Mobile Wallet Market Synopsis:
Mobile Wallet Market Size Was Valued at USD 13.80 Billion in 2023, and is Projected to Reach USD 116.85 Billion by 2032, Growing at a CAGR of 26.8% From 2024-2032.
Mobile wallet is defined as a form of an electronic wallet, also understood as an electronic purse, which are applications that store and enable payment information, including but not limited to credit or debit card data, loyalty card data or cryptocurrencies in a mobile device. These wallets allow people to pay with their mobile devices for web and offline purchases, send money and review transaction history, never having to carry physical cash and cards.
Mobile wallet industry has shown considerable trends in the recent past and this has been mainly due to the popularity of smart phones and especially due to COVID-19 pandemic that encouraged most people for contactless payment methods. When used mobile payments are considered fast, safe and convenient, the use of mobile wallet is being expanded in the online retailing, transportation and services including the health care services. These wallets use NFC technology, QR codes, and blockchain to facilitate smooth transactions that are outside the normal integration of a banking system.
New consumers have mainly been induced into the use of mobile wallets by factors such as the increasingly declining use of cash and the need to engage in Modern seamless payments. The main focus of the growth of the mobile wallet’s platform for users are the biometric authentication, multi-currency, and loyalty programs. The said innovations make the use of mobile wallets appealing to the consumer, the business entity and other financial institutions. Thirdly, the partnerships between the traditional financial entities, advanced fintechs or innovative technology firms also exist and help to further boost the scale and the mobile wallets rates among the users of different age and geographical locations.
Mobile wallet usage is also anchored ont he growth of e-commerce with specific reference to the developing world where the internet is largely accessed through mobile devices. Increasingly, consumers and merchants are having access to and using mobile wallet and accordingly governments globally are framing policies and formulating standard to make the mobile wallet transaction free from security threats. Furthermore, Mobile money transfer innovations, including value added services like P2P money transfer, bill payments, investment the possibility of making mobile wallet as a one-stop-shop for managing financial transactions is also likely to drive the market.
Mobile Wallet Market Trend Analysis:
Adoption of Contactless Payments
- Another important characteristic of the current mobile wallet market is the increasing interest in the contactless payment. Contactless payments have emerged as one of the most prominent offerings in mobile money, as shoppers transform convenience and time-efficiency considerations to transact through a touch of their mobile phone or any wearable. It has been on the rise especially over the recent past during the coronavirus pandemic, when consumers have looked for non-contact ways to make transactions. Countries are encouraging the adoption of these systems for payments and merchants, transport services, and even hospitals have embraced the use of Contactless payments as a norm.
- Rich with the implementation of NFC and QR code, users can easily make contactsless payments across a wide range of merchant sectors in online or offline modes. This tendency will persist as the consumers’ need for quicker, less expensive, and more secure means of payments grows. Given this trend, it changes that as more innovation in mobile wallets transpire, contactless payments will become more prevalent and increase market demand.
Expansion in Emerging Markets
- The formerly mentioned market trends reveal one of the main opportunities for the growth of the demand for mobile wallets: the continuation of the expansion of the mobile wallet sphere in developed and, in particular, emerging countries. With increased features, available screen size and better battery life, cheaper phones along with affordable web connectivity are targets that are yet to be reached in developing countries such as regions in south east Asia, Central and Latin America and Africa. To many of these regions, mobile phones are the only means through which they access banking and other financial services, and hence, to the unbanked, an M-wallet will be an effective tool. This new environment of digital economy is offering potentials to new mobile wallet providers to address these unserved segments.
- The emergence of mobile wallets in these markets, can serve to enhance financial inclusion, payments, transfers and even micro lending facilities. To capture these markets, mobile wallet solutions have the potential to benefit from both partnership with local businesses and government backed campaigns that promote the use of digital payments. In return, firms targeting affordability, accessibility and localized opportunities to give value to the lines of many individuals in developing countries, providers of mobile wallet services can envision significant customer traffic volumes.
Mobile Wallet Market Segment Analysis:
Mobile Wallet Market is Segmented on the basis of Type, Payment Method, Platform, Application, End User, and Region.
