The Latin America, Middle East and Africa Mobile Wallet Market would witness market growth of 30.4% CAGR during the forecast period (2022-2028).
Nearly every single valuable card kept in a physical wallet, including a driver's license, Social Security card, loyalty cards, health insurance cards, hotel key cards, and bus or train tickets, could also be kept in a mobile wallet since they are a digitized version of physical wallets. Mobile wallets and the phrase "digital wallet" are frequently employed interchangeably. Despite the fact that both retain payment details, their implementations differ. Digital wallets can be used on mobile devices, however they are mostly utilized for internet transactions.
Individuals who would prefer not to have a real wallet when completing in-store transactions utilize mobile wallets. Such wallets must therefore be utilized on portable and mobile platforms. The majority of smartphone manufacturers deploy exclusive mobile wallets on their devices. Only iOS devices and Samsung phones may utilize Apple Pay and Samsung Pay, respectively. Mobile wallets can now be used with many tech gadgets. Based on the gadget, a mobile wallet may already be installed, like Apple Pay on an Apple Watch.
Mobile payment & digital wallet systems like Google Pay, Apple Pay, and Samsung Pay have acquired consumer trust as e-commerce as well as online transactions increase, enabling them the preferred payment method. Understanding customer attitudes toward using mobile banking applications is crucial in this situation since it will help the banking industry and Fintech service providers in the UAE make meaningful predictions and recommendations. Owing to these aspects, the demand and growth of the mobile wallet market would boost in the coming years.
The Brazil market dominated the LAMEA Mobile Wallet Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $574.3 million by 2028. The Argentina market is experiencing a CAGR of 31.1% during (2022 - 2028). Additionally, The UAE market would exhibit a CAGR of 30.1% during (2022 - 2028).
Based on Technology, the market is segmented into Proximity and Remote. Based on Application, the market is segmented into Retail & E-commerce, Hospitality & Transportation, Banking, Vending Machine, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Mobile Wallet Market is Predict to reach $30.2 Billion by 2028, at a CAGR of 27%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), PayPal Holdings, Inc., Ant Group (Alipay) (Alibaba Holding), AT&T, Inc. (AT&T Intellectual Property), Mastercard, Inc., Visa, Inc., and American Express Company.
By Technology
By Application
By Country
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