The increasing use of internet network all over the world coupled with advancements in this network such as 3G and 4G are the major factors driving the global mobile wallet market. Mobile wallet, also termed as electronic wallet, provides the reliability to the consumers to make payments and purchases electronically. Generally, mobile wallets provide the storage of credentials through cloud or on device, which can be later used to make payments. The electronic mobile wallet also provides the integration of coupons, cards and multiple tickets which reduces the hassle of keeping multiple cards. The rapidly increasing usage of smartphones is also a factor propelling the mobile wallet market. The continuous advancements in Near Field Communication (NFC) technology and safe payment methods are the factors expected to further fuel the global mobile wallet market.
The mobile wallet payment on the basis of transaction targets is divided into person to person (P2P) payment and customer to business (C2B) payment. On the basis of communication range, it is divided into remote payment and proximity payment. Proximity payment is a contactless payment method where a user makes payment through short range communication technologies such as infrared, Bluetooth, RFID and Near Field Communication (NFC). Remote payment is the process where the user makes payment through mobile devices and operates back end system of mobile payment through communication networks. The increasing smartphone penetration, advancements in internet network and the rapid growth of internet based mobile applications are the major factors driving the mobile wallet remote payment market.
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The key players in the global mobile wallet market are differentiated on the basis of their role in the market. The major stakeholders in the market include customers, merchants, intermediaries, payment network, financial institutions and mobile network operators. Some of the key players in the market include Paypal Inc., MasterCard, ISIS, Googe, First Data, BlackBerry, Apple Inc. and American Express Inc.
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