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Business Economy

Mobile users expected to reach 5.5 billion by 2020

New Delhi, Jun 12 (UNI) Worldwide number of mobile users will reach 5.5 billion by 2020. At the moment there are 4.8 billion users.
Growing incomes, reducing costs of technology and easy access to mobile devices, are the key drivers for the mobile phone market growth.
The global market for mobile wallet is approximately 260 billion in 2015 and is expected to reach 3155.1 billion dollar by 2020, growing with a CAGR of 52.0 per cent. The money transfer transactions contributed to the largest share accounted for over 30 per cent of share in total revenue generated in the mobile wallet market, followed by recharge app, bill payments and utilities segment,said the statement.
Someday, the physical wallet may go the way of the cheque book, used by few and no longer a necessity for most. Growing penetration of smartphones across the world is creating a market for mobile wallets capable of serving many of the purposes which were served by physical wallets for years.
Consumers are able to take advantage of a plethora of new functions made possible in an increasingly digital marketplace. Blueocean Market Intelligence (Blueocean), has conducted comprehensive research on the Payments Industry and Mobile wallets. The research was focused on capturing advancements, understanding the nuances and identifying important players in the space, from a business and also technology implementation perspective.
The research analysts at Blueocean have published a whitepaper and a number of blogs, to cover different aspects of Mobile wallets. This article covers trends and growth rates in the smartphones and mobile wallets market, consumer behavior towards mobile wallets vs plastic money vs real money, and lastly their reactions on the social media to the mobile wallets.
The advent of mobile phones created new ways for communication, shopping, banking, travel and transportation. It brought about a revolution in the consumers’ world, simplifying day to day activities.
Climb in the mobile phones usage ushered the opportunity for mobile shopping, which allows a user to make a purchase by paying for a product or service on the mobile phone.
Most of the online retailers are selling their products and services via mobile devices and targeting their customers by offering value added services. The fastest growing region for the mobile wallet market is anticipated as Asia Pacific growing at more than 40 per cent followed by Europe. North America dominated the mobile wallet market and accounted for over 25 per cent share of the total revenue generated in 2014.
The mobile wallet market in the Asia Pacific region is expected to exhibit strong growth in the years to come. Despite its promising future, the mobile wallet market segment is facing challenges like different cash transfer channels, lack of awareness, stringent policies, low margins and poor web connectivity in several areas.
The mobile wallet market is segmented on the basis of different types of mobile wallet products such as near field communications NFC and remote payment. The NFC dominated the market with over 50 per cent share in total revenue generated in 2014 and is expected to be the fastest growing segment over the forecast period.
There are various mobile wallet brands such as PayPal, Google Wallet, Amazon Payment and Square Cash who offer mobile wallet services including online payment, online ticket booking, online gifts, coupons, loyalty cards and many more seeking to capture a piece of a market that Forrester Research Inc. estimates will top 142 billion dollar by 2019.
Increasing awareness about Mobile wallet among smartphone users has created new market for third party payment vendors, e-commerce, telecommunication, smartphone and financial companies. For instance, Verizon, Square Cash, Wells Fargo, Chase Bank and Apple Pay have launched Mobile wallet solutions in the market,said the statement.
India is also experiencing growth in digital wallet usage due to an increasing internet and mobile penetration. Paytm dominates the Indian Mobile wallet market with over 100 million users (within the country, carrying out over 75 million transactions a month. MobiKwik on the other hand, claims to have 17 million users in the country, while Citrus Pay claims to have a registered user base of 15 million followed by FreeCharge wallet with over 10 million users.
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