Globally, Asia-Pacific dominated the global market in 2014, but it is changing with the Lion’s share of growth to come out of the Middle East Africa (MEA) market going forward.
According to anew report from P&S Market Research, the growing population in developing countries, such as China and India is a major driving force, which is influencing the growth of the region. During 2011-2014, China witnessed the fastest growth in the Asia-Pacific mobile wallet market, followed by South Korea.
Offering cash back discounts with payments done is a major trend witnessed in the global mobile wallet market. The users are tempted towards attractive cash backs and loyalty coupons offered by different mobile wallet companies. The mobile wallet market in the report refers to payment services operated under financial regulation and performed through a mobile device instead of paying with cheque, cash, or credit cards.
The market of mobile wallet can be segmented on the basis of application, in terms of value, as merchant purchases, money transfers, bill payments, and others.
On the basis of mode of payment, the global market can be divided into SMS, NFC, WAP, and others. On the basis of age groups, the mobile wallet market can be categorized into 18-29 years, 30-44 years, 45-59 years, and 60 years and above.
The growing preference for reward and loyalty programs and emergence of cloud-based mobile payment solutions are laying opportunities for the growth of the global market, during the forecast period.
One of the main growth drivers in the Chinese mobile wallet market is the rapid upsurge in the internet penetration rate of the country, which is driven by the growing adoption of smartphones.
The market of Latin America is driven by heavy consumer spending in Brazil. Over the previous years, Brazil has become the most profitable credit card market in Latin America. Some of the digital wallets operating in Brazil include PayPal, Pag Seguro, Mercado Pago, b-CashBanco de Brasil’s Stelo, and Oi Carterira.
The major companies operating in the global mobile wallet market include American Express, PayPal, Google, Visa, Square, LevelUp, Apple, MasterCard, BlackBerry, and Samsung.
P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe.
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