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Mobile Payments

Global m-wallet market to value USD 1.6 trillion in 2018 - report

Monday 22 September 2014 | 12:48 PM CET

The global mobile wallet market is expected to reach USD 1.6 trillion by 2018, growing at a CAGR of 30.7% from 2012 to 2018, a recent study reveals.

According to a recent report published by Transparency Market Research and titled “Mobile Wallet Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2012 – 2018,” mobile commerce is anticipated to be the leading segment until 2020, which will be then followed by mobile money transfer and mobile ticketing.

The research also points out that the EMEA (Europe, the Middle East and Africa) is expected to be the largest market for the mobile wallet industry in 2018. The EMEA region in 2011 accounted for over 40% of the global revenue share. The Asia-Pacific region is expected to witness the fastest growth in terms of revenue over the forecast period, and is expected to grow at a CAGR of 31.0% from 2012 to 2018 in this geography. The reason behind the rapid growth in these regions was the rising public acceptance of mobile wallets in Europe, as well as the overall dense population in Africa. The European market for mobile wallet services is developing rapidly, with substantial momentum in NFC wallet services and miscellaneous launches of non-NFC wallet services pertaining to mobile-wallet, the study shows.

Furthermore, the report highlights that the retail sector of the mobile-wallet formed the largest application of mobile wallets in 2011. It was valued at USD 144.8 billion. Similar trend is expected to propel the growth in this market further owing to factors such as initiatives undertaken to equip POS devices in convenience stores and ease of payment using smartphones at any locations. However, the next upward trending segment after the retail is the vending machines. They are significant applications of the mobile wallet technology and are expected to enjoy huge support from stakeholders, the study adds.

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