By Type Closed Wallet segment is expected to dominate the market during the forecast period
- The Closed Wallet segment is projected to dominate the Mobile Wallet Market during the forecast period due to its strong integration with specific brands and service ecosystems. Closed wallets are typically issued by companies to be used exclusively within their own networks or for specific products and services, offering high security, streamlined user experiences, and efficient transaction processes. These wallets are often linked directly to loyalty programs, promotional offers, and seamless checkout options, encouraging customer retention and repeat purchases.
- Major players like Apple, Starbucks, and Amazon have successfully adopted the closed wallet model, driving its widespread acceptance and popularity. Additionally, the closed nature allows businesses to maintain full control over consumer data and transaction insights, aiding in better marketing strategies and personalized user engagement. As digital payments continue to grow, the focused and brand-centric approach of closed wallets ensures their continued dominance in the market.
By Application, Retail segment expected to held the largest share
- The retail segment is projected to hold the largest share in the mobile wallet market due to the growing adoption of digital payment solutions across both online and offline retail platforms. With the rise of e-commerce and the increasing preference for contactless payments, retailers are integrating mobile wallet options to enhance customer convenience, speed up transactions, and improve the overall shopping experience.
- The widespread use of smartphones, along with attractive promotional offers, cashback rewards, and loyalty programs offered through mobile wallets, is driving consumer engagement in the retail space. Physical retail stores are also leveraging mobile wallets to reduce checkout times and promote cashless transactions. As digital transformation accelerates across the retail industry, the demand for mobile wallets is expected to surge, making the retail segment a key driver of growth and innovation within the broader mobile wallet ecosystem.
Mobile Wallet Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- North America is anticipated to dominate the global mobile wallet market throughout the forecast period, driven by widespread smartphone adoption, a highly developed digital infrastructure, and strong consumer preference for cashless transactions. The region’s advanced financial ecosystem, along with the increasing popularity of contactless payments, is encouraging both consumers and merchants to adopt mobile wallet solutions at a rapid pace.
- Major players such as Apple Pay, Google Wallet, and Samsung Pay continue to innovate and expand their services, contributing to significant market growth. Regulatory support for secure digital payment systems and a surge in e-commerce activities are also boosting the demand for mobile wallets in North America. With continuous technological advancements and rising consumer awareness, the region is well-positioned to lead the global mobile wallet landscape, setting trends and standards for other markets to follow in the coming years.
Active Key Players in the Mobile Wallet Market:
- Apple Pay (USA)
- Google Pay (USA)
- Samsung Pay (South Korea)
- PayPal (USA)
- Alipay (China)
- WeChat Pay (China)
- Amazon Pay (USA)
- Venmo (USA)
- Square (USA)
- Rakuten Pay (Japan)
- Bharti Airtel’s Airtel Money (India)
- Paytm (India), and Other Active Players
|
Global Mobile Wallet Market |
|||
|
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 13.80 Billion |
|
Forecast Period 2024-32 CAGR: |
26.8% |
Market Size in 2032: |
USD 116.85 Billion |
|
Segments Covered: |
By Type |
|
|
|
By Payment Method |
|
