Fintech
Mobile Wallet Market to value USD 970 Bn by 2030, Says Global Market Insights Inc.
The mobile wallet market is expected to record a valuation of USD 970 billion by 2030, as reported in a research study by Global Market Insights Inc. Supportive government initiatives to accelerate digital payments will be a major driver for mobile wallet industry growth. For instance, in June 2021, the European Union developed digital mobile wallet payment solutions across 27 European nations. As a result of such developments, consumer transactions made over the Internet and smartphones at point-of-sale reached USD 5.4 trillion in 2020, based on the Center for Strategic and International Studies. These factors will, in turn, influence businesses to leverage mobile wallets to provide improved customer experiences, fueling industry expansion.
Lack of regulatory framework will hamper industry growth
The mobile wallet market is highly dependent on technology, leading to a greater need for regulatory compliance. Online financial transactions are also prone to security risks since payment methods such as virtual wallets may process payment data that criminal organizations can abuse to perform fraudulent activities. Since mobile wallets are at high risk for abuse and fraud, the lack of clear regulatory frameworks can create a hindrance to industry development.
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Rise in smartphone payments to augment market development from device manufacturers segment
Smartphones are becoming a primary device for customers to purchase goods and services. To cater to these customers, manufacturers such as Samsung and Apple are increasingly introducing a range of mobile wallets in these devices. These factors are projected to increase industry share from the device manufacturers segment, which is recorded a revenue of over USD 35 million in 2021.
Investment efforts from banking and telecom firms will promote open mobile wallet adoption
The open wallet segment held approximately 12% of the mobile wallet market share in 2021, driven by the growing investments from banking and telecom industries in this wallet type. The banking industry is also observing continual change due to rapid digitalization and the launch of innovative closed mobile money wallets. Furthermore, with the proliferation of fintech startup networks, the demand for such offerings will witness a major upsurge.
Growing reliance on digital platforms to define the APAC industry
The Asia Pacific mobile wallet market accounted for more than 50% of the revenue share in 2021, due to the rapid adoption of omnichannel strategies by banks to meet varying customer needs. The penetration of mobile banking channels in the region is high, with a vast individual and corporate customer population. In countries such as India, customers are also increasingly relying on digital channels for payment activities. The mounting deployment of mobile technology has also helped fintech companies and banks expand their reach to underserved customers in remote areas, promoting regional industry growth.
Text-based mobile wallet services to gain massive momentum
The text-based segment is poised to depict a CAGR of around 5% through 2030. This type of mobile wallet provides SMS-based payment functionality, with the mobile device functioning as the POS terminal and the sending device. The report also indicates that the widespread adoption of text-based digital wallets for B2B (business-to-business), C2B (consumer-to-business) physical world purchases, and P2P (peer-to-peer) fund transfer will further amplify segmental growth.
New functionality launches to proliferate the industry dynamics
The competitive landscape of the mobile wallet market comprises companies including Amazon.com, Inc., Ant Financial Services Group, Apple Inc., PayPal Holdings, Inc., Google LLC, Mastercard Incorporated, and Samsung Electronics Co. Ltd. These industry participants are focusing on new service and feature launches to expand their business in the global market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Mobile wallet industry 3600 synopsis, 2018 – 2030
2.2 Business trends
2.2.1 Total addressable market trends
2.3 Regional trends
2.4 Type trends
2.5 Ownership trends
2.6 Technology trends
Chapter 3 Mobile Wallet Industry Insights
3.1 Introduction
3.2 Impact of the COVID-19 outbreak
3.3 Impact of the Russia-Ukraine War
3.4 Industry statistics
3.5 Industry ecosystem analysis
3.6 Mobile wallet evolution
3.7 Investment portfolio
3.8 Patent analysis
3.9 Technological and innovation landscape
3.10 Regulatory landscape
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls and challenges
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
Fintech
Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
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Fintech
Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
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Fintech
Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
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