Mobile Wallet Market by Products (Proximity and Remote), Applications (Retail, Vending Machine, Public Transportation, and Restaurants), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
The global mobile wallet market size is projected to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the rapid development of mobile internet applications and the advancement of 3G and 4G networks. In addition, the introduction of value-added service (VAS) from the telecom industry has been a driving force for the market demand and cashless payments.
A mobile wallet is a form of payment service that allows users to collect and transfer money using their smart devices especially mobile phones. It is a kind of transaction tool used in mobile devices for simple accessibility of the payment service. Consumers often use mobile wallet to make purchase from both online and offline stores that accept digital payment modes. It not only offers low-cost transactions but also makes easy account management for customers.
Market Trends, Drivers, Restraints, and Opportunities
- Rising collaboration of the players with payment service provider especially banks and technology vendors to facilitate easy payment service is a key factor driving the market growth.
- Offering several benefits such as mobile vouchers & services, digital loyalty schemes, dynamic currency conversion, real-time fraud screening, and a digital charity box act as major driving factors for the market.
- Increasing use of smartphones among a large number of the global population and high access to internet are major factors expected to boost the market.
- Concerning security threat and issues regarding privacy violation are the key challenges that can hamper the market growth.
- Favorable government regulations and policies to encourage digital payment service worldwide are offering key opportunities for the market growth.
Scope of the Report
The report on the global mobile wallet market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
|
Report Title |
Mobile Wallet Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2020 |
|
Historic Data |
2018–2019 |
|
Forecast Period |
2021–2028 |
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Segmentation |
Products (Proximity and Remote) and Applications (Retail, Vending Machine, Public Transportation, and Restaurants) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
Amazon Web Services Inc.; American Express Banking Corp.; Apple Inc.; Alipay.com; AT&T Inc.; Google Inc.; Mastercard Incorporated; PayPal Holdings, Inc.; Samsung Electronics Co., Ltd.; and Visa Inc. |
Global Mobile Wallet Market Segment Insights
Remote segment held a key market share
Based on products, the global mobile wallet market is bifurcated into proximity and remote. The remote segment held a key share of the market in 2020 and is expected to retain its dominance over the forecast period owing to easy access to cashless payments across communication networks. However, the proximity segment is projected to constitute a large market share in the coming years due to the penetration of NFC-enabled smartphones in all regions. The ability to upgrade devices to NFC-enabled is expected to drive the segment development.
Retail segment is expected to dominate the market
Based on applications, the global mobile wallet market is categorized into retail, vending machine, public transportation, and restaurants. The retail segment accounted for a key share of the market in 2020 and is projected to exhibit a robust growth rate due to rapid expansion of the retail sector and wide adoption of the digital payment methods in the sector. Retailers are rapidly reaping the benefits of embracing mobile wallet purchases. Combining cashless payment technology and digital marketing become a key aspect for the extensive growth of the retail sector as it offers easy service to customers. On the other hand, the ability of a vending machine to accept cashless payments that also allows customers to pay without using cash.
Asia Pacific is a fast-growing market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is a fast-growing market and is projected to constitute a large share of revenue of the market in the coming years. The regional market growth can be attributed to various reasons including favorable customer tastes and the presence of many low-cost payment service providers in the region. Growing demand for the easy payment service due to rapid growth of the retail sector in major countries such as China and India is projected to boost the regional market during the forecast period.
Various applications such as NFC-based transactions, ticketing, and access control are expected to push significant growth in the European market during the forecast period. The largest share of the overall European market is represented by the public transit and restaurant application segments.
Segments
Segments Covered in the Report
The global mobile wallet market has been segmented on the basis of
Products
- Proximity
- Remote
Applications
- Retail
- Vending Machine
- Public Transportation
- Restaurants
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Amazon Web Services Inc.
- American Express Banking Corp.
- Apple Inc.
- Alipay.com
- AT&T Inc.
- Google Inc.
- Mastercard Incorporated
- PayPal Holdings, Inc.
- Samsung Electronics Co., Ltd.
- Visa Inc.
