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Global Mobile Wallet Market Size, Share, Growth, Forecast: By Type: Proximity, Remote Payment; By Technology: Near Field Communication (NFC), Digital Only, Optical/QR Code, Text based/Short Message Service; By Application: Personal, Business; By Industry Vertical; Regional Analysis; Competitive Landscape; 2024-2032
Global Mobile Wallet Market Outlook
The global mobile wallet market size 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 710.82 billion by 2032.
Key Trends in the Market
A mobile wallet is a virtual wallet or app which stores information about bank accounts, and credit and debit cards on a mobile device or tablet. It offers a contactless and secure facility for bill payments, mobile recharges, and fund transfers, among others.
- Increased integration of QR codes in mobile wallets for quick and seamless transactions is one of the key mobile wallet market trends. This offers a convenient and secure method of payment to users with a simple scan of a QR code.
- Mobile wallet apps are increasingly offering e-commerce, food delivery, ridesharing, ticket booking, and bill payment services to provide users with the facility of direct payment from mobile wallets.
- The surge in the adoption of cryptocurrencies has led to a growing demand for cryptocurrency mobile wallets that keep digital assets safe and offer effortless transactions, further providing impetus to the mobile wallet market growth.
- The rise of near-field communication (NFC) technology at merchant points such as retail stores, restaurants, and hotels, among others, for contactless payment from mobile wallets is also a crucial market trend.
Market Analysis
Based on type, the market is bifurcated into proximity and remote payment. On the basis of technology, the market is divided into near field communication (NFC), digital only, optical/QR code, and text based/short message service. The mobile wallet market segmentation, based on application, includes personal and business.
On the basis of industry vertical, the market is classified into retail and e-commerce, hospitality and transportation, media and entertainment, healthcare, energy and utilities, and telecommunication, among others. The major regional markets of mobile wallet are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the mobile wallet market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- 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.
- One97 Communications Limited
- Others
Market Share by Industry Vertical
The retail and e-commerce sector occupies a significant portion of the mobile wallet market share owing to the increased integration of mobile wallet apps in retail and online stores for ease of transaction. These apps offer a quick and efficient facility for payment at retail stores with the simple scan of a QR code. Additionally, several e-commerce websites and apps include mobile wallet as the primary payment gateway as it offers a user-friendly experience, compared to internet banking and cards where users need to enter bank and card details.
Market Share by Region
As per the mobile wallet market analysis, the Asia Pacific accounts for a substantial share of the global market due to the increased population and the rise in internet users in the region. Mobile wallet apps have become an integral part of people’s everyday lives for seamless transaction processes. Several government initiatives to promote digitalisation in developing economies such as India also support the market expansion. Meanwhile, Europe is expected to register sizeable growth in the forecast period due to the growth of NFC-based public transit in the region.
Competitive Landscape
PayPal Holdings Inc. is a financial technology corporation, established in 1998 and headquartered in California, the United States. The company offers convenient and secure financial transactions through its digital platform, PayPal.
Alphabet Inc., incorporated in 2015, is a multinational technology holding company, based in California, the United States. Some of its subsidiaries are Google, Calico, Nest, Fiber, Makani, and CapitalG, among others.
American Express Company is a financial service company, founded in 1850, with its headquarters in New York, the United States. The company aims to mobilise its businesses and deliver effective solutions to its clients.
Other mobile wallet market players include 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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Technology |
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| Breakup by Application |
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| Breakup by Industry Vertical |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Mobile Wallet Market Analysis
8.1 Key Industry Highlights
8.2 Global Mobile Wallet Historical Market (2018-2023)
8.3 Global Mobile Wallet Market Forecast (2024-2032)
8.4 Global Mobile Wallet Market by Type
8.4.1 Proximity
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Remote Payment
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Mobile Wallet Market by Technology
8.5.1 Near Field Communication (NFC)
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Digital Only
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Optical/QR Code
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Text based/Short Message Service
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global Mobile Wallet Market by Application
8.6.1 Personal
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Business
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Mobile Wallet Market by Industry Vertical
8.7.1 Retail and E-commerce
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Hospitality and Transportation
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Media and Entertainment
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Healthcare
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Energy and Utilities
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Telecommunication
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.7 Others
8.8 Global Mobile Wallet Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Mobile Wallet Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Mobile Wallet Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Mobile Wallet Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Mobile Wallet Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Mobile Wallet Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Paypal Holdings Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Alphabet Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 American Express Company
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Alipay Singapore E-Commerce Private Limited
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 J.P. Morgan Chase & Co.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Vodafone Group Plc
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Samsung Electronics Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Apple, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Amazon.com, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 One97 Communications Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Mobile Wallet Market: Key Industry Highlights, 2018 and 2032
2. Global Mobile Wallet Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Mobile Wallet Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Mobile Wallet Historical Market: Breakup by Ownership (USD Billion), 2018-2023
5. Global Mobile Wallet Market Forecast: Breakup by Ownership (USD Billion), 2024-2032
6. Global Mobile Wallet Historical Market: Breakup by Technology (USD Billion), 2018-2023
7. Global Mobile Wallet Market Forecast: Breakup by Technology (USD Billion), 2024-2032
8. Global Mobile Wallet Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Mobile Wallet Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Mobile Wallet Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Mobile Wallet Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Mobile Wallet Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Mobile Wallet Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Mobile Wallet Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Mobile Wallet Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Mobile Wallet Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Mobile Wallet Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Mobile Wallet Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Mobile Wallet Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Mobile Wallet Market Structure
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 710.82 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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