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Mobile Wallet Market Size, Share, and Industry Report [2031]
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Mobile Wallet Market Size, Share, and Industry Report [2031]

Segments - 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 2023 – 2031

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Author : Debadatta Patel
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Fact-checked by : PARTHA PAUL
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Editor : Shruti Bhat

Upcoming | Report ID :CG-688 | 4.2 Rating | 75 Reviews | 182 Pages | Format : PDF Excel PPT

Report Description


Mobile Wallet Market Outlook 2031

The global mobile wallet market size was USD 7.90 Billion in 2022 and is projected to reach USD 69.85 Billion by 2031 expand at a substantial CAGR 27.4% during the forecast period, 2023 – 2031. 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.

Mobile Wallet Market Outlook

  • 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 Mobile Wallet Market 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.

Attributes

Details

Report Title

Mobile Wallet Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Products (Proximity and Remote) and Applications (Retail, Vending Machine, Public Transportation, and Restaurants)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

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.

Mobile Wallet Market Products

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.

Mobile Wallet Market Outlook

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.

Mobile Wallet Market Regions

Segments

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.

Mobile Wallet Market key Players

Table Of Content

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.

Methodology

Our Clients

Dassault Aviation
Honda Motor Co. Ltd.
Nestle SA
Deloitte
sinopec
Pfizer
General Electric
FedEx Logistics