Africa is among the largest three markets that are expected to boost the mobile wallet industry in 2018, a new market report published by Transparency Market Research "Mobile Wallet Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2012 – 2018”, has revealed.
According to the report, global mobile wallet market is expected to reach USD 1,602.4 billion by 2018, growing at a CAGR of 30.7% from 2012 to 2018, with EMEA (Europe, the Middle East and Africa) markets leading the pack.
In 2011, the EMEA region accounted for over 40 percent of the global revenue share due to the dense population in Africa, and widespread public acceptance of mobile wallets in Europe.
A synopsis of the report asserts that 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.
“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.”
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. It provides complete analysis of the factors responsible for driving and restraining the global mobile wallet market.
The report segments the global mobile wallet market as:-
Mobile Wallets Market
By industry participants:
· MNOs
· Financial institutions (banks)
· Payment network
· Intermediaries
· Payee service provider
· Acquisition service provider
· Issuer processing service provider
· Payor service provider
· Merchants
· Customers
By components:
· Hardware
· Software
· Services
By consumer type
· Online shoppers
· Card users
· Cash payers
By functionality
· Single function
· Multi function
· Universal function
By geography
· EMEA (Europe, the Middle East and Africa)
· North America
· Asia Pacific
· Latin America
To read full report, visit: http://www.transparencymarketresearch.com/mobile-wallet.html
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