Consumers in the United States are only now beginning to see the full potential of mobile wallets as a financial tool. Still, experts predict that the industry will experience the same explosive growth seen in Asia over the next several years. Companies like Walmart, Starbucks, and Dunkin’ Donuts in the United States have seen strong adoption of their branded wallets. In contrast, Apple, Samsung, and Google are still waiting for customers to adopt their OEM wallets in large numbers.
According to a report published by Global Insights Inc in 2019, global mobile wallets are expected to grow to over $250 billion by 2024. It predicts that the mobile wallet market in the United States will develop at a CAGR of 17% between now and 2025, while in Asia-Pacific, the industry will increase to $140 billion by 2024. Let’s focus on the seven top mobile wallet providers of 2023 below.
1. HolyWally
HolyWally was originally a side project at Creitive, a digital innovation organization with a global reach and a specialty in the banking and finance sector. The HolyWally team recognized the need for a straightforward wallet platform for businesses of all stripes with their extensive background in developing and scaling fintech solutions. This iterative process yielded HolyWally, a mobile wallet solution provider that balances customizability, scalability, and user-friendliness.
HolyWally’s goal is to supply the tools you require to meet your client’s requirements. HolyWally’s mission is to revolutionize the electronic wallet market by making it trivial for any company, no matter its field, to create a digital wallet that meets all of its specific requirements. As a result, we can save years of effort and quickly scale the value we create.
2. Cellum
Cellum, which began in Hungary in 2000, has relocated to Singapore. White-label mobile wallet solutions are provided to the finance, retail, IT, and transportation sectors. It has been around for a while, has a good reputation, and has been PCI-Certified. Starting in 2011, the company made a concerted effort to grow internationally, with branches in the Americas, Europe, and Asia.
3. Seamless Distribution Systems
When it comes to providing comprehensive financial and consulting services, the Nordic countries turn to Seamless Distribution Systems, an industry leader. The Nasdaq First North Premier Index-listed firm has been in business for half a century and has expanded into 50 different nations. It builds, distributes, and administers monetary software infrastructures. By prioritizing partnerships with well-established businesses, Seamless has amassed substantial market insight. Its current offerings do not make use of AI or Blockchain technology.
4. Openway
In 1995, Openway was founded in Belgium, which has remained home to the company’s headquarters. It now has 17 locations in different parts of the globe. The business’s answer for making purchases is the Way4 card, wallet, and system. In addition to a stellar reputation, it has a wealth of relevant knowledge and skills. It has a huge staff dedicated to serving its 130 financial institutions’ clientele. Ovum lauded the digital wallet software it developed in 2016.
5. Mangopay
Luxembourg-based Until its acquisition by Crédit Mutuel Arkéa in 2015, Mangopay provided several different mobile wallet services, such as consumer-to-consumer and business-to-business transactions, as well as white-label solutions and plugins. Customers can use escrow accounts to send money anywhere in the world. It provides SDKs and interfaces with the most widely used technologies on the market. They haven’t included AI or Blockchain in their product, concentrating on marketplaces and crowdfunding sites. The business is flexible and offers a wide variety of products.
6. Openway
In 1995, Openway was founded in Belgium, which has remained home to the company’s headquarters. It now has 17 locations in different parts of the globe. The business’s answer for making purchases is the Way4 card, wallet, and system. In addition to a stellar reputation, it has a wealth of relevant knowledge and skills. It has a huge staff dedicated to serving its 130 financial institutions’ clientele. Ovum lauded the digital wallet software it developed in 2016.
Way4, a platform for electronic banking and payments, was created by OpenWay Group. Account administration, issuing cards, acquiring merchants, switching transactions, digital wallets, tokenization, and fleet cards are all included. OpenWay, with headquarters in Belgium, has regional offices worldwide with customers in 83 different nations.
7. Softspace
Softspace, based in Malaysia, is a major participant in the fintech industry. Its payments infrastructure and Fasspay wallet have earned a solid reputation throughout Asia. While only 2012 saw its inception, the company’s technology is already being used by 20 banks across 11 nations. The majority of the firm’s revenue comes from enterprise clients in Asia.
The Softspace payments platform was designed from the ground up to be secure and flexible. It uses secure open application programming interfaces (APIs), so third parties can create value-added features and integrate them.
Final Thoughts
When working with a service provider to create a mobile wallet with your company’s name and logo, there are many factors to consider. But it pays off, in the long run, to put in the effort upfront to ensure a positive relationship with your staff and consumers.
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