Albany, New York, USA (PRWEB) January 31, 2014
The global increase in Smartphone penetration compounded with the widespread use of NFC (Near Field Communication) technology in the form of embedded “tags” is driving the mobile wallet market. Smartphones and associated applications are the fundamental requirement for mobile wallet technology that enables payment without the intervention of traditional banking channels. The increasing demand for Smartphones, especially in the developing economies of the Asia Pacific region, is eventually resulting in the growing share of the mobile wallet industry globally.
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Transactions conducted using online payment require an active data connection, hence rise in mobile data usage is equally contributing to the growth of this market. There are a large number of consumers that are unbanked and do not have proper access to financial services provided by financial institutions, such as banks. Mobile wallets provide banking services and financial management at affordable prices and help consumers in managing their accounts. As a result, the mobile wallet industry is witnessing a boost in its revenue.
Mobile wallets are customizable and can be used for identifying user credentials during the process of online payments. Personal identification documents such as driving license, passport, and social security numbers can be verified with the help of mobile wallet, due to which this technology is enjoying considerable support from regulatory bodies. Mobile wallet facility can be integrated with the authentication programs to serve the dual purpose of authentication and mobile payments.
Initiatives from governments to encourage the use of mobile wallet is gaining momentum in emerging markets such as Philippines and Kenya due to the larger gap between bank and non-bank organizations. Financial inclusion is the crucial factor to reduce this gap which can be accomplished by agreements between governments, telecom companies and financial organizations.
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The report study on the global mobile wallet market analyzes this market based on the major component types, application areas, functionality, consumer type, and major geographies that include North America, Latin America, EMEA (Europe, the Middle East and Africa), and Asia Pacific. The report provides complete analysis of the factors responsible for driving and restraining the global mobile wallet market.
There are a number of stakeholders in the mobile wallet industry who are attempting to gain market share; however standardization across the value chain is the need of the hour. Key players in this market are Google Wallet, LevelUp, ISIS, and Amazon Payments among others.