|By Business Wire||
|May 23, 2014 06:30 AM EDT||
Research and Markets (http://www.researchandmarkets.com/research/7vrnvq/global_mobile) has announced the addition of the "Global Mobile Wallet Market 2014-2018 with ISIS, MasterCard Inc., PayPal Inc., and Visa Inc Dominating" report to their offering.
The Global Mobile Wallet market to grow at a CAGR of 10% to 2018
The increasing penetration of smartphones and the growing acceptance of NFC technology is one of the major drivers. The increase in demand for smartphones and high-end mobile devices supporting mobile-enabled payments, especially in the APAC region, is fueling the growth of the Global Mobile Wallet market. The convenient and easy mode of payment through a mobile wallet is another major driver of the market. Mobile wallets allow end-users to make payments or to manage financial transactions without any time and location constraints.
The Global Mobile Wallet market is expected to witness rapid growth during the forecast period due to certain emerging trends. One such trend is the increased use of mobile commerce. This trend is expected to continue during the forecast period due to the convenience and ease of payment facilitated by using smartphones, as well as initiatives undertaken to equip POS devices in convenience stores. Thus, the combined effect of the drivers and emerging trends is expected to drive the growth of the Global Mobile Wallet market during the forecast period.
Further, the report states that one of the major challenges in this market is infrastructural inadequacies. Hindrances in communication systems and lack of accessibility and interoperability are some of the fallout of infrastructural inadequacies. The mobile wallet is a new concept, and therefore its success is highly dependent on the confidence level of end-users. However, these infrastructure issues can deter end-users' confidence.
Key vendors dominating this space include
- MasterCard Inc
- PayPal Inc.
- Visa Inc.
Other vendors mentioned in the report are
- American Express Serve
- Google Inc.
For more information visit http://www.researchandmarkets.com/research/7vrnvq/global_mobile
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