The global mobile wallet market is projected to grow at a CAGR of 35.5 percent from 2017 to 2021, according to research firm Research and Markets.
In a press release highlighting the launch of new research, dubbed “Global Mobile Wallet Market 2017–2021,” Research and Markets said the use of 3G and 2G mobile data and broadband around the globe is a big contributor to the growth of the mobile wallet market.
“Mobile wallets are equipped with options like integration with coupons and tickets, which are making them highly popular among users. In addition, users can also save their card and bank details on their smartphones and make payments and purchases easily. The increasing technological advances in NFC devices and growing security of payment portals are other factors driving the market growth,” the research report firm wrote in the press release.
Research and Markets’ assessment of the mobile wallet market meshes with what Technavio, the research firm, found about the mobile wallet market. Technavio is also forecasting it to grow at a CAGR or more than 35 percent through 2021. According to Technavio, the use of mobile wallets in stores increased rapidly in 2015 and 2016 as operational costs for retailers were lowered, increasing their revenue. What’s more, the research firm said mobile wallets used in retail stores offer customers benefits, such as coupons and loyalty points.
“An effective mobile wallet strategy, which includes in-app mobile purchases, as well as in-store purchases, is critical for businesses across different categories as it enables consumers to modify their mobile wallet properties according to the retail stores they visit,” said Ujjwal Doshi, a lead analyst at Technavio for internet and eCommerce research.