Growth of Mobile Wallets
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Citi Commercial Cards announced a partnership with Marqeta for a global mobile wallet offering
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Leading technology companies such as Apple, Google, and Samsung recently entered the mobile payment services market
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According to GlobalData, the global mobile wallets market was valued at $55,679 billion in 2021, an annual increase of 28.3%
Growth of Mobile Wallets
Recently, Citi Commercial Cards announced a new partnership with Marqeta, a modern card issuing platform, for a global mobile wallet offering. The Commercial Cards division offers travel, purchase, and virtual cards to institutional clients such as corporations, financial institutions, and government agencies. Marqeta's tokenization technology will be integrated with Citi's existing systems, which will allow cardholders to access corporate plastic cards and virtual cards in mobile wallets. The service will provide Citi's corporate clients a simple method to add a card to their mobile wallet of choice and pay safely and smoothly on the go. Marqeta's tokenization services are used in over 40 markets globally.
What is a Mobile Wallet?
A mobile wallet is a digital wallet that saves information from credit cards, debit cards, and other sources. Mobile wallets allow users to make in-store payments quickly and easily, and anyone can use them at any merchant where digital payment is accepted.
Citi will use Marqeta's tokenization technology for its mobile wallet. Tokenization replaces sensitive data with more secure data, also referred to as a token. Cards can be immediately tokenized and put into digital wallets, allowing them to be used online, in apps, and at point of sale (POS) that accepts contactless payments.
Growth of Mobile Wallets
The use of mobile wallets increased as the pandemic resulted in greater acceptance of digital payments. In 2021, the global market value of mobile wallets was $55,679 billion, an annual increase of 28.3%.
Region-wise, Asia-Pacific leads with a market value of $55,309 billion during this period, followed by Europe. In Asia-Pacific, China, Indonesia, and India are leading the wallet market with $50,126 billion, $3,900 billion, and $891 billion, respectively.
Increasing Competition in Mobile Wallets
Mobile payment service is a tough battle for traditional banks as technology companies such as Apple, Google, and Samsung entered the fray with sophisticated software and technology, helping them win the war of global mobile payments.In 2020, the US investment bank JPMorgan Chase & Co stopped its mobile wallet Chase Pay as it could not compete with Apple Pay. However, banks such as Citi are creating opportunities by partnering with fintech firms and using existing customers.
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