Mobile Wallet Market Size, Emerging Trends and Overview to 2024: Hexa Reports

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Mobile Wallet Market Analysis, Share and Size, Trends,

Industry Growth, Overview And Segment Forecasts To 2024

The global mobile wallet market is expected to reach USD 7,581.91 billion by 2024, according to a new

report by Grand View Research, Inc.

Growing mobile penetration with improved payment infrastructure and data connectivity are expected

to offer the significant opportunity of the mobile wallet market. Increasing application of mobile wallet

which includes Apple Pay, Android Pay and Samsung Pay with the growing capability of paying through

mobile phones, is expected to drive the market demand.

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Increasing demand for enhanced government policies and security issues is expected to drive the

market growth. Enterprises across the industries are developing and deploying the new products for

improving the productivity with increasing security.

The increasing need for lowering cost of ownership and increased convenience need will continue to

dictate the market development.

Growing development in NFC has encouraged the consumers to use the mobile devices for making small

and large payments. Proliferation and adoption of mobile payments including digital wallets and usage

of apps has encouraged the non-payment technology firms to enter into payment landscape such as

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American Express and Jawbone. According to the U.K. Cards Association, contactless payments in the

region have surged to 184% high with 179.6 Billion of transactions.

Further key findings from the report suggest:

Banking entities, payment gateways, businesses and payment processors are expanding with the

emerging payment technologies.

Proximity product type is expected to have maximum CAGR over the forecast period owing to the

increased penetration of NFC enabled mobile...