Competitive Landscape
Some of the major players competing are Amazon Web Services Inc.; American Express Banking Corp.; Apple Inc.; Alipay.com; AT&T Inc.; Google Inc.; Mastercard Incorporated; PayPal Holdings, Inc.; Samsung Electronics Co., Ltd.; and Visa Inc. Players in the market are actively investing in R&D to create innovative payment platforms by developing new improved technology.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Mobile Wallet Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Mobile Wallet Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Mobile Wallet Market - Supply Chain
4.5. Global Mobile Wallet Market Forecast
4.5.1. Mobile Wallet Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Mobile Wallet Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Mobile Wallet Market Absolute $ Opportunity
5. Global Mobile Wallet Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Mobile Wallet Market Size and Volume Forecast by Applications
5.3.1. Retail
5.3.2. Vending Machine
5.3.3. Public Transportation
5.3.4. Restaurants
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Mobile Wallet Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Mobile Wallet Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Mobile Wallet Demand Share Forecast, 2019-2026
7. North America Mobile Wallet Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Mobile Wallet Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Mobile Wallet Market Size and Volume Forecast by Applications
7.4.1. Retail
7.4.2. Vending Machine
7.4.3. Public Transportation
7.4.4. Restaurants
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Mobile Wallet Demand Share Forecast, 2019-2026
8. Latin America Mobile Wallet Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Mobile Wallet Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Mobile Wallet Market Size and Volume Forecast by Applications
8.4.1. Retail
8.4.2. Vending Machine
8.4.3. Public Transportation
8.4.4. Restaurants
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Mobile Wallet Demand Share Forecast, 2019-2026
9. Europe Mobile Wallet Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Mobile Wallet Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Mobile Wallet Market Size and Volume Forecast by Applications
9.4.1. Retail
9.4.2. Vending Machine
9.4.3. Public Transportation
9.4.4. Restaurants
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Mobile Wallet Demand Share Forecast, 2019-2026
10. Asia Pacific Mobile Wallet Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Mobile Wallet Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Mobile Wallet Market Size and Volume Forecast by Applications
10.4.1. Retail
10.4.2. Vending Machine
10.4.3. Public Transportation
10.4.4. Restaurants
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Mobile Wallet Demand Share Forecast, 2019-2026
11. Middle East & Africa Mobile Wallet Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Mobile Wallet Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Mobile Wallet Market Size and Volume Forecast by Applications
11.4.1. Retail
11.4.2. Vending Machine
11.4.3. Public Transportation
11.4.4. Restaurants
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Mobile Wallet Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Mobile Wallet Market: Market Share Analysis
12.2. Mobile Wallet Distributors and Customers
12.3. Mobile Wallet Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Amazon Web Services Inc.
12.4.2. American Express Banking Corp.
12.4.3. Apple Inc.
12.4.4. Alipay.com
12.4.5. AT&T Inc.
12.4.6. Google Inc.
12.4.7. Mastercard Incorporated
12.4.8. PayPal Holdings, Inc.
12.4.9. Samsung Electronics Co., Ltd.
12.4.10. Visa Inc.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Mobile Wallet Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Mobile Wallet Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Mobile Wallet Market - Supply Chain
4.5. Global Mobile Wallet Market Forecast
4.5.1. Mobile Wallet Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Mobile Wallet Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Mobile Wallet Market Absolute $ Opportunity
5. Global Mobile Wallet Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Mobile Wallet Market Size and Volume Forecast by Applications
5.3.1. Retail
5.3.2. Vending Machine
5.3.3. Public Transportation
5.3.4. Restaurants
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Mobile Wallet Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Mobile Wallet Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Mobile Wallet Demand Share Forecast, 2019-2026
7. North America Mobile Wallet Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Mobile Wallet Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Mobile Wallet Market Size and Volume Forecast by Applications
7.4.1. Retail
7.4.2. Vending Machine
7.4.3. Public Transportation
7.4.4. Restaurants
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Mobile Wallet Demand Share Forecast, 2019-2026
8. Latin America Mobile Wallet Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Mobile Wallet Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Mobile Wallet Market Size and Volume Forecast by Applications
8.4.1. Retail
8.4.2. Vending Machine
8.4.3. Public Transportation
8.4.4. Restaurants
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Mobile Wallet Demand Share Forecast, 2019-2026
9. Europe Mobile Wallet Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Mobile Wallet Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Mobile Wallet Market Size and Volume Forecast by Applications
9.4.1. Retail
9.4.2. Vending Machine
9.4.3. Public Transportation
9.4.4. Restaurants
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Mobile Wallet Demand Share Forecast, 2019-2026
10. Asia Pacific Mobile Wallet Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Mobile Wallet Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Mobile Wallet Market Size and Volume Forecast by Applications
10.4.1. Retail
10.4.2. Vending Machine
10.4.3. Public Transportation
10.4.4. Restaurants
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Mobile Wallet Demand Share Forecast, 2019-2026
11. Middle East & Africa Mobile Wallet Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Mobile Wallet Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Mobile Wallet Market Size and Volume Forecast by Applications
11.4.1. Retail
11.4.2. Vending Machine
11.4.3. Public Transportation
11.4.4. Restaurants
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Mobile Wallet Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Mobile Wallet Market: Market Share Analysis
12.2. Mobile Wallet Distributors and Customers
12.3. Mobile Wallet Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Amazon Web Services Inc.
12.4.2. American Express Banking Corp.
12.4.3. Apple Inc.
12.4.4. Alipay.com
12.4.5. AT&T Inc.
12.4.6. Google Inc.
12.4.7. Mastercard Incorporated
12.4.8. PayPal Holdings, Inc.
12.4.9. Samsung Electronics Co., Ltd.
12.4.10. Visa Inc.
Segments Covered in the Report
The global mobile wallet market has been segmented on the basis of
Products
- Proximity
- Remote
Applications
- Retail
- Vending Machine
- Public Transportation
- Restaurants
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Amazon Web Services Inc.
- American Express Banking Corp.
- Apple Inc.
- Alipay.com
- AT&T Inc.
- Google Inc.
- Mastercard Incorporated
- PayPal Holdings, Inc.
- Samsung Electronics Co., Ltd.
- Visa Inc.
Some of the major players competing are Amazon Web Services Inc.; American Express Banking Corp.; Apple Inc.; Alipay.com; AT&T Inc.; Google Inc.; Mastercard Incorporated; PayPal Holdings, Inc.; Samsung Electronics Co., Ltd.; and Visa Inc. Players in the market are actively investing in R&D to create innovative payment platforms by developing new improved technology.
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