The NFC mobile wallet market is projected to grow at a CAGR of more than 25% during the forecast period. A high level of encryption is promoting the use of NFC technology among mobile wallet providers. NFC-enabled mobile wallets have an additional layer of security, which prevents the data from being intercepted when it is being transferred.
The bank’s segment in mobile wallet market is forecast to see growth at over 15% CAGR during the projected time period. Banking establishments are investing in the development of their own mobile wallets to capitalize on opportunities to cross sell and up-sell various other financial products and gain actionable insights to provide a customized experience to their customers.
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Europe mobile wallet market is anticipated to grow a CAGR of over 17% over the forecast timespan, with rise of various competing mobile wallets by multiple international & domestic entities. The collaborative effort between banking establishments and technology players is accelerating the growth of the mobile wallet landscape.
The open wallet market will grow at a CAGR of over 16% over the forecast timespan. Rising investments by the financial players in mobile wallets are driving the mobile wallet market share. Financial institutions are investing in open mobile wallets as these permit cash withdrawal & redemption and allows users to purchase products & services at various locations through a centralized mobile wallet.
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Companies Profiled include Amazon, American Express, Ant Financial Services, Allied Wallet, Apple, AT&T, Barclays, First Data, Google, ICICI Bank, J.P. Morgan Chase, Mastercard, Mozido, One Mobikwik System, One97 Communications, PayPal Holdings, Samsung Electronics, Skrill, Tencent Holdings, Visa, Vodafone, and Wells Fargo.
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