion. The increasing need to buy anything from anywhere across the world is encouraging the use of mobile wallets among online shoppers.
The tech companies accounted for over 80% of the revenue in the mobile wallets market in 2017. The technology companies, such as Amazon, MakeMyTrip, Uber, and Ola, are developing their own mobile wallet offerings to provide an integrated buying experience to their customers. The device manufacturer market is anticipated to grow at a CAGR of over 20% over the projected timespan. The smart devices are becoming primary tools for procuring goods and services. This has encouraged the device manufacturers to launch their own mobile wallets to monetize the growth opportunities. The banking institutions are investing in mobile wallets to cross-sell and upsell various financial products and services.
The Asia Pacific region is leading the mobile wallets market with over 90% share in 2017. This is attributed to the increasing proliferation of smart devices and e-commerce platforms. The supportive government initiatives to promote the use of digital payment channels is propelling the use of mobile wallets. The European region is predicted to grow at a CAGR of over 15% during the forecast timeframe. The extensive adoption of the NFC technology in the retail sector has contributed to the market growth. The increasing number of collaborative efforts among the technology players & banking establishments is accelerating innovation in the mobile wallets market in the region.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- com, Inc.
- American Express Company
- Ant Financial Services Group
- Allied Wallet, Inc.
- Apple Inc.
- AT&T Inc.
- Barclays plc
- Due Inc.
- First Data Corporation
- Google LLC
- ICICI Bank Limited
- P. Morgan Chase & Co.
- Mastercard Incorporated
- Mozido Inc.
- One Mobikwik System Pvt Ltd.
- One97 Communications Limited
- PayPal Holdings, Inc.
- Samsung Electronics Co., Ltd.
- Skrill Ltd.
- Tencent Holdings Limited.
- Visa Inc.
- Vodafone Group PLC
- Wells Fargo & Company
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The players present in the mobile wallets market are Apple, Amazon, Google, American Express, One97 Communications, JP Morgan Chase, Well Fargo, First Data, Sprint Corporation, Visa, PayPal, Vodafone, Ant Financial, Skrill, Tencent, Samsung, AT&T, and. Mastercard. In the Asia Pacific region, the mobile wallets market is dominated by the prominent players such as Tencent and Ant Financial. The players in the market are building and expanding its partnership network with merchants, online retailers, and public sector companies to effectively reach more customers and provide them with a high-quality sales & post-sales support experience. For instance, in November 2016, Vodafone partnered with West Bengal State Electricity Distribution Company Limited (WBSEDCL) and Calcutta Electric Supply Corporation (CESC) to allow online bill payments to its mobile wallet users.