Mobile Wallