Global Mobile Wallet Market Size Study & Forecast, by Technology (Remote, Proximity), by Application (Retail & e-commerce, Hospitality & Transportation, Banking, Vending Machine, Others), and Regional Analysis, 2023-2030

Global Mobile Wallet Market Size Study & Forecast, by Technology (Remote, Proximity), by Application (Retail & e-commerce, Hospitality & Transportation, Banking, Vending Machine, Others), and Regional Analysis, 2023-2030

Global Mobile Wallet Market is valued at approximately USD 7.42 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 28.3% during the forecast period 2023-2030. A mobile wallet, functioning as an electronic wallet, facilitates seamless payments using credit/debit cards or linked bank accounts, ensuring the security of user data. It functions as a virtual wallet, allowing users to link credit/debit cards or bank accounts for digital payments. Users leverage mobile wallets for various transactions, including mobile recharges, bill payments, booking movies/travel, and transferring money between bank accounts. The market is being propelled by the widespread adoption of smartphones, increased internet penetration, enhanced security features and the shift towards contactless payments.

In addition, the surge in e-commerce and online transactions is acting as a catalyzing factor for market growth across the globe. The booming e-commerce sector, with the shift towards online shopping and digital transactions, acts as a significant driver for the Mobile Wallet Market. According to Statista, in 2015 the global retail e-commerce sales were USD 1,548 billion and the number is anticipated to reach USD 8,148 billion by 2026. As a result, the rising e-commerce sector is anticipated to create a lucrative demand for the growth of the Mobile Wallet Market over the estimated period. Moreover, the growing emphasis on technological advancements in technologies such as Near Field Communication (NFC) and biometrics, as well as the supportive government policies and initiatives promoting digital payments and financial inclusion present various lucrative opportunities over the forecast years. However, the limited merchant acceptance and the rise of data privacy concerns by end-users are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Mobile Wallet Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the growing population, widespread smartphone adoption, increasing internet subscribers, and the rapid expansion of the retail and e-commerce sectors in countries such as India and China. Furthermore, government initiatives such as Digital India and Make in India are anticipated to boost smartphone and smart device penetration, leading to a high demand for mobile wallets. Whereas, Latin America is expected to grow at a significant CAGR over the forecast years. The supportive regulatory frameworks and infrastructure established by governments and financial institutions, coupled with the shift towards contactless payments and convenience and accessibility are significantly propelling the market demand across the region.

Major market players included in this report are:
Amazon Web Services, Inc.
Visa Inc.
American Express
PayPal Holdings Inc.
Apple Inc.
Google LLC
Airtel
Mastercard
Alipay
Samsung Group

Recent Developments in the Market:
 In September 2020, True Digital Surgery and Aesculap, Inc. announced the availability of the Aesculap Aeos Robotic Digital Microscope in the U.S. This innovation empowers surgeons to execute precise movements in specific surgical procedures, including neurosurgery, spine, and ear, nose, and throat surgeries.
 In June 2023, Google revealed the extension of Google Wallet services to five additional countries: Albania, Argentina, Bosnia and Herzegovina, North Macedonia, and Montenegro. The announcement, made through a forum post by a company representative, highlighted the app's expansion to a total of 12 countries across Asia, Europe, and North America in November of the previous year.
 In June 2023, Alipay, a Chinese mobile payment platform, and Mastercard, a global payments network, collaborated to offer international tourists a seamless cashless payment option in China. Through this partnership, international tourists can link any Mastercard card to their Alipay digital wallet, simplifying e-payments during their stay in China.

Global Mobile Wallet Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Technology, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Technology:
Remote
Proximity

By Application:
Retail & e-commerce
Hospitality & transportation
Banking
Vending machine
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned

Amazon Web Services, Inc.
Visa Inc.
American Express
PayPal Holdings Inc.
Apple Inc.
Google LLC
Airtel
Mastercard
Alipay
Samsung Group

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.