||
|
By Application |
|
||
|
By End-User |
|
||
|
By Region |
|
||
|
Key Market Drivers: |
|
||
|
Key Market Restraints: |
|
||
|
Key Opportunities: |
|
||
|
Companies Covered in the report: |
|
||
Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Mobile Wallet Market by Type
4.1 Mobile Wallet Market Snapshot and Growth Engine
4.2 Mobile Wallet Market Overview
4.3 Closed Wallet
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Closed Wallet: Geographic Segmentation Analysis
4.4 Semi-Closed Wallet
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 Semi-Closed Wallet: Geographic Segmentation Analysis
4.5 Open Wallet
4.5.1 Introduction and Market Overview
4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.5.3 Key Market Trends, Growth Factors and Opportunities
4.5.4 Open Wallet: Geographic Segmentation Analysis
Chapter 5: Mobile Wallet Market by Payment Method
5.1 Mobile Wallet Market Snapshot and Growth Engine
5.2 Mobile Wallet Market Overview
5.3 Contactless Payments
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Contactless Payments: Geographic Segmentation Analysis
5.4 QR Code Payments
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 QR Code Payments: Geographic Segmentation Analysis
5.5 Near Field Communication (NFC)
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Near Field Communication (NFC): Geographic Segmentation Analysis
5.6 Bluetooth Payments
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Bluetooth Payments: Geographic Segmentation Analysis
Chapter 6: Mobile Wallet Market by Platform
6.1 Mobile Wallet Market Snapshot and Growth Engine
6.2 Mobile Wallet Market Overview
6.3 Android
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Android: Geographic Segmentation Analysis
6.4 iOS
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 iOS: Geographic Segmentation Analysis
6.5 Windows)
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Windows): Geographic Segmentation Analysis
Chapter 7: Mobile Wallet Market by Application
7.1 Mobile Wallet Market Snapshot and Growth Engine
7.2 Mobile Wallet Market Overview
7.3 Retail
7.3.1 Introduction and Market Overview
7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.3.3 Key Market Trends, Growth Factors and Opportunities
7.3.4 Retail: Geographic Segmentation Analysis
7.4 Transportation
7.4.1 Introduction and Market Overview
7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.4.3 Key Market Trends, Growth Factors and Opportunities
7.4.4 Transportation: Geographic Segmentation Analysis
7.5 Hospitality
7.5.1 Introduction and Market Overview
7.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.5.3 Key Market Trends, Growth Factors and Opportunities
7.5.4 Hospitality: Geographic Segmentation Analysis
7.6 Entertainment
7.6.1 Introduction and Market Overview
7.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.6.3 Key Market Trends, Growth Factors and Opportunities
7.6.4 Entertainment: Geographic Segmentation Analysis
7.7 Healthcare
7.7.1 Introduction and Market Overview
7.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.7.3 Key Market Trends, Growth Factors and Opportunities
7.7.4 Healthcare: Geographic Segmentation Analysis
Chapter 8: Mobile Wallet Market by End-User
8.1 Mobile Wallet Market Snapshot and Growth Engine
8.2 Mobile Wallet Market Overview
8.3 Individual
8.3.1 Introduction and Market Overview
8.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
8.3.3 Key Market Trends, Growth Factors and Opportunities
8.3.4 Individual: Geographic Segmentation Analysis
8.4 Business
8.4.1 Introduction and Market Overview
8.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
8.4.3 Key Market Trends, Growth Factors and Opportunities
8.4.4 Business: Geographic Segmentation Analysis
Chapter 9: Company Profiles and Competitive Analysis
9.1 Competitive Landscape
