Mobile wallet is a system that allows consumers to pay by phone during travel, from any location, anytime. The global mobile wallet market is expected to grow at a CAGR of 127.5% from 2012 to 2020. The key driver for the growth of the market is it to provide consumers with greater convenience for payment. It is estimated that more than 70% smartphone users are willing to adopt mobile payment modes and 15% have already completed the adoption.
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However, the payment method can be used till the mobile has power and battery backup. Therefore, when the battery of the mobile is down, the mobile wallet cannot be used. This is one of the key restraints for the growth of the market. Smartphone users have multiple applications on their phones which consume power and the chances of battery outages are high. This limits the usability of the mobile wallet application. An important challenge for technology providers is to make the advances in the emerging NFC technology, as it is expected to have high demand among consumers.
Some of the key players profiled in this report are American Express, Apple Inc., AT&T Inc., Blackberry, First Data, Google, Sprint, Samsung, MasterCard and Visa.