The global market for mobile wallets has witnessed a significant rise in the number of players across key regional markets, intensifying the level of competition in the market and making it less consolidated as compared to the past few years, observed Transparency Market Research in a recent report. Despite this, the market has been dominated by only a handful players, such as Google Wallet, Paypal, and ISIS (Softcard). These three companies collectively accounted for over 70% of the overall market.
One of the key factors to have worked in favor of the global mobile wallet market is the rising global demand for convenient modes of monetary transactions. The need to make current payment techniques and technologies more secure has encouraged the increased deployment of potential replacements such as near-field communication technologies across a number of industries, thus improving the adoption rate of mobile wallets. The market has also significantly benefitted from the massive rise in adoption of mobile computing devices such as smartphones and tablets and the significant rise is usage of mobile internet.
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The dearth of proper access to mainstream financial services in a number of under-developed economies is also driving developments across the mobile wallet market as governments, telecom companies, financial institutes are coming up with solutions to bridge this gap. Thus initiatives to encourage the adoption of online payment methods are driving the market.
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