Mobile Wallet Market Size, Share, Growth Report 2032

Mobile Wallet Market Size

The global mobile wallet market size was approximately 101.2 (USD) billions in 2020 and is predicted to gain revenues of about 750.3 (USD) billions by 2028, with 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).

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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.

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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:

Mobile Wallet Market: 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.

Mobile Wallet Market: 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