9.1.1 Competitive Benchmarking
9.1.2 Mobile Wallet Market Share by Manufacturer (2023)
9.1.3 Industry BCG Matrix
9.1.4 Heat Map Analysis
9.1.5 Mergers and Acquisitions
9.2 APPLE PAY (USA)
9.2.1 Company Overview
9.2.2 Key Executives
9.2.3 Company Snapshot
9.2.4 Role of the Company in the Market
9.2.5 Sustainability and Social Responsibility
9.2.6 Operating Business Segments
9.2.7 Product Portfolio
9.2.8 Business Performance
9.2.9 Key Strategic Moves and Recent Developments
9.2.10 SWOT Analysis
9.3 GOOGLE PAY (USA)
9.4 SAMSUNG PAY (SOUTH KOREA)
9.5 PAYPAL (USA)
9.6 ALIPAY (CHINA)
9.7 WECHAT PAY (CHINA)
9.8 AMAZON PAY (USA)
9.9 VENMO (USA)
9.10 SQUARE (USA)
9.11 RAKUTEN PAY (JAPAN)
9.12 BHARTI AIRTEL’S AIRTEL MONEY (INDIA)
9.13 PAYTM (INDIA)
9.14 OTHER ACTIVE PLAYERS
Chapter 10: Global Mobile Wallet Market By Region
10.1 Overview
10.2. North America Mobile Wallet Market
10.2.1 Key Market Trends, Growth Factors and Opportunities
10.2.2 Top Key Companies
10.2.3 Historic and Forecasted Market Size by Segments
10.2.4 Historic and Forecasted Market Size By Type
10.2.4.1 Closed Wallet
10.2.4.2 Semi-Closed Wallet
10.2.4.3 Open Wallet
10.2.5 Historic and Forecasted Market Size By Payment Method
10.2.5.1 Contactless Payments
10.2.5.2 QR Code Payments
10.2.5.3 Near Field Communication (NFC)
10.2.5.4 Bluetooth Payments
10.2.6 Historic and Forecasted Market Size By Platform
10.2.6.1 Android
10.2.6.2 iOS
10.2.6.3 Windows)
10.2.7 Historic and Forecasted Market Size By Application
10.2.7.1 Retail
10.2.7.2 Transportation
10.2.7.3 Hospitality
10.2.7.4 Entertainment
10.2.7.5 Healthcare
10.2.8 Historic and Forecasted Market Size By End-User
10.2.8.1 Individual
10.2.8.2 Business
10.2.9 Historic and Forecast Market Size by Country
10.2.9.1 US
10.2.9.2 Canada
10.2.9.3 Mexico
10.3. Eastern Europe Mobile Wallet Market
10.3.1 Key Market Trends, Growth Factors and Opportunities
10.3.2 Top Key Companies
10.3.3 Historic and Forecasted Market Size by Segments
10.3.4 Historic and Forecasted Market Size By Type
10.3.4.1 Closed Wallet
10.3.4.2 Semi-Closed Wallet
10.3.4.3 Open Wallet
10.3.5 Historic and Forecasted Market Size By Payment Method
10.3.5.1 Contactless Payments
10.3.5.2 QR Code Payments
10.3.5.3 Near Field Communication (NFC)
10.3.5.4 Bluetooth Payments
10.3.6 Historic and Forecasted Market Size By Platform
10.3.6.1 Android
10.3.6.2 iOS
10.3.6.3 Windows)
10.3.7 Historic and Forecasted Market Size By Application
10.3.7.1 Retail
10.3.7.2 Transportation
10.3.7.3 Hospitality
10.3.7.4 Entertainment
10.3.7.5 Healthcare
10.3.8 Historic and Forecasted Market Size By End-User
10.3.8.1 Individual
10.3.8.2 Business
10.3.9 Historic and Forecast Market Size by Country
10.3.9.1 Russia
10.3.9.2 Bulgaria
10.3.9.3 The Czech Republic
10.3.9.4 Hungary
10.3.9.5 Poland
10.3.9.6 Romania
10.3.9.7 Rest of Eastern Europe
10.4. Western Europe Mobile Wallet Market
10.4.1 Key Market Trends, Growth Factors and Opportunities
10.4.2 Top Key Companies
10.4.3 Historic and Forecasted Market Size by Segments
10.4.4 Historic and Forecasted Market Size By Type
10.4.4.1 Closed Wallet
10.4.4.2 Semi-Closed Wallet
10.4.4.3 Open Wallet
10.4.5 Historic and Forecasted Market Size By Payment Method
10.4.5.1 Contactless Payments
10.4.5.2 QR Code Payments
10.4.5.3 Near Field Communication (NFC)
10.4.5.4 Bluetooth Payments
10.4.6 Historic and Forecasted Market Size By Platform
10.4.6.1 Android
10.4.6.2 iOS
10.4.6.3 Windows)
10.4.7 Historic and Forecasted Market Size By Application
10.4.7.1 Retail
10.4.7.2 Transportation
10.4.7.3 Hospitality
10.4.7.4 Entertainment
10.4.7.5 Healthcare
10.4.8 Historic and Forecasted Market Size By End-User
10.4.8.1 Individual
10.4.8.2 Business
10.4.9 Historic and Forecast Market Size by Country
10.4.9.1 Germany
10.4.9.2 UK
10.4.9.3 France
10.4.9.4 The Netherlands
10.4.9.5 Italy
