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Report Overview
The global mobile wallet market attained a value of USD 185.30 Billion in 2023. Mobile wallets enable users to securely store digital identification documents for easy access. As an increasing number of merchants embrace mobile payments, overall usability improves significantly. The industry is expected to grow at a CAGR of 18.30% during the forecast period of 2024-2032 to attain a value of USD 840.89 Billion by 2032. The market is driven by the integration of loyalty programmes and improvement in security features to protect user data and foster consumer trust.
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 more consumers gain access to smartphones, the adoption of mobile wallets for payments, banking, and other services increases. This rise in smartphone usage enables wider acceptance and convenience, driving demand for mobile wallet solutions.
- As per NIC, from 2016 to 2023, India saw exponential growth in transaction volumes, escalating from 2.65 million to 83,751.14 million. This is a clear indicator of the rising demand for digital payment solutions. This surge reflects increasing trust in mobile wallets, driving their adoption for seamless, secure transactions, thereby bolstering the mobile wallet market in India.
- 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. This signals an increase in consumer spending. This growth supports the mobile wallet market, as more consumers are opting for convenient, contactless payment methods for retail purchases. The rise in retail transactions drives the demand for mobile wallets, offering seamless and secure payment options for consumers.
Mobile Wallet Market Regional Insights
Europe Mobile Wallet Market Analysis
Europe is witnessing a notable increase in mobile wallet demand, particularly in Germany, Italy, and France. Mobile wallets improve security through features such as encryption and biometric authentication, safeguarding user data and reducing fraud risks. They also incorporate loyalty programmes, enabling users to store loyalty cards and effortlessly earn and redeem points. In September 2023, Revolut launched a digital wallet feature that allows users to make cryptocurrency payments at point-of-sale terminals throughout Europe, broadening its service offerings to meet the rising demand for crypto transactions.
North America Mobile Wallet Market Trends
The North American mobile wallet market value is set for substantial growth, supported by major companies such as Apple Pay, Google Pay and PayPal. Mobile wallets provide built-in budgeting tools for effortless tracking of spending and effective financial management, while also facilitating international transactions, enabling users to shop globally without the hassle of currency conversion. In March 2024, PayPal Complete Payments was launched for small and medium-sized enterprises in Canada. This solution allows small businesses in Canada to accept various payment methods, including PayPal, Apple Pay®, Google Pay™, credit and debit cards, and more than 20 alternative payment options from across the globe.
Asia Pacific Mobile Wallet Market Insights
In India brands such as Paytm, PhonePe and Mobikwik highlight the growing mobile wallet market share in the Asia-Pacific region. The Asia-Pacific region has seen swift adoption of mobile wallets, driven by widespread smartphone and internet access. Advanced security measures, such as encryption and biometric authentication, safeguard user data and help prevent fraud. In June 2024, Alipay launched its updated app across several Asia-Pacific countries, introducing QR code payment features and improved integration with local merchants to enhance the user experience.
Latin America Mobile Wallet Market Analysis
Key markets in the region include Brazil, Mexico, and Argentina, where there is significant demand for mobile wallet market. Mobile wallets improve e-commerce by simplifying online payments, which boosts consumer engagement. They offer businesses valuable transaction insights for targeted marketing and enhanced services. In April 2024, Brazilian fintech Nubank introduced a mobile wallet feature, enabling seamless payments and transfers through the app, alongside budgeting tools for better user experience.
Middle East and Africa Mobile Wallet Market Driving Factors
The African mobile wallet market is growing, especially in Egypt, Ethiopia, and Morocco. Mobile wallets improve financial accessibility by providing services such as loans and insurance, thereby integrating users into the financial ecosystem. They also enable cross-border transactions, supporting trade and personal remittances. In May 2024, Revolut, a global financial app with over 40 million users, announced an expansion of its international transfer feature. The company introduced 14 new payment corridors across nine African countries, using three digital wallets: Airtel Money, Orange Money, and MTN.
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 mobile wallet market reached an approximate value of USD 185.30 Billion.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 840.89 Billion by 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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124