Mobile Wallet Market - Global Industry Analysis

Mobile Wallet Market- By Product (Near field communication (NFC) and Remote Payments), By Application (Vending Machines, Retail Payments, Public Transportation, and Restaurants), And By Region- Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2028

Published Date: 27-Dec-2021 Category: Technology & Media Report Format : PDF Pages: 198 Report Code: ZMR-760 Status : Published

The global Mobile Wallet Market accrued earnings worth approximately 101.2 (USD Billion) in 2020 and is predicted to gain revenue of about 750.3 (USD Billion) by 2028, is set to record a CAGR of nearly 21% over the period from 2021 to 2028.

Description

The global Mobile Wallet Market accrued earnings worth approximately 101.2 (USD Billion) in 2020 and is predicted to gain revenue of about 750.3 (USD Billion) by 2028, is set to record a CAGR of nearly 21% over the period from 2021 to 2028. The report offers assessment and analysis of the Mobile Wallet Market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).

Mobile Wallet Market: Overview

Mobile wallet is a digital mode of storing credit card ID, gift card ID, loyalty card number, and debit card ID. Moreover, mobile wallet can be accessed through apps that are installed or downloaded on smartphones, laptops, and tablets. Additionally, consumers use mobile wallets for making in-store payments. It is also convenient payment mode in comparison to physical credit cards. Reportedly, these digital modes of payment are listed with smartphone solution providers. For the record, data stored in mobile wallet is encoded, thereby preventing hackers & cyber terrorists in carrying out frauds.

Global Mobile Wallet Market

Mobile Wallet Market: Growth Drivers

Beneficial features such as secured & quick access and end-user convenience will boost mobile wallet market trends. In addition to this, rise in smartphone usage across globe will proliferate size of mobile wallet market in near future. Thriving e-commerce sector and supportive government policies pertaining to use of mobile wallets will promulgate growth of mobile wallet industry. Apparently, changing consumer preference towards online payments will pave a way for lucrative growth of mobile wallet industry over forthcoming years. Huge discounts and attractive cash back offers provided by mobile wallet service providers are projected to enhance market revenue.

Furthermore, swiftly changing consumer behavior towards online mode of payments owing to trends of digitization will spur business growth. Furthermore, rampant spread of COVID-19 pandemic resulting into lockdowns and less physical contacts has created numerous growth opportunities for mobile wallet market. Rise in mobile banking activities with large-scale establishment of fintech institutions and online banks will prop up expansion of mobile wallet industry over forecasting timeframe.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Regional Landscape

Europe To Make Notable Contributions Towards Regional Market Size By 2028

Growth of mobile wallet market in Europe over forecast timespan is subject to smartphone banking activities gaining prominence in European countries. Moreover, less use of physical cash in countries such as Germany will account substantially towards regional market proceeds in coming years. Apparently, mobile banking has become one of the most popular modes of performing financial transactions in Europe enabling banks to develop range of payment websites. This, in turn, will steer regional market growth.

Competitive Landscape

Key players leveraging market growth and included in study are AT&T Inc., Visa Inc., The American Express Company, Apple Inc., Google, Inc., Sprint Corporation, Amazon.com Inc.,  Bank of America, Citibank, Citrus Payment Solutions Pvt. Ltd., Dwolla, MasterCard Inc., Samsung Electronics,  First Data Corporation, BlackBerry Limited, and Paytm.

The global Mobile Wallet Market is segmented as follows:

By Product

  • Near field communication (NFC)
  • Remote Payments

By Application

  • Vending Machines
  • Retail Payments
  • Public Transportation
  • Restaurants

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description and Scope
    • 1.2. Research Scope
    • 1.3. Research Methodulogy
      • 1.3.1. Market Research Type
      • 1.3.2. Market Research Methodulogy
  • Chapter 2. Executive Summary
    • 2.1. Mobile Wallet Market, 2018–2028(USD Billion)
    • 2.2. Mobile Wallet Market: Snapshot
  • Chapter 3. Global Mobile Wallet Market– Industry Analysis
    • 3.1. Mobile Wallet Market: Market Dynamics
    • 3.2. Market Drivers
      • 3.2.1. Altering customer inclination towards digital payments will pave a way for growth of mobile wallet industry over ensuing years.
      • 3.2.2. Surge in mobile banking activities with setting up of fintech firms and online banks on a large scale will enhance growth of mobile wallet market over forecasting timeline.
    • 3.3. Porter’s Five Forces Analysis
    • 3.4. Market Attractiveness Analysis
      • 3.4.1. Market attractiveness analysis By Product
      • 3.4.2. Market attractiveness analysis By Application
  • Chapter 4. Global Mobile Wallet Market– Competitive Landscape
    • 4.1. Company market share analysis
      • 4.1.1. Global Mobile Wallet Market: company market share, 2019
    • 4.2. Strategic development
      • 4.2.1. Acquisitions & mergers
      • 4.2.2. New Product launches
      • 4.2.3. Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4. Research and development and Regional expansion
    • 4.3. Price trend analysis
  • Chapter 5. Global Mobile Wallet Market– Product Analysis
    • 5.1. Global Mobile Wallet Market overview: By Product
      • 5.1.1. Global Mobile Wallet Market share, By Product, 2020 and 2028
    • 5.2. Near field communication (NFC)
      • 5.2.1. Global Mobile Wallet Market by Near field communication (NFC), 2018–2028(USD Billion)
    • 5.3. Remote Payments
      • 5.3.1. Global Mobile Wallet Market by Remote Payments, 2018–2028(USD Billion)
  • Chapter 6. Global Mobile Wallet Market overview: By Application
    • 6.1. Global Mobile Wallet Market share, By Application , 2020 and 2028
    • 6.2. Vending Machines
      • 6.2.1. Global Mobile Wallet Market by Vending Machines, 2018–2028(USD Billion)
    • 6.3. Retail Payments
      • 6.3.1. Global Mobile Wallet Market by Retail Payments, 2018–2028(USD Billion)
    • 6.4. Public Transportation
      • 6.4.1. Global Mobile Wallet Market by Public Transportation, 2018–2028(USD Billion)
    • 6.5. Restaurants
      • 6.5.1. Global Mobile Wallet Market by Restaurants, 2018–2028(USD Billion)
  • Chapter 7. Company Profiles
    • 7.1. AT&T Inc.
      • 7.1.1. Overview
      • 7.1.2. Financials
      • 7.1.3. Product Portfulio
      • 7.1.4. Business Strategy
      • 7.1.5. Recent Developments
    • 7.2. Visa Inc.
      • 7.2.1. Overview
      • 7.2.2. Financials
      • 7.2.3. Product Portfulio
      • 7.2.4. Business Strategy
      • 7.2.5. Recent Developments
    • 7.3. The American Express Company
      • 7.3.1. Overview
      • 7.3.2. Financials
      • 7.3.3. Product Portfulio
      • 7.3.4. Business Strategy
      • 7.3.5. Recent Development
    • 7.4. Apple Inc.
      • 7.4.1. Overview
      • 7.4.2. Financials
      • 7.4.3. Product Portfulio
      • 7.4.4. Business Strategy
      • 7.4.5. Recent Development
    • 7.5. Google, Inc.
      • 7.5.1. Overview
      • 7.5.2. Financials
      • 7.5.3. Product Portfulio
      • 7.5.4. Business Strategy
      • 7.5.5. Recent Development
    • 7.6. Sprint Corporation
      • 7.6.1. Overview
      • 7.6.2. Financials
      • 7.6.3. Product Portfulio
      • 7.6.4. Business Strategy
      • 7.6.5. Recent Development
      • 7.7. Amazon.com Inc.
      • 7.7.1. Overview
      • 7.7.2. Financials
      • 7.7.3. Product Portfulio
      • 7.7.4. Business Strategy
      • 7.7.5. Recent Development
    • 7.8. Bank of America
      • 7.8.1. Overview
      • 7.8.2. Financials
      • 7.8.3. Product Portfulio
      • 7.8.4. Business Strategy
      • 7.8.5. Recent Development
    • 7.9. Citibank
      • 7.9.1. Overview
      • 7.9.2. Financials
      • 7.9.3. Product Portfulio
      • 7.9.4. Business Strategy
      • 7.9.5. Recent Development
    • 7.10. Citrus Payment Sulutions Pvt. Ltd.
      • 7.10.1. Overview
      • 7.10.2. Financials
      • 7.10.3. Product Portfulio
      • 7.10.4. Business Strategy
      • 7.10.5. Recent Development
    • 7.11. Dwulla
      • 7.11.1. Overview
      • 7.11.2. Financials
      • 7.11.3. Product Portfulio
      • 7.11.4. Business Strategy
      • 7.11.5. Recent Development
    • 7.12. MasterCard Inc.
      • 7.12.1. Overview
      • 7.12.2. Financials
      • 7.12.3. Product Portfulio
      • 7.12.4. Business Strategy
      • 7.12.5. Recent Development
    • 7.13. Paytm
      • 7.13.1. Overview
      • 7.13.2. Financials
      • 7.13.3. Product Portfulio
      • 7.13.4. Business Strategy
      • 7.13.5. Recent Development
    • 7.14. BlackBerry Limited
      • 7.14.1. Overview
      • 7.14.2. Financials
      • 7.14.3. Product Portfulio
      • 7.14.4. Business Strategy
      • 7.14.5. Recent Development
    • 7.15. First Data Corporation
      • 7.15.1. Overview
      • 7.15.2. Financials
      • 7.15.3. Product Portfulio
      • 7.15.4. Business Strategy
      • 7.15.5. Recent Development
    • 7.16. Samsung Electronics
      • 7.16.1. Overview
      • 7.16.2. Financials
      • 7.16.3. Product Portfulio
      • 7.16.4. Business Strategy
      • 7.16.5. Recent Development

Table Of Figures

List of Figures

1. Market research Type
2. Market research methodology
3. Global Mobile Wallet Market, 2018–2028(USD Billion)
4. Porter’s Five Forces Analysis
5. Global Mobile Wallet Market attractiveness, By Product
6. Global Mobile Wallet Market attractiveness, By Application
7. Global Mobile Wallet Market share by Product,2020 and 2028 (USD Billion)
8. Global Mobile Wallet Market by Near field communication (NFC), 2018–2028(USD Billion)
9. Global Mobile Wallet Market by Remote Payments, 2018–2028(USD Billion)
10. Global Mobile Wallet Market share by Application ,2020 and 2028 (USD Billion)
11. Global Mobile Wallet Market by Vending Machines, 2018–2028(USD Billion)
12. Global Mobile Wallet Market by Retail Payments, 2018–2028(USD Billion)
13. Global Mobile Wallet Market by Public Transportation, 2018–2028(USD Billion)
14. Global Mobile Wallet Market by Restaurants, 2018–2028(USD Billion)
15. Global Mobile Wallet Market share, by Region, 2020 and 2028
16. North America Mobile Wallet Market, 2018–2028(USD Billion)
17. Europe Mobile Wallet Market, 2018–2028(USD Billion)
18. Asia Pacific Mobile Wallet Market, 2018–2028(USD Billion)
19. Latin America Mobile Wallet Market, 2018–2028(USD Billion)
20. The Middle East and Africa Mobile Wallet Market, 2018–2028(USD Billion)
 


Table Of Tables

List of Tables

1. Global Mobile Wallet Market: snapshot
2. Drivers of the Mobile Wallet Market: impact analysis
3. North America Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
4. North America Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
5. The U.S. Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
6. The U.S. Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
7. Rest of North America Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
8. Rest of North America Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
9. Europe Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
10. Europe Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
11. UK Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
12. UK Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
13. France Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
14. France Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
15. Germany Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
16. Germany Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
17. Rest of Europe Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
18. Rest of Europe Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
19. Asia Pacific Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
20. Asia Pacific Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
21. China Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
22. China Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
23. Japan Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
24. Japan Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
25. India Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
26. India Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
27. Rest of Asia Pacific Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
28. Rest of Asia Pacific Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
29. Latin America Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
30. Latin America Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
31. Brazil Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
32. Brazil Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
33. Rest of Latin America Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
34. Rest of Latin  America Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
35. The Middle East and Africa Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
36. The Middle East and Africa Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
37. Saudi Arabia Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
38. Saudi Arabia Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
39. South Africa Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
40. South Africa Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)
41. Rest of the Middle East & Africa Mobile Wallet Market revenue, By Product ,2018–2028(USD Billion)
42. Rest of the Middle East & Africa Mobile Wallet Market revenue, By Application ,2018–2028(USD Billion)

 
 

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Mobile Wallet market. Zion Research has collected and analyzed key data belong to the global Mobile Wallet market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Mobile Wallet across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Mobile Wallet industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Mobile Wallet market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

The mobile wallet also is known as m-wallet is an innovative technological feature. It is an online interface that offers ease of carrying the money or cash like the physical wallet. This is the simple way to carry credit card or debit card information in a digital form on a mobile device. Instead of using a physical plastic card to make payment, payment can be easily done by smartphone, tablet, or smart watch.

A mobile wallet is very convenient, easy and safe way of payment. Increasing awareness of comfort, convenience, and adoption of the smartphone is a key driver of the mobile wallet market.Additionally, high growth in e-commerce is anticipated to fuel the growth of mobile wallet market during upcoming years. However, increasing hacking and fraud cases along with the lack of trust can impact the growth of the market. Although, these challenges are prevalent, many companies from telecom sector are collaborating with each other to provide better service to end user.Many businesses are now focusing on security to provide safe service to end-user and technological advancements are together boosting mobile wallet market growth. Currently, the mobile wallet is largely adopted by different businesses across the globe that will increase the revenue, reduce operation cost, augment safety from thefts and improve end-user satisfaction.

Global-Mobile-Wallet-Market

Mobile wallet market is segmented on the basis of product, application, and geography. Product segment is the ways to make the payment which include near field communications (NFC) and remote payment. Recently, remote payment is dominating the market as many payments is done out of the states or country. The high amount of payment and transaction can be done through remote payment. NFC payment is also in growing phase as there are several NFC compatible smartphones such as Google’s Nexus Series, Samsung’s Galaxy Series, and the iPhone are providing NFC payment option. Mobile wallet market has high growth potential due to considerable growth of e-commerce industry.

On the basis of the application, the market has been segmented retail payments, vending machines, public transportation, restaurants and others. Retail and restaurants segment are growing rapidly due to increasing demand of online clothes, cookery, and grocery and easily available cooked food items.  North America is a leading region for the mobile wallet market due to its enormous efforts to convert its economy into the digital economy. Europe is also growing with robust growth rate followed by Asia Pacific. In Asian countries, there is a high growth opportunity for mobile wallet payments due to high adoption of smartphones.

Key industry participants in the global mobile wallet market include American Express, Apple Inc., Amazon.com inc.,  Bank of America, Citibank, Citrus Payment Solutions, Dwolla, MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, Paytm, and others.

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FrequentlyAsked Questions

Beneficial features such as secured & quick access and end-user convenience will boost mobile wallet market trends. In addition to this, rise in smartphone usage across globe will proliferate size of mobile wallet market in near future. Thriving e-commerce sector and supportive government policies pertaining to use of mobile wallets will promulgate growth of mobile wallet industry. Apparently, changing consumer preference towards online payments will pave a way for lucrative growth of mobile wallet industry over forthcoming years. Huge discounts and attractive cash back offers provided by mobile wallet service providers are projected to enhance market revenue.

Furthermore, swiftly changing consumer behavior towards online mode of payments owing to trends of digitization will spur business growth. Furthermore, rampant spread of COVID-19 pandemic resulting into lockdowns and less physical contacts has created numerous growth opportunities for mobile wallet market.     

According to Zion market research report, the global Mobile Wallet Market accrued earnings worth approximately 101.2 (USD Billion) in 2020 and is predicted to gain revenue of about 750.3 (USD Billion) by 2028, is set to record a CAGR of nearly 21% over the period from 2021 to 2028.

Europe will contribute lucratively towards the global market earnings over the projected timeline. The regional market surge is subject to smartphone banking activities gaining prominence in European countries. Moreover, less use of physical cash in countries such as Germany will account substantially towards regional market proceeds in coming years. Apparently, mobile banking has become one of the most popular modes of performing financial transactions in Europe enabling banks to develop range of payment websites. This, in turn, will steer regional market growth.

The key market participants include AT&T Inc., Visa Inc., The American Express Company, Apple Inc., Google, Inc., Sprint Corporation, Amazon.com Inc.,  Bank of America, Citibank, Citrus Payment Solutions Pvt. Ltd., Dwolla, MasterCard Inc., Samsung Electronics,  First Data Corporation, BlackBerry Limited, and Paytm.

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