Fintech PR
Global Mobile Wallet market to reach a valuation of US$ 138.5 billion by 2034, expanding at a 27.8% CAGR | Future Market Insights, Inc.
NEWARK, Del., Dec. 7, 2023 /PRNewswire/ — Future Market Insights (FMI) predicts that the exploding demand for contactless, secure, and seamless payment solutions, fueled by digitalization, smartphone adoption, and evolving customer preferences, will propel the global mobile wallet market forward. Dive deeper into this dynamic market and its competitive landscape to uncover actionable global insights.
In 2023, it is estimated that the global mobile wallet market will be worth US$ 9.5 billion. It is anticipated that this market would be valued at US$ 11.9 billion by the end of 2024. The global mobile wallet market is anticipated to grow at a rate of 27.80% CAGR during the forecast period, reaching a valuation of US$ 138.5 billion by 2034.
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The main driving forces of the global mobile wallet market is the rising need for contactless, secure, and seamless payment options. The steady expansion of the market is fueled by factors such as the rapid pace of digital transformation, the increasing use of smartphones, and a change in customer preferences toward easy, technologically advanced financial transactions.
“The global mobile wallet market is experiencing substantial growth due to the integration of various contactless payments, which offers customers a safe and easy payment experience. This growth is driving a global trend towards touch free transactions,” says Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm.
Key Takeaways from the Market Analysis
- The market for mobile wallet expanded at a 25% CAGR throughout the historical period.
- Throughout the projected period, the mobile wallet market in the United States is expected to develop at a 25.60% CAGR.
- Japan market for mobile wallet is expected to garner at a 27.30% CAGR between 2024 and 2034.
- Mobile wallet market will rise at a 29% CAGR in Germany over the course of the projected period.
- From 2024 to 2034, the mobile wallet market in China is anticipated to expand at a 28.30% CAGR.
- Over the course of the projected period, the mobile wallet market in Australia is likely to propel at a rate of 31.20% CAGR.
- With an anticipated 60% market share in 2024, proximity technology is predicted to acquire a sizable share.
- The retail and e commerce sector is expected to reach a 30% market share by 2024.
Understand global, regional, and country-level parameters with growth opportunities, historical data (2019-2023), and forecasts (2024-2034). Buy this report today!
Competitive Landscape
Companies within the global mobile wallet market are using augmented reality (AR) as a novel tactic to increase user engagement. Some companies include augmented reality (AR) capabilities into their mobile wallet applications, enabling customers to see and experience things before they buy them. This integrated strategy increases client happiness and loyalty while also improving the purchasing experience. Mobile wallets and augmented reality work together to provide a dynamic platform that encourages greater user participation and boosts the overall profitability and performance of these companies.
Financial inclusion is a key differentiator for startups in the mobile wallet industry. They provide low cost solutions and streamlined onboarding procedures to marginalized communities. By filling up the gaps in traditional banking, this inclusive approach aims to give those who have little access to traditional banking services a useful financial tool.
Key Developments
· In 2023, leading American advanced manufacturing and technology company Broadcom entered into a new multiyear, multi billion dollar deal with Apple. Broadcom will create innovative wireless connection components and 5G radio frequency components, such as FBAR filters, through this partnership. The design and construction of the FBAR filters will take place at a number of significant American technological and industrial hubs, including the main site in Fort Collins, Colorado of Broadcom.
· In 2023, the first ever global technology and product hub for Visa in Central and Eastern Europe is set to open in Poland. Over the next three years, The Hub will house up to 1,500 additional recruits in technology and product as Visa makes global investments to support its round the clock innovation development approach and propels the sustained rapid growth of the industry in digital payments and commerce.
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global mobile wallet market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global mobile wallet market, the market is segmented based on technology (remote, proximity), application (retail & e commerce, banking, hospitality & transportation) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East & Africa).
About the Technology Domain at Future Market Insights
The technology domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
About the Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently recognized him as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI’s latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
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Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB