The global market for mobile wallets is highly consolidated in nature and led by a few key players, states a research report by Transparency Market Research. In 2012, the leading players, including Paypal, Google Wallet, and ISIS (Softcard) collectively represented a share of 70% in the global mobile wallet market. Being a price-sensitive market, interoperability is considered to be the key factor fuelling the growth of the market. Additionally, frequent partnerships between competitors for standardization are expected to supplement the growth of the market in the coming years.
According to the research study, the global mobile wallet market is expected to reach a value of US$1,602.4 bn in 2018, rising from US$675.0 bn in 2015. From the geographical perspective, the Europe, the Middle East, and Africa segment is expected to lead the global mobile wallet market and account for a 39.5% share by the end of 2018. The growing population in Africa and consumer preference for mobile payments, owing to low penetration of banks, is expected to bolster the mobile wallet market in EMEA.
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Among the key application segments, the retail segment is estimated to lead the global market and account for a 46.4% share by the end of 2018, followed by the segment of vending machines. The retail segment is projected to witness immense growth thanks to the rising global demand and the willingness of consumers to make use of mobile wallets for frequent and small purchases. “The rising number of retail stores worldwide and the convenience of payment using mobile wallets are the primary factors augmenting the growth of the retail segment of the global market,” states a TMR analyst.