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The global increase in Smartphone penetration compounded with the widespread use of NFC (Near Field Communication) technology in the form of embedded “tags” is driving the mobile wallet market. Smartphones and associated applications are the fundamental requirement for mobile wallet technology that enables payment without the intervention of traditional banking channels. The increasing demand for Smartphones, especially in the developing economies of the Asia Pacific region, is eventually resulting in the growing share of the mobile wallet industry globally. Transactions conducted using online payment require an active data connection, hence rise in mobile data usage is equally contributing to the growth of this market.
Source : http://www.transparencymarketresearch.com/mobile-wallet.html