The NFC mobile wallet market is projected to grow at a compound annual growth rate (CAGR) of more than 25% from now through 2025, according to Global Markets Insights (www.gminsights.com).
A high level of encryption is promoting the use of NFC technology among mobile wallet providers. NFC-enabled mobile wallets have an additional layer of security, which prevents the data from being intercepted when it is being transferred, the research group adds.
The bank’s segment in mobile wallet market is forecast to see growth at over 15% CAGR during the projected time period. Banking establishments are investing in the development of their own mobile wallets to capitalize on opportunities to cross sell and up-sell various other financial products and gain actionable insights to provide a customized experience to their customers.
Global Market Insights says the Europe mobile wallet market is anticipated to grow a CAGR of over 17% over the forecast timespan, with rise of various competing mobile wallets by multiple international and domestic entities. The collaborative effort between banking establishments and technology players is accelerating the growth of the mobile wallet landscape.
The open wallet market will grow at a CAGR of over 16% over the forecast timespan, according to Global Market Insights. Rising investments by the financial players in mobile wallets are driving the mobile wallet market share. Financial institutions are investing in open mobile wallets as these permit cash withdrawal & redemption and allows users to purchase products & services at various locations through a centralized mobile wallet.
