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Mobile Wallet Market Overview
Mobile Wallet Market is forecast to reach $456.50 billion by 2030 at a CAGR of 15.2% during 2024-2030. The Mobile Wallet market is experiencing exponential growth, fueled by the increased utilization of technology in financial transactions and the burgeoning presence of various e-commerce platforms. This trajectory is expected to persist during the forecast period as more individuals worldwide embrace the convenience and efficiency of mobile payment solutions. For instance, In the United Kingdom, findings from the U.K Government’s Financial Lives Survey 2022 indicate a notable shift towards mobile payments, with 47% of adults engaging in this mode of transaction. Similarly, in Germany, mobile devices are responsible for approximately 21% of retail transactions, underscoring the widespread adoption of mobile wallet solutions in mature markets. Additionally, in many regions, particularly in developing countries, mobile wallets have witnessed remarkable popularity due to the proliferation of smartphones and the expansion of digital banking services. This trend is indicative of a global movement towards cashless economies, driven by the convenience, security, and accessibility afforded by mobile payment platforms. Moreover, Consumers are increasingly drawn to the seamless experience offered by mobile wallets, which eliminate the need for physical cash or cards, streamline transactions, and enhance financial inclusivity. Increasing adoption of non-cash transactions will likely create the demand for the Mobile wallet market in the forecast period 2024 to 2030.
Report Coverage
The report: “Mobile Wallet Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Mobile Wallet Market.
By Mode Of Payment: Remote Payment, NFC Payment.
By Stakeholder: Mobile Network Operator, Handset and Other Hardware Solution Manufacturer, Oss/Bss Solution Provider, Software Developer and Cloud Computing, Content and Application Aggregator.
By Application: Mobile Commerce Market, Mobile Ticketing Market, Mobile Coupon Market, Mobile Transfer Market, Micropayments
By Geography: By Geography: North America, Asia Pacific, Europe, Middle East & Africa, South America, RoW
Key Takeaways
• Asia Pacific dominated the mobile wallet landscape with a 58.45% market share owing to a rise in a number of e-commerce platforms including Flipkart and Alibaba, favorable government initiatives, and regulations to promote the use of digital payment channels.
• NFC technology is estimated to grow at a CAGR of over 29% during the forecast period owing to its ease of use and improved security options as it enables smartphones to exchange data and function as a payment device.
• The COVID-19 pandemic accelerated the shift towards contactless payments, further boosting the adoption of mobile wallets. Consumers are increasingly preferring contactless payment methods to minimize physical contact and reduce the risk of virus transmission.
• Mobile Wallet Market Report forecasts that size is driven by operational efficiency and cost-effectiveness by reducing the processing fees across various industry verticals.
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By Mode of Payment - Segment Analysis
NFC (near-field communication) technology is estimated to grow at a CAGR of over 17.56% during the forecast period. The growing adoption of non-contact payment solutions along with the integration of NFC chips into smart devices is driving the market growth. The popularity of NFC mobile payments is owed to its ease of use and improved security options. It enables smartphones to exchange data and function as a secure payment device, stores the customer’s credit card details, and allows the user to pay at NFC POS terminals through smartphones. NFC mobile payments also help merchants attain operating cost benefits such as reduced cash processing and more effective consumer engagement. Companies are increasingly NFC technologies into their mobile payment solutions to allow fast and easy payment. For instance, in 2022, Google Pay introduced NFC payment, enabling users to conveniently tap their phones on payment terminals, initiating the app automatically for seamless transactions. Confirming payments became effortless with this feature. Similarly, several Android and Microsoft Windows smartphones have also adopted the NFC technology to aid contactless payments. All these technological developments will create the demand for the market.
By Type - Segment Analysis
The semi-closed mobile is growing at the highest CAGR of 14.56% during the forecast period as this wallet requires minimum details for a transaction. Technology players such as Uber, Ola, Flipkart, MakeMyTrip, Paytm, and Amazon are focusing on investing in semi-closed wallets to provide integrated banking experiences to their customers. Companies are leveraging their technological background to provide innovative product offerings to their users. These investments and funding will improve the demand for semi-closed wallets thereby creating opportunities for mobile wallets.
Geography - Segment Analysis
Asia Pacific dominated the mobile wallet market share for about 58.45% of the total market in 2023. The economy of APAC is majorly influenced by countries such as China and India. In these countries, the market is driven by a rising number of e-commerce platforms including Flipkart and Alibaba, favorable government initiatives and. For instance, according to the Indian Press Information Bureau, UPI is ubiquitous, spanning street vendors to malls. India leads global digital transactions at 46%, per 2022 data, followed by China, Thailand, and South Korea. Its widespread adoption showcases India's pivotal role in advancing digital payment ecosystems worldwide. Similarly, As of March 2022, Alipay was utilized by 93% of China's digital payment users, with 86% opting for WeChat Pay. These two platforms dominate China's mobile payment sector, collectively commanding over 90% of the market share. This underscores the pivotal role of Asian countries in advancing digital payment ecosystems globally, indicating a robust and continuously growing demand for mobile wallet services across the region
Drivers –Mobile Wallet Market
Acceptance of mobile wallet payments and offers provided by them.
Mobile Wallet Market size is driven by the acceptance of mobile wallet payments across various industry verticals. The mobile wallet is a virtual wallet in payment enabled mobile phones has augmented the operational efficiency and cost-effectiveness by reducing the processing fees. For instance, PayPal has expanded its operations across approximately 200 countries, allowing the customers to link their mobile wallets to their bank accounts and allowing them to carry a balance. On the other hand, the incentives offered by the mobile wallet companies through discounts and cashbacks augment their demand among individuals. For instance, Amazon Pay offers cashbacks on transactions conducted through it. This kind of offers and incentives will rapidly create the demand for mobile wallets.
Initiatives and Regulations of government
The government is pushing players in the banking and payments ecosystem to encourage cashless payments at merchant outlets through mobile wallets. For instance, in 2023, India's government aims to expand digital payment services nationwide, ensuring accessibility and convenience for all segments of the population. Similarly. in September 2023, the National Payments Corporation of India (NPCI) introduced 4 new UPI features following UPI's milestone of 10 billion transactions per month. These innovations aim to boost monthly transactions to 100 billion, enhancing user experiences and streamlining payment processes significantly. These initiatives and regulations will create demand for mobile wallets.
Challenges – Mobile Wallet Market
Low Trust in Mobile Wallets
Low trust in mobile wallets is a major factor that will hamper the market in the forecast period. For instance, according to the report given by YouGov, about 43% of mobile users don’t trust mobile wallets and 38% have low confidence in security. Similarly, most of the consumers are reluctant to adapt to mobile wallets as contactless payment presents huge unknown risks and fraud like leaked data, hacking, and e-wallet vulnerabilities. Moreover, less awareness about the benefits of using mobile wallets over using cash or credit cards and debit cards for online payment and buying expensive items. All these conditions will restrain the market growth in the forecast period
Market Landscape
Partnership and acquisitions are key strategies adopted by players in the mobile wallet market. Mobile Wallet's top 10 companies include Apple Inc., Google LLC, AT&T INC, Blackberry, PayPal, Samsung Electronics, Visa Inc, First Data Corporation, Mastercard Inc., The American Express Company, among others.
Acquisitions/Technology Launches
- In June 2023, Google Wallet expanded its reach into five additional countries, including Albania, Argentina, Bosnia and Herzegovina, North Macedonia, and Montenegro. With NFC support, users can utilize tap-to-pay functionality on Android devices, including Wear OS devices. This expansion follows Google's previous introduction of the app to 12 countries in November.
- In July 2023, PayPal expanded Tap to Pay to Android for Venmo and Zettle, enhancing SMBs' access to mobile payments. This democratizing move empowers businesses with seamless, contactless transactions, fostering financial inclusion and convenience.
- In January 2023, Samsung Electronics expanded Samsung Wallet availability to Australia, Brazil, Canada, Hong Kong, India, Malaysia, Singapore, and Taiwan, offering Galaxy users a secure and convenient app for organizing daily essentials.
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1. Mobile Wallet Market - Overview
1.1 Definitions and Scope
2. Mobile Wallet Market - Executive Summary
2.1 Key Trends by Mode of Payment
2.2 Key Trends by Stakeholder
2.3 Key Trends by Application
2.4 Key Trends by Geography
3. Mobile Wallet Market - Comparative Analysis
3.1 Company Benchmarking
3.2 Global Financial Analysis
3.3 Market Share Analysis
3.4 Patent Analysis
3.5 Pricing Analysis
4. Mobile Wallet Market - Start-up Companies Scenario (Premium)
4.1 Key Start-up Company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Venture Capital and Funding Scenario
5. Mobile Wallet Market – Market Entry Scenario Premium (Premium)
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Case Studies of Successful Ventures
6. Mobile Wallet Market - Forces
6.1 Market Drivers
6.2 Market Constraints/Challenges
6.3 Porter’s Five Force Model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Mobile Wallet Market – Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Market Life Cycle
8. Mobile Wallet Market– By Mode Of Payment (Market Size -$Million/Billion)
8.1 Remote Payment
8.2 NFC Payment
9. Mobile Wallet Market– By Stakeholder (Market Size -$Million/Billion)
9.1 Mobile Network Operator
9.2 Handset And Other Hardware Solution Manufacturer
9.3 Oss/Bss Solution Provider
9.4 Software Developer and Cloud Computing
9.5 Content And Application Aggregator
10. Mobile Wallet Market – By Application (Market Size -$Million/Billion)
10.1 Mobile Commerce Market
10.1.1 Mobile Wallet Shopping Market
10.1.2 Mobile Wallet Bill Payment Market
10.1.3 Mobile Wallet Hotel Booking and Payment Market
10.1.4 Mobile Wallet Entertainment and Event Pay Market
10.2 Mobile Ticketing Market
10.2.1 Rail Metro and Bus Ticket
10.2.2 Airline Ticket and Boarding Pass
10.3 Mobile Coupon Market
10.4 Mobile Transfer Market
10.5 Micropayments
11. Mobile Wallet Market – by Geography (Market Size - $Million/$Billion)
11.1 North America
11.1.1 U.S.
11.1.2 Canada
11.1.3 Mexico
11.2 Europe
11.2.1 U.K.
11.2.2 Germany
11.2.3 France
11.2.4 Italy
11.2.5 Spain
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 South Korea
11.3.5 Australia & New Zealand
11.3.6 Rest of Asia-Pacific
11.4 South America
11.4.1 Brazil
11.4.2 Argentina
11.4.3 Rest of South America
11.5 Rest of The World
11.5.1 Middle East
11.5.2 Africa
12. Mobile Wallet Market - Entropy
13. Mobile Wallet Market – Industry/Segment Competition Landscape (Premium)
13.1 Market Share Analysis
13.1.1 Global Market Share – Key Companies
13.1.2 Market Share by Region – Key Companies
13.1.3 Market Share by Countries – Key Companies
13.2 Competition Matrix
13.3 Best Practices for Companies
14. Mobile Wallet Market – Key Company List by Country Premium (Premium)
15. Mobile Wallet Market- Company Analysis
15.1 Apple Inc
15.2 Google LLC
15.3 AT&T INC
15.4 Blackberry
15.5 PayPal
15.6 Samsung Electronics
15.7 Visa Inc
15.8 First Data Corporation
15.9 Mastercard Inc.
15.10 The American Express Company
* "Financials would be provided to private companies on best-efforts basis."
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LIST OF TABLES
1.Global Global Mobile Wallet Market By Mode Of Payment Market 2023-2030 ($M)1.1 Remote Payment And Geography Market 2023-2030 ($M) - Global Industry Research
1.2 Nfc Payment And Geography Market 2023-2030 ($M) - Global Industry Research
1.3 Nfc Product Market And Geography Market 2023-2030 ($M) - Global Industry Research
1.3.1 Nfc Handset And Geography Market 2023-2030 ($M)
1.3.2 Nfc Chip And Geography Market 2023-2030 ($M)
1.3.3 Nfc Reader And Geography Market 2023-2030 ($M)
1.3.4 Nfc Micro Sd And Geography Market 2023-2030 ($M)
1.3.5 Nfc Sim/Uicc Card And Geography Market 2023-2030 ($M)
2.Global Mobile Wallet Market By Stakeholder Market 2023-2030 ($M)
2.1 Mobile Wallet Stakeholder And Major Company Market 2023-2030 ($M) - Global Industry Research
2.2 Mobile Network Operator And Geography Market 2023-2030 ($M) - Global Industry Research
2.4 Oss/Bss Solution Provider And Geography Market 2023-2030 ($M) - Global Industry Research
2.5 Software Developer And Cloud Computing And Geography Market 2023-2030 ($M) - Global Industry Research
2.6 Content And Application Aggregator And Geography Market 2023-2030 ($M) - Global Industry Research
3.Global Global Mobile Wallet Market By Mode Of Payment Market 2023-2030 (Volume/Units)
3.1 Remote Payment And Geography Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Nfc Payment And Geography Market 2023-2030 (Volume/Units) - Global Industry Research
3.3 Nfc Product Market And Geography Market 2023-2030 (Volume/Units) - Global Industry Research
3.3.1 Nfc Handset And Geography Market 2023-2030 (Volume/Units)
3.3.2 Nfc Chip And Geography Market 2023-2030 (Volume/Units)
3.3.3 Nfc Reader And Geography Market 2023-2030 (Volume/Units)
3.3.4 Nfc Micro Sd And Geography Market 2023-2030 (Volume/Units)
3.3.5 Nfc Sim/Uicc Card And Geography Market 2023-2030 (Volume/Units)
4.Global Mobile Wallet Market By Stakeholder Market 2023-2030 (Volume/Units)
4.1 Mobile Wallet Stakeholder And Major Company Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Mobile Network Operator And Geography Market 2023-2030 (Volume/Units) - Global Industry Research
4.4 Oss/Bss Solution Provider And Geography Market 2023-2030 (Volume/Units) - Global Industry Research
4.5 Software Developer And Cloud Computing And Geography Market 2023-2030 (Volume/Units) - Global Industry Research
4.6 Content And Application Aggregator And Geography Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Global Mobile Wallet Market By Mode Of Payment Market 2023-2030 ($M)
5.1 Remote Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
5.2 Nfc Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
5.3 Nfc Product Market And Geography Market 2023-2030 ($M) - Regional Industry Research
5.3.1 Nfc Handset And Geography Market 2023-2030 ($M)
5.3.2 Nfc Chip And Geography Market 2023-2030 ($M)
5.3.3 Nfc Reader And Geography Market 2023-2030 ($M)
5.3.4 Nfc Micro Sd And Geography Market 2023-2030 ($M)
5.3.5 Nfc Sim/Uicc Card And Geography Market 2023-2030 ($M)
6.North America Mobile Wallet Market By Stakeholder Market 2023-2030 ($M)
6.1 Mobile Wallet Stakeholder And Major Company Market 2023-2030 ($M) - Regional Industry Research
6.2 Mobile Network Operator And Geography Market 2023-2030 ($M) - Regional Industry Research
6.4 Oss/Bss Solution Provider And Geography Market 2023-2030 ($M) - Regional Industry Research
6.5 Software Developer And Cloud Computing And Geography Market 2023-2030 ($M) - Regional Industry Research
6.6 Content And Application Aggregator And Geography Market 2023-2030 ($M) - Regional Industry Research
7.South America Global Mobile Wallet Market By Mode Of Payment Market 2023-2030 ($M)
7.1 Remote Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
7.2 Nfc Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
7.3 Nfc Product Market And Geography Market 2023-2030 ($M) - Regional Industry Research
7.3.1 Nfc Handset And Geography Market 2023-2030 ($M)
7.3.2 Nfc Chip And Geography Market 2023-2030 ($M)
7.3.3 Nfc Reader And Geography Market 2023-2030 ($M)
7.3.4 Nfc Micro Sd And Geography Market 2023-2030 ($M)
7.3.5 Nfc Sim/Uicc Card And Geography Market 2023-2030 ($M)
8.South America Mobile Wallet Market By Stakeholder Market 2023-2030 ($M)
8.1 Mobile Wallet Stakeholder And Major Company Market 2023-2030 ($M) - Regional Industry Research
8.2 Mobile Network Operator And Geography Market 2023-2030 ($M) - Regional Industry Research
8.4 Oss/Bss Solution Provider And Geography Market 2023-2030 ($M) - Regional Industry Research
8.5 Software Developer And Cloud Computing And Geography Market 2023-2030 ($M) - Regional Industry Research
8.6 Content And Application Aggregator And Geography Market 2023-2030 ($M) - Regional Industry Research
9.Europe Global Mobile Wallet Market By Mode Of Payment Market 2023-2030 ($M)
9.1 Remote Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
9.2 Nfc Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
9.3 Nfc Product Market And Geography Market 2023-2030 ($M) - Regional Industry Research
9.3.1 Nfc Handset And Geography Market 2023-2030 ($M)
9.3.2 Nfc Chip And Geography Market 2023-2030 ($M)
9.3.3 Nfc Reader And Geography Market 2023-2030 ($M)
9.3.4 Nfc Micro Sd And Geography Market 2023-2030 ($M)
9.3.5 Nfc Sim/Uicc Card And Geography Market 2023-2030 ($M)
10.Europe Mobile Wallet Market By Stakeholder Market 2023-2030 ($M)
10.1 Mobile Wallet Stakeholder And Major Company Market 2023-2030 ($M) - Regional Industry Research
10.2 Mobile Network Operator And Geography Market 2023-2030 ($M) - Regional Industry Research
10.4 Oss/Bss Solution Provider And Geography Market 2023-2030 ($M) - Regional Industry Research
10.5 Software Developer And Cloud Computing And Geography Market 2023-2030 ($M) - Regional Industry Research
10.6 Content And Application Aggregator And Geography Market 2023-2030 ($M) - Regional Industry Research
11.APAC Global Mobile Wallet Market By Mode Of Payment Market 2023-2030 ($M)
11.1 Remote Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
11.2 Nfc Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
11.3 Nfc Product Market And Geography Market 2023-2030 ($M) - Regional Industry Research
11.3.1 Nfc Handset And Geography Market 2023-2030 ($M)
11.3.2 Nfc Chip And Geography Market 2023-2030 ($M)
11.3.3 Nfc Reader And Geography Market 2023-2030 ($M)
11.3.4 Nfc Micro Sd And Geography Market 2023-2030 ($M)
11.3.5 Nfc Sim/Uicc Card And Geography Market 2023-2030 ($M)
12.APAC Mobile Wallet Market By Stakeholder Market 2023-2030 ($M)
12.1 Mobile Wallet Stakeholder And Major Company Market 2023-2030 ($M) - Regional Industry Research
12.2 Mobile Network Operator And Geography Market 2023-2030 ($M) - Regional Industry Research
12.4 Oss/Bss Solution Provider And Geography Market 2023-2030 ($M) - Regional Industry Research
12.5 Software Developer And Cloud Computing And Geography Market 2023-2030 ($M) - Regional Industry Research
12.6 Content And Application Aggregator And Geography Market 2023-2030 ($M) - Regional Industry Research
13.MENA Global Mobile Wallet Market By Mode Of Payment Market 2023-2030 ($M)
13.1 Remote Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
13.2 Nfc Payment And Geography Market 2023-2030 ($M) - Regional Industry Research
13.3 Nfc Product Market And Geography Market 2023-2030 ($M) - Regional Industry Research
13.3.1 Nfc Handset And Geography Market 2023-2030 ($M)
13.3.2 Nfc Chip And Geography Market 2023-2030 ($M)
13.3.3 Nfc Reader And Geography Market 2023-2030 ($M)
13.3.4 Nfc Micro Sd And Geography Market 2023-2030 ($M)
13.3.5 Nfc Sim/Uicc Card And Geography Market 2023-2030 ($M)
14.MENA Mobile Wallet Market By Stakeholder Market 2023-2030 ($M)
14.1 Mobile Wallet Stakeholder And Major Company Market 2023-2030 ($M) - Regional Industry Research
14.2 Mobile Network Operator And Geography Market 2023-2030 ($M) - Regional Industry Research
14.4 Oss/Bss Solution Provider And Geography Market 2023-2030 ($M) - Regional Industry Research
14.5 Software Developer And Cloud Computing And Geography Market 2023-2030 ($M) - Regional Industry Research
14.6 Content And Application Aggregator And Geography Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Mobile Wallet Market Revenue, 2023-2030 ($M)2.Canada Mobile Wallet Market Revenue, 2023-2030 ($M)
3.Mexico Mobile Wallet Market Revenue, 2023-2030 ($M)
4.Brazil Mobile Wallet Market Revenue, 2023-2030 ($M)
5.Argentina Mobile Wallet Market Revenue, 2023-2030 ($M)
6.Peru Mobile Wallet Market Revenue, 2023-2030 ($M)
7.Colombia Mobile Wallet Market Revenue, 2023-2030 ($M)
8.Chile Mobile Wallet Market Revenue, 2023-2030 ($M)
9.Rest of South America Mobile Wallet Market Revenue, 2023-2030 ($M)
10.UK Mobile Wallet Market Revenue, 2023-2030 ($M)
11.Germany Mobile Wallet Market Revenue, 2023-2030 ($M)
12.France Mobile Wallet Market Revenue, 2023-2030 ($M)
13.Italy Mobile Wallet Market Revenue, 2023-2030 ($M)
14.Spain Mobile Wallet Market Revenue, 2023-2030 ($M)
15.Rest of Europe Mobile Wallet Market Revenue, 2023-2030 ($M)
16.China Mobile Wallet Market Revenue, 2023-2030 ($M)
17.India Mobile Wallet Market Revenue, 2023-2030 ($M)
18.Japan Mobile Wallet Market Revenue, 2023-2030 ($M)
19.South Korea Mobile Wallet Market Revenue, 2023-2030 ($M)
20.South Africa Mobile Wallet Market Revenue, 2023-2030 ($M)
21.North America Mobile Wallet By Application
22.South America Mobile Wallet By Application
23.Europe Mobile Wallet By Application
24.APAC Mobile Wallet By Application
25.MENA Mobile Wallet By Application