GVR Report cover Mobile Wallet Market Size, Share & Trends Report

Mobile Wallet Market Size, Share & Trends Analysis Report By Technology (Remote, Proximity), By Application (Retail & E-commerce, Banking, Hospitality & Transportation), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: 978-1-68038-092-7
  • Number of Pages: 98
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Technology

Report Overview

The global mobile wallet market size was valued at USD 6.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 27.4% from 2022 to 2030. Increasing penetration of smartphones and the internet and the growing e-commerce sector are major drivers of the market. A mobile wallet is an e-wallet that uses a credit/debit card or bank account to make payments easily while securing the users’ data. Users can use a mobile wallet to make transactions such as mobile recharges, bill payments, movie/travel bookings, and money transfers from one bank account to another.

U.S. mobile wallet market size, by technology, 2020 - 2030 (USD Million)

The COVID-19 pandemic had a positive impact on the market. Industry players had to temporarily close the majority of their offices due to government regulations and travel restrictions, which forced them to change their mode of operations. For instance, NICE adopted work-from-home and hybrid working models and restricted employee travel. Although most of the industry players reported that the pandemic posed a risk to their business and was uncertain of its effects, most prominent market players witnessed growth in revenues throughout the pandemic.

The pandemic pushed digital transactions and mobile payments across the world. It has accelerated the growth of the e-commerce industry toward new customers, firms, and types of products. For instance, according to the Census Bureau’s Annual Retail Trade Survey (ARTS), in the U.S., sales in the e-commerce sector surged by 43% or USD 244.2 billion in 2020, the first year of the pandemic, increasing to USD 815.4 billion in 2020 from USD 571.2 billion in 2019.

Technology Insights

The proximity segment accounted for the largest revenue share of over 60.0% in 2021 and is expected to continue to dominate the market over the forecast period. By using proximity technology, users can pay for goods and services with their mobile phones or any smart device at a physical point-of-sale (POS) terminal. In terms of technology, the market has been segmented into remote and proximity.

Remote technology is expected to register the highest growth rate of 27.7% during the forecast period due to the growing penetration of cashless payments through communication networks. By using a remote technology-based mobile wallet, users can purchase goods via a mobile website or SMS text message with their mobile devices.

Application Insights

The retail and e-commerce segment accounted for the largest revenue share of over 30.0% in 2021 and is expected to maintain its position over the forecast period. The potential advantages of accepting payments made using a mobile wallet are becoming increasingly apparent to retailers and online retailers. Retailers integrating cashless payment or contactless payment technology with digital marketing are intended to gain consumer data opportunities and loyalty. Furthermore, NFC technology is anticipated to increase operational efficiency through low processing costs and quicker checkout. The technology aids e-commerce companies and retailers in providing exceptional promotions and tracking loyalty rewards for enhancing relations with mobile consumers.

Global mobile wallet market share, by application, 2021 (%)

The banking segment is expected to observe a rapid growth rate of 28.7% over the forecast period. Also, several vending businesses are adopting mobile payment vending solutions to offer convenient, quick transactions at vending machines. Vending businesses can provide mobile payments from QR code systems, wallet apps, or vouchers to customers.

Regional Insights

Asia Pacific dominated the market in 2021 with a share of over 30.0% and is anticipated to retain its position over the forecast period. Factors such as increasing population, rising adoption of smartphones, rising number of internet subscribers, and rapid growth in the retail and e-commerce sector across the countries such as India and China are driving the market. In addition, increasing government initiatives such as Digital India and Make in India are expected to improve the penetration of smartphones and other smart devices, resulting in the increasing demand for mobile wallets.

Mobile Wallet Market Trends by Region

Europe is expected to register a growth rate of 26.8% over the forecast period. Europe is anticipated to observe key developments in numerous applications, including NFC-based ticketing, transactions, and access control, over the forecast period. In addition, the hospitality and public transportation application segments accounted for a major share of the overall European market.

Key Companies & Market Share Insights

The market has a fragmented competitive landscape as it features various global and regional market players. Leading industry players are undertaking strategies such as partnerships, collaborations, acquisitions & mergers, and agreements to survive the highly competitive environment and expand their business footprints. Furthermore, major industry players are collaborating with payment service providers, technology vendors, and banks to develop the required infrastructure to improve the consumer experience.

For instance, in July 2022, Damen ePayment launched its mobile wallet app in collaboration with BKN301. BKN301 is a financial technology company that develops Cashflo, banking-as-a-service functionalities, and payment services. Additionally, in September 2021, PayPal Holdings, Inc. announced that it has settled to acquire Paidy, for USD2.7 billion, principally in cash. The acquisition is expected to increase PayPal's capabilities, relevance, and distribution in the domestic payments market in Japan. Paidy would continue to operate its present business, maintain its support, and brand an extensive variety of consumer wallets and marketplaces. Some prominent players in the global mobile wallet market include:

  • Amazon Web Services Inc.

  • Visa Inc.

  • American Express

  • PayPal Holdings Inc.

  • Apple Inc.

  • Google Inc.

  • Airtel

  • Mastercard

  • Alipay

  • Samsung

  • AT&T

Mobile Wallet Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 7.42 billion

Revenue forecast in 2030

USD 51.53 billion

Growth Rate

CAGR of 27.4% from 2022 to 2030

Base year for estimation

2021

Historical data

2017  - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Technology, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico

Key companies profiled

Amazon Web Services Inc.; Visa Inc.; American Express; PayPal Holdings Inc.; Apple Inc.; Google Inc.; Airtel India; Mastercard; Alipay; Samsung; AT&T

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Mobile Wallet Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global mobile wallet market report based on technology, application, and region:

Global Mobile Wallet Market Segmentation

  • Technology Outlook (Revenue, USD Million, 2017 - 2030)

    • Remote

    • Proximity

  • Application Outlook (Revenue, USD Million, 2017 - 2030)

    • Retail & E-commerce

    • Hospitality & Transportation

    • Banking

    • Vending Machine

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • Rest of Europe

    • Asia Pacific

      • China

      • India

      • Japan

      • Rest of Asia Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East & Africa

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