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Report Overview
The global mobile wallet market reached approximately USD 185.30 billion in 2023. The market is estimated to grow at a CAGR of 18.3% in the forecast period of 2024-2032, reaching a value of around USD 840.89 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- According to GSMA Intelligence, smartphone adoption in the U.S. was 84% in 2022 and is anticipated to grow to 89% by 2030.
- As per NIC, from 2016 to 2023, India saw exponential growth in transaction volumes, escalating from 2.65 million to 83,751.14 million.
- According to ABS, In Australia, in June 2024, clothing, footwear, and personal accessory retailing rose by 0.7% (USD 12.92 million) to USD 1947.17 million from USD 1934.25 million in May 2024.
Competitive Landscape
The mobile wallet market key players in digital payment platforms enable secure transactions for both consumers and businesses. They transformed online payments by allowing users to send and receive money via email and mobile devices. Their services include payment processing, money transfers, and e-commerce solutions, accommodating various currencies. Widely adopted by millions of merchants and consumers globally, these platforms significantly enhance the convenience of online shopping and digital commerce.
Key Industry Players
PayPal Holdings Inc.: Established in 1998 and headquartered in San Jose, California, PayPal revolutionised online payments by enabling secure transactions for consumers and businesses. It offers a range of services, including payment processing and money transfers, widely used globally.
Alphabet Inc.: Founded in 2015 and based in Mountain View, California, Alphabet Inc. is the parent company of Google. It focuses on technology and innovation across various sectors, including search engines, advertising, and cloud computing.
American Express Company: Established in 1850 and headquartered in New York City, American Express is a multinational financial services corporation. It is known for its charge cards, credit cards, and travel-related services.
Alipay Singapore E-Commerce Private Limited: Launched in 2010, Alipay operates as a subsidiary of Ant Group, headquartered in Singapore. It provides a leading digital payment platform, facilitating secure transactions and enhancing e-commerce in the Asia-Pacific region.
Other market key players in the mobile wallet market report are J.P. Morgan Chase & Co., Vodafone Group Plc, Samsung Electronics Co., Ltd., Apple, Inc., Amazon.com, Inc. and One97 Communications Limited among others.
Mobile Wallet Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 185.30 billion.
The market is projected to grow at a CAGR of 18.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 840.89 billion by 2032.
The major market drivers are the proliferation of smartphones, the growth of the e-commerce sector, and surge in digital transactions.
The key trends of the market include increased integration of QR codes in mobile wallets, incorporation of e-commerce, food delivery, ridesharing, ticket booking, and bill payment services in mobile wallet apps, growing demand for cryptocurrency mobile wallets, and rise of near-field communication (NFC) technology at merchant points.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various applications are personal and business.
The key players in the market are Paypal Holdings Inc., Alphabet Inc., American Express Company, Alipay Singapore E-Commerce Private Limited, J.P. Morgan Chase & Co., Vodafone Group Plc, Samsung Electronics Co., Ltd., Apple, Inc., Amazon.com, Inc., and One97 Communications Limited, among others.
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