10.4.9.6 Spain
10.4.9.7 Rest of Western Europe
10.5. Asia Pacific Mobile Wallet Market
10.5.1 Key Market Trends, Growth Factors and Opportunities
10.5.2 Top Key Companies
10.5.3 Historic and Forecasted Market Size by Segments
10.5.4 Historic and Forecasted Market Size By Type
10.5.4.1 Closed Wallet
10.5.4.2 Semi-Closed Wallet
10.5.4.3 Open Wallet
10.5.5 Historic and Forecasted Market Size By Payment Method
10.5.5.1 Contactless Payments
10.5.5.2 QR Code Payments
10.5.5.3 Near Field Communication (NFC)
10.5.5.4 Bluetooth Payments
10.5.6 Historic and Forecasted Market Size By Platform
10.5.6.1 Android
10.5.6.2 iOS
10.5.6.3 Windows)
10.5.7 Historic and Forecasted Market Size By Application
10.5.7.1 Retail
10.5.7.2 Transportation
10.5.7.3 Hospitality
10.5.7.4 Entertainment
10.5.7.5 Healthcare
10.5.8 Historic and Forecasted Market Size By End-User
10.5.8.1 Individual
10.5.8.2 Business
10.5.9 Historic and Forecast Market Size by Country
10.5.9.1 China
10.5.9.2 India
10.5.9.3 Japan
10.5.9.4 South Korea
10.5.9.5 Malaysia
10.5.9.6 Thailand
10.5.9.7 Vietnam
10.5.9.8 The Philippines
10.5.9.9 Australia
10.5.9.10 New Zealand
10.5.9.11 Rest of APAC
10.6. Middle East & Africa Mobile Wallet Market
10.6.1 Key Market Trends, Growth Factors and Opportunities
10.6.2 Top Key Companies
10.6.3 Historic and Forecasted Market Size by Segments
10.6.4 Historic and Forecasted Market Size By Type
10.6.4.1 Closed Wallet
10.6.4.2 Semi-Closed Wallet
10.6.4.3 Open Wallet
10.6.5 Historic and Forecasted Market Size By Payment Method
10.6.5.1 Contactless Payments
10.6.5.2 QR Code Payments
10.6.5.3 Near Field Communication (NFC)
10.6.5.4 Bluetooth Payments
10.6.6 Historic and Forecasted Market Size By Platform
10.6.6.1 Android
10.6.6.2 iOS
10.6.6.3 Windows)
10.6.7 Historic and Forecasted Market Size By Application
10.6.7.1 Retail
10.6.7.2 Transportation
10.6.7.3 Hospitality
10.6.7.4 Entertainment
10.6.7.5 Healthcare
10.6.8 Historic and Forecasted Market Size By End-User
10.6.8.1 Individual
10.6.8.2 Business
10.6.9 Historic and Forecast Market Size by Country
10.6.9.1 Turkiye
10.6.9.2 Bahrain
10.6.9.3 Kuwait
10.6.9.4 Saudi Arabia
10.6.9.5 Qatar
10.6.9.6 UAE
10.6.9.7 Israel
10.6.9.8 South Africa
10.7. South America Mobile Wallet Market
10.7.1 Key Market Trends, Growth Factors and Opportunities
10.7.2 Top Key Companies
10.7.3 Historic and Forecasted Market Size by Segments
10.7.4 Historic and Forecasted Market Size By Type
10.7.4.1 Closed Wallet
10.7.4.2 Semi-Closed Wallet
10.7.4.3 Open Wallet
10.7.5 Historic and Forecasted Market Size By Payment Method
10.7.5.1 Contactless Payments
10.7.5.2 QR Code Payments
10.7.5.3 Near Field Communication (NFC)
10.7.5.4 Bluetooth Payments
10.7.6 Historic and Forecasted Market Size By Platform
10.7.6.1 Android
10.7.6.2 iOS
10.7.6.3 Windows)
10.7.7 Historic and Forecasted Market Size By Application
10.7.7.1 Retail
10.7.7.2 Transportation
10.7.7.3 Hospitality
10.7.7.4 Entertainment
10.7.7.5 Healthcare
10.7.8 Historic and Forecasted Market Size By End-User
10.7.8.1 Individual
10.7.8.2 Business
10.7.9 Historic and Forecast Market Size by Country
10.7.9.1 Brazil
10.7.9.2 Argentina
10.7.9.3 Rest of SA
Chapter 11 Analyst Viewpoint and Conclusion
11.1 Recommendations and Concluding Analysis
11.2 Potential Market Strategies
Chapter 12 Research Methodology
12.1 Research Process
12.2 Primary Research
12.3 Secondary Research
|
Global Mobile Wallet Market |
|||
|
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 13.80 Billion |
|
Forecast Period 2024-32 CAGR: |
26.8% |
Market Size in 2032: |
USD 116.85 Billion |
|
Segments Covered: |
By Type |
|
|
|
By Payment Method |
|
||
|
By Application |
|
||
|
By End-User |
|
||
|
By Region |
|
||
|
Key Market Drivers: |
|
||
|
Key Market Restraints: |
|
||
|
Key Opportunities: |
|
||
|
Companies Covered in the report: |
|
||
