The report suggests that the growth is influenced by attractive discounts and cashback offers by mobile wallet providers.

Other key findings of the report:

• the open wallet market will grow at a CAGR of over 15% over the forecast timespan;

• the telco industry is expected to grow at a CAGR of over 10%;

• the NFC technology accounts for a share of over 80% in the mobile wallet market;

• mobile wallet market is projected to grow at a CAGR of over 11%;

• Europes mobile wallet market is anticipated to grow a CAGR of over 15%.

Moreover, the players in the market such as Apple, Samsung, Amazon, Tencent, Google, Skrill, American Express, One97 Communications Limited, Vodafone, Ant Financial, JP Morgan Chase, PayPal, Sprint Corporation, Visa, Wells Fargo, First Data, AT&T, and Mastercard are forming strategic alliances with financial institutions, retailers, card network providers, and telecoms service providers to expand their customer base and gain market share. For instance, in July 2018, Visa partnered with Kuwait Finance House to launch a mobile wallet for credit card and prepaid cardholders.