The global demand for Mobile Wallet Market is presumed to reach the market size of nearly USD 13.27 MN by 2028 from USD 8.31 MN in 2021 with a CAGR of 28.61% under the study period 2022 - 2028.
Mobile wallet is a payment service that allows an individual or business to send or receive money transactions using a mobile device. It is a virtual wallet that stores credit card, debit card, gift card, and loyalty card information on a device such as a smartphone so that users can make payments easily while keeping their data secure. Mobile wallets make payments convenient, safe, and quick by storing card information on a mobile device that uses contactless near-field communication technology to complete a transaction. A mobile wallet is also referred to as mWallet or eWallet.
Market Dynamics
The primary growth factor for the mobile wallet market is the shift in the trend toward digitalization and the growing consumer preference for cashless payments and online transactions. Moreover, the ability to provide online bill payments and other money transfer services quickly and securely is expected to fuel the mobile wallet market during the forecast period. Also, mobile wallets allow consumers to receive and make regular payments at their leisure, aiding the growth of the mobile wallet market. Furthermore, the rapid surge in the adoption of intelligent devices such as smartphones, increasing internet penetration, and rising government initiatives have contributed to increased demand for mobile wallets. In addition, the user-friendly interface promotes transaction simplicity when travelling, a crucial element expected to drive market growth. However, growing concerns regarding data security & data breach are some of the major factors that may hamper the market growth.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of mobile wallet. The growth and trends of mobile wallet industry provide a holistic approach to this study.
Market Segmentation
This section of the mobile wallet market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Technology
By Application
- Retail & E-Commerce
- Hospitality & Transportation
- Banking
- Vending Machine
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Mobile Wallet market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Mobile Wallet Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the mobile wallet market include Amazon Web Services Inc., Visa Inc., American Express, PayPal Holdings Inc., Apple Inc., Google Inc., Airtel India, Mastercard, Alipay, Samsung, AT&T. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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