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.
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 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.