Mobile Wallet Market

Global Mobile Wallet Market is valued at USD 4.9 Billion in 2021 and expected to reach USD 31.8 Billion by 2028 with a CAGR of 30.48% over the forecast period.

Global Mobile Wallet Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: The adoption of internet-connected devices, growing acceptance of artificial intelligence-based applications in payments, and pay-backs and reward strategies are some of the major factors driving the growth of the Global Mobile Wallet Market.

Scope of Global Mobile Wallet Market

A mobile wallet is a virtual wallet that stores information about credit cards, debit cards, gift cards, and loyalty cards on a mobile device like a smartphone. Mobile wallets make payments easy, secure, and quick by storing card information on a mobile device that employs cashless near field communication (NFC) technologies to conduct a transaction. A mobile wallet allows users to execute transactions from anywhere, at any time. Customers may manage their accounts more easily using digital wallets, and they are a more efficient payment mechanism than traditional credit cards.

The digitization of online payments and the expansion of e-commerce firms are driving the market growth. The generation Z or digital generation, is expected to open up several prospects for the payment sector. Companies are giving awards, loyalty points, redemption points, and other incentives to get customers to pay using mobile devices. For example, PayU, in cooperation with twid, announced a pay with rewards campaign in June 2021, allowing consumers to buy using loyalty points and prizes.

The coronavirus COVID-19 has had a huge influence on the global economy and on individuals. It has significantly altered the routes and ways of consumer and merchant interactions. People are becoming increasingly apprehensive about using cash when shopping in public settings. This has resulted in an unexpected surge in demand for contactless payment systems such as NFC, mobile wallets, QR codes, and others. The World Health Organization (WHO) suggested contactless payments to customers worldwide in March 2020. This has contributed to an increase in mobile payment transactions as well as contactless payment mechanisms such as tap to pay using near field payment NFC, QR code, and carrier billing payment, among others.

According to a MasterCard report, 79% of worldwide customers use contactless payment to ensure safety and hygiene. These customers are likely to stick with the payment method after the outbreak. However, the temporary closure of production and manufacturing facilities has reduced cross-border payments and transaction volume. However, mobile transaction method use has increased dramatically. As a result, the mobile-based payment mechanism is projected to increase rapidly during and after the pandemic.

The global Mobile Wallet market is segmented based on the type, ownership, technology, and region & country level. Based on type, the global Mobile Wallet market is segmented into open, semi-closed, and closed. By ownership, the market is segmented into banks, telecom operators, device manufacturers, and tech companies. By technology, the global Mobile Wallet market is segmented into Near Field Communication (NFC), Optical/QR Code, Digital Only, and Text-based.

The regions covered in the global Mobile Wallet market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Mobile Wallet is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Mobile Wallet Market Segmentation

By Type:

• Open
• Semi-Closed
• Closed

By Ownership:

• Banks
• Telecom Operators
• Device Manufacturers
• Tech Companies

By Technology:

• Near Field Communication (NFC)
• Optical/QR Code
• Digital Only
• Text-based

Key Players of Global Mobile Wallet Market

Some major players for the global Mobile Wallet market report cover prominent names like

• Ant Financial Services Group
• Amazon
• Apple Inc
• Skrill Ltd
• Google LLC
• PayPal Holdings
• Samsung Electronics Co
• Mastercard Incorporated
• Tencent Holdings Limited
• Vodafone Group PLC
• others.

News

Thunes and Alipay+ collaborate to connect European merchants to tens of millions of Asian customers.

On August 31, 2022; Thunes, a worldwide cross-border payments provider, announced a collaboration with Alipay+, Ant Firm's portfolio of cross-border payments and marketing products. Thunes' merchants and customers in Europe are now able to accept Asia's most famous smartphone wallets as a result of this agreement.

Paytm collaborates with Samsung retailers to implement smart point-of-sale devices.

On August 16, 2022; Paytm, a digital financial services company, announced that it has collaborated with Samsung shops throughout India to enable smart payments and its lending service Digital payment Postpaid via the installation of point-of-sale systems. The collaboration would allow users to pay for Samsung gadgets—smartphones, laptops, smart watches, televisions, and so on—from any authorized retailer in the nation using Paytm payment instruments such as wallet, UPI, purchase now pay later plan, credit cards, and debit cards.

Cardless will issue co-branded credit cards via the American Express system.

On July 25, 2022; Cardless, a financial technology company, announced a new collaboration with American Express. The arrangement enables some of the nation's most well-known companies, such as travel providers and shops, to create digital-first cards using the Cardless platform, which is backed by the offers, perks, and security of the American Express network. The business also secured a major investment from Amex Ventures.

The adoption of internet-connected devices, growing adoption of artificial intelligence-based applications in payments, and pay-backs and reward strategies are some of the major factors driving the growth of the Global Mobile Wallet Market Growth

Several providers of payment services are expanding their operations, resulting in severe customer competition. Payment app firms such as Amazon Pay, Alipay, Google Pay, and others are using innovative techniques to retain and attract clients. For example, Google Pay provides scratch cards with a set amount that may be earned via a series of small purchases. With customers paying through cellphones, such programmed assist to sustain client loyalty. Furthermore, businesses have begun to give prizes and rebates when customers use mobile channels for purchases.

With the adoption of such incentive facilities, customers are more likely to utilize mobile applications to pay for all transactions. Users may keep track of their points with the use of an app provided by the firms. For example, Samsung Pay rewards smartphone users with points for every transaction they make. Samsung reward points may be used for merchandise. Many customer-oriented businesses, like travel and tourism, restaurants, retail shops, and hospitality, have begun to use mobile applications with incentives and discounts. To improve consumer involvement, Hilton Worldwide began accepting hotel reservations and payments via their own app, Honors. This is likely to increase the global mobile wallet market share.

The payment and banking industries have been transformed by mobile technologies. On the one hand, it allows banks to give more convenience to their current clients, while on the other, it allows for penetration into the enormous unbanked prospective consumer base, particularly in emerging nations. Banks are increasingly offering a range of mobile banking options to their consumers. These services are used by mobile phone users to move funds from one account to another, keep track of current activities, and verify their account balance. To that aim, mobile banking services have emerged as a key facilitator and advocate of cashless transactions.

Banks and other financial institutions are becoming digital by creating new payment options. Traditional banks face intense competition from emerging Fintech firms. These developments are boosting the use of electronic wallets, which are developing as an alternative to obtaining cash from an ATM. As a result, new advancements in the worldwide Fintech sector are driving demand for mobile BI to allow the usage of data analytics software solutions on portable mobile computing devices like smartphones and tablets.

Consumers may utilize mobile wallets to access low-cost services and control their bank accounts electronically. As a result of an increasing number of individuals utilizing online banking, the mobile wallet industry is developing. Aside from mobile banking, the hardware wallet idea is gaining traction in the mobile wallet market.

North America is expected to dominate the global mobile wallet market.

Within the forecast period, North America is predicted to lead the global Mobile Wallet market. Customers in North America want discounts, convenience, savings, and a better overall customer experience. The United States accounts for over one-third of North America's total mobile wallet industry. Consumers may use these apps to trade in retail outlets, banks, and restaurants and hotel in the region, which has a strong penetration of e-wallet payment apps.

During the forecast period, the Asia Pacific mobile wallet market is predicted to grow at the fastest rate. Strong economic development and the adoption of new technology in nations such as Australia, China, Japan, and India are creating a solid environment for the mobile payment sector's expansion.

Smartphone-based banking activities are expected to grow in importance in European nations throughout the projection period. The limited usage of real money in countries such as Germany will contribute greatly to the region's market development in the next years. Mobile banking is predicted to become one of the most popular ways for Europeans to conduct financial transactions, enabling banks to enable payments through e-wallets.

By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2022 - 2028
Market Size in 2021:	USD 4.9 Billion
Base year considered	2021
Forecast Period CAGR %:	30.48%
Market Size Expected in 2028:	USD 31.8 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Ant Financial Services Group, Amazon.com, Inc., Apple Inc., Skrill Ltd., Google LLC, PayPal Holdings, Inc., Samsung Electronics Co. Ltd., Mastercard Incorporated, Tencent Holdings Limited., and Vodafone Group PLC, and others.
Segments Covered	By Type, By Ownership, By Technology.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa