San Francisco, Oct. 11, 2016 (GLOBE NEWSWIRE) -- 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.
Browse full research report with TOC on “Mobile Wallet Market Analysis By Product (Proximity and Remote), By Application (Retail, Vending Machine, Public transportation and Restaurants) And Segment Forecasts Till 2024” at: http://www.grandviewresearch.com/industry-analysis/mobile-wallet-market
Further key findings from the report suggest:
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Grand View Research has segmented the mobile wallet market on the basis of product type, application, and region:
Mobile Wallet Product Outlook (Revenue, USD Billion, 2014 - 2024)
Mobile Wallet Application Outlook (Revenue, USD Billion, 2014 – 2024)
Mobile Wallet Regional Outlook (Revenue, USD Billion, 2014 – 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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