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Mobile Payments

Mobile wallet market to surpass USD 250 bln by 2024

Tuesday 29 January 2019 | 01:01 PM CET

According to a Global Market Insights report, the mobile wallet market is expected to grow from over USD 100 billion in 2017 to USD 250 billion by 2024.

The report suggests that the growth is influenced by attractive discounts and cashback offers by mobile wallet providers.

Other key findings of the report:

  • the open wallet market will grow at a CAGR of over 15% over the forecast timespan;

  • the telco industry is expected to grow at a CAGR of over 10%;

  • the NFC technology accounts for a share of over 80% in the mobile wallet market;

  • mobile wallet market is projected to grow at a CAGR of over 11%;

  • Europe's mobile wallet market is anticipated to grow a CAGR of over 15%.

Moreover, the players in the market such as Apple, Samsung, Amazon, Tencent, Google, Skrill, American Express, One97 Communications Limited, Vodafone, Ant Financial, JP Morgan Chase, PayPal, Sprint Corporation, Visa, Wells Fargo, First Data, AT&T, and Mastercard are forming strategic alliances with financial institutions, retailers, card network providers, and telecoms service providers to expand their customer base and gain market share. For instance, in July 2018, Visa partnered with Kuwait Finance House to launch a mobile wallet for credit card and prepaid cardholders.

More: Link