Mobile Wallet Global Market Report 2024

A mobile wallet refers to a digital or virtual wallet that is connected to a user's bank account, allowing convenient access to conduct financial transactions. These wallets enable users to make payments and accept funds by accessing their linked bank accounts. Mobile wallets are commonly utilized for everyday shopping and facilitate seamless payment transactions.

Mobile wallets are typically categorized into three main types such as open, semi-closed, and closed. An open mobile wallet permits both in-store and online payments through its platform. Ownership of these wallets can belong to various entities such as banks, telecom operators, device manufacturers, and tech companies. The technology behind these wallets encompasses near-field communication (NFC), optical/QR code systems, digital and text-based platforms, among others. These wallets find applications across a wide array of industries including hospitality, transportation, media and entertainment, retail, healthcare, energy and utilities, telecommunications, and several others.

The mobile wallets market research report is one of a series of new reports from The Business Research Company that provides mobile wallets market statistics, including mobile wallets industry global market size, regional shares, competitors with a mobile wallets market share, detailed mobile wallets market segments, market trends and opportunities, and any further data you may need to thrive in the mobile wallets industry. This mobile wallet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mobile wallet market size has grown exponentially in recent years. It will grow from $1614.96 billion in 2023 to $2116.65 billion in 2024 at a compound annual growth rate (CAGR) of 31.1%. The growth during the historical period can be attributed to factors such as convenience and accessibility, heightened security concerns, shifts in consumer behavior, government initiatives, and various partnerships and collaborations.

The mobile wallet market size is expected to see exponential growth in the next few years. It will grow to $6330.87 billion in 2028 at a compound annual growth rate (CAGR) of 31.5%. The anticipated growth in the forecast period can be attributed to the prevalence of contactless payments, the promotion of financial inclusion, the ascent of digital banking, an increase in cross-border transactions, and advancements in payment technology. Noteworthy trends expected during this period encompass the integration of blockchain and cryptocurrency, the incorporation of loyalty programs and rewards, the expansion of offline mobile payments, the utilization of mobile wallets for public transportation, and strategic collaborations with retailers and merchants.

The expanding smartphone penetration is serving as a catalyst for the growth of the mobile wallet market. Smartphones, versatile mobile devices capable of performing various tasks beyond traditional calling and messaging, are witnessing increased adoption. This surge in smartphone usage, coupled with government initiatives promoting digital and cashless payments, has led to a notable uptick in the installation of mobile wallet applications on these devices. For instance, according to a report by DataReportal, in January 2021, China recorded a staggering 1.61 billion mobile connections. Over the course of a year, between January 2020 and January 2021, there was an addition of 8.0 million mobile connections in China, representing a growth of 0.5%. Considering that individuals often possess multiple mobile connections, the total number of mobile connections in China in January 2021 surpassed the country's entire population, reaching 111.8%. This escalating smartphone penetration, evident from the substantial increase in mobile connections, signifies the growing reliance on smartphones and subsequently drives the adoption and usage of mobile wallets, contributing to the expansion of the mobile wallet market.

The anticipated surge in contactless payments is poised to significantly drive the expansion of the mobile wallet market. Contactless payments involve transactions executed by tapping, waving, or placing a contactless-enabled payment card, mobile device, or wearable near a compatible point-of-sale terminal, facilitating swift and secure electronic payments devoid of physical contact or card insertion. Within mobile wallets, contactless payments provide consumers with a convenient, secure, and efficient means to conduct transactions without necessitating physical contact. For instance, data from UK Finance in August 2022 revealed that contactless payments in the UK experienced a remarkable 36% increase in volume throughout 2021 in comparison to the previous year, culminating in a total of 13.1 billion payments. Notably, contactless transactions accounted for nearly one-third (32%) of all payments recorded during the year. This substantial surge in contactless payment volumes underscores the growing reliance on contactless payment methods and indicates the increasing preference for secure, swift, and contact-free transactions. Consequently, this trend is instrumental in propelling the growth trajectory of the mobile wallet market.

Product innovation stands as a significant trend gaining traction within the mobile wallet market. Leading companies within this industry continually strive for innovation, consistently introducing new offerings to maintain their competitive edge. As an example, in December 2021, Vibes, a technology firm based in the United States and renowned for its mobile wallet services, unveiled "Mobile Wallet as a Channel." This groundbreaking addition supplements its existing mobile wallet solution, transforming consumers' mobile wallets into an enduring, adaptable, and tailored content channel. This innovation aims to drive enhanced revenue streams and elevate customer satisfaction levels.

Prominent companies within the mobile wallet market are intensifying their efforts towards implementing customer engagement and loyalty solutions as part of their competitive strategy. These solutions encompass a range of tactics, technologies, and programs geared toward enticing, retaining, and fortifying relationships between businesses and their clientele. For instance, in December 2023, SAP Emarsys, a software company headquartered in Austria, rolled out a mobile wallet solution specifically tailored to offer a personalized customer loyalty experience. This innovative mobile wallet offering empowers users to securely and conveniently store, access, and utilize electronic bank cards, identification, mobile passes, and various other items. The solution's primary objective is to seamlessly integrate digital and in-store experiences, perfectly aligning with the evolving landscape of mobile wallets.

In November 2021, Fobi AI Inc., a US-based data intelligence company, successfully acquired PassWallet from Quicket GmbH for a deal valued at $964,949 (€888,000). PassWallet is an all-in-one mobile wallet app designed to display and save wallet passes. This strategic acquisition significantly expands Fobi's prospects and applications by tapping into the capabilities of the mobile wallet. Additionally, it enables Fobi to extend its services into new markets where Google Pay support may not be available. Quicket GmbH, the original owner, is a Germany-based company specializing in the creation of innovative mobile and online platform solutions.

Major companies operating in the mobile wallet market report are Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Alibaba Group Holding Limited, AT&T Inc., Tencent Holdings Limited, Barclays PLC, Wells Fargo & Company, American Express Banking Corporation, VISA Inc., PayPal Holdings Inc., Mastercard Incorporated, Square Inc., MercadoLibre Inc., Skrill Ltd., Revolut Ltd., Ant Financial Services Group, Circle Internet Financial Ltd., One Mobikwik System Pvt. Ltd., Mozido Inc., TRM Labs Inc., BitPay Inc., Dwolla Inc., Zerion Inc., Bitski Inc., Blockstream Corporation, Alipay.com, Zelle Inc., Jerry Technologies Inc.

Asia-Pacific was the largest region in the mobile wallet market in 2023. The regions covered in the mobile wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the mobile wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The mobile wallet market includes revenues earned by entities by providing crypto wallet and IoT wallet services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Mobile Wallet Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on mobile wallet market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for mobile wallet ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mobile wallet market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Open; Semi-Closed; Closed
• 2) By Ownership: Banks; Telecom Operators; Device Manufacturers; Tech Companies
• 3) By Technology: Near Field Communication (NFC); Optical/QR Code; Digital; Text-Based
• 4) By Application: Hospitality And Transportation; Media And Entertainment; Retail; Healthcare; Energy And Utilities; Telecommunication; Other Applications
• Companies Mentioned: Amazon.com Inc.; Apple Inc.; Google LLC; Samsung Electronics Co. Ltd.; Alibaba Group Holding Limited
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.