Albany, New York (PRWEB) September 19, 2014
Several nations have evolving landscapes in terms of mobile payment services. There lies an immense opportunity in the emerging and the already developed countries for tapping the potential of services related to non-cash based payments landscape.
The most proficient method that has been identified as effective in the recent past is through the use of Smartphones. The inclination of worldwide consumers adapting to this payment system is enough proof that users are having the alacrity towards the use of mobile wallet platforms. Such platforms will boom the demand for mobile wallet applications to consumers who are willing to shift their purchase decisions and overall brand loyalty to something better and quicker.
- What is Mobile Wallet? – In Brief
Browse Full Mobile Wallet Market Research Report With Complete TOC: http://www.transparencymarketresearch.com/mobile-wallet.html
- Urging Growth in Mobile Wallet Market
With the advent of affordable options such as budget smartphones and the facilitation of NFC (Near Field Communication) technology both in the user’s device as well as in Point of Sale (POS) terminals, the surge in the demand for mobile wallets has increased the smartphone penetration, as well as the frequency of mobile wallet applications. These aspects are expected to drive this market over the next few years.
For further inquiries, click here: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=848As per the industry best experts’ advice, the key benefit in using a mobile wallet is the point when a user faces a transaction failure during the process. The rate of the transaction failure is quite minimal as compared to an average of 20% through other electronic payment gateways. In an ideal situation, most online or mobile payment failures happen at the backend server of the bank, whereas in the mobile-wallet, since users have their cash stored in the wallet, the procedure through bank is bypassed in the transaction.
Note: (A customer would sometimes experience a failed transaction only in times when he/she is trying to deposit the money to his/her wallet).
Browse the full article of this report: http://www.transparencymarketresearch.com/article/mobile-wallet-market.htmAccording to the leading market firms in the industry, the global mobile wallet market is expected to grow at a CAGR of 127.5% from 2012 to 2020. It is estimated that more than 70% smartphone users are willing to adopt mobile payment modes and 15% have already completed the adoption. Nevertheless, the retail sector formed the largest application of mobile wallets in 2011, and it was valued at USD 144.8 billion.
- Places Geographically Active
On the other hand, in terms of revenue, the Asia-Pacific region is expected to witness the fastest growth over the forecast period, and is expected to grow at a CAGR of 31.0% from 2012 to 2018.
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