Mobile Wallet Market Size, By Type (Open, Closed, Semi-closed), By Ownership (Telecom Operators, Banks, Tech Companies, Device Manufacturers), By Technology (Optical/QR Code, Near Field Communication (NFC), Text-based, Digital Only) & Forecast, 2023 - 203

Mobile Wallet Market Size, By Type (Open, Closed, Semi-closed), By Ownership (Telecom Operators, Banks, Tech Companies, Device Manufacturers), By Technology (Optical/QR Code, Near Field Communication (NFC), Text-based, Digital Only) & Forecast, 2023 - 2032

Mobile Wallet Market size is poised to expand at over 18.5% CAGR from 2023-2032 propelled by the relentless digitalization of payment systems. The seamless integration of mobile wallets into various payment ecosystems can be attributed to the evolving needs of tech-savvy consumers and businesses.

The shift towards online commerce and the proliferation of digital platforms is also significantly amplifying the product demand. Moreover, continuous technological advancements, such as biometric authentication and tokenization, is leading to improved security and user experience of mobile wallets, further fostering the market growth. To cite an instance, in June 2022, Samsung Electronics introduced new e-wallet and merged its payments and biometric identification apps for allowing Galaxy smartphone owners to securely store boarding passes, passwords, cryptocurrencies credit and debit cards, digital keys, and other information.

The overall mobile wallet market is segmented into type, ownership, technology, and region.

Based on type, the industry size from the open segment is expected to gain significant traction from 2023-2032 driven by its interoperability and user-friendly nature. Enhanced security protocols and seamless integration across platforms are fostering higher trust among users, further propelling the acceptance of mobile wallets. The growing adoption of open APIs in facilitating the integration of various services, amplifying convenience, and customer engagement will also contribute to the market growth.

With respect to technology, the digital-only mobile wallet market generated substantial revenue in 2022 and is expected to exhibit notable CAGR from 2023-2032 attributed to benefits, including agility and convenience. With the rising emphasis on contactless transactions and virtual authentication, digital-only mobile wallets have garnered widespread acceptance, particularly among the tech-savvy and digitally inclined demographics. Moreover, the scalability and cost-effectiveness of digital-only mobile wallets may facilitate their widespread adoption across various industries.

North America mobile wallet industry is projected to witness robust growth during 2023-2032, fueled by the burgeoning digital infrastructure and the strong inclination towards cashless transactions. With the expanding tech-savvy population and robust smartphone penetration, the adoption of mobile wallets is significantly rising in the region to offer convenience, security, and seamless integration with existing financial systems. The presence of major players and the continuous advancements in contactless payment technologies will further accelerate the regional market growth. To cite an instance, in August 2023, the Bank of Montreal launched a mobile wallet to store virtual cards alongside Extend and Mastercard for its consumers in the U.S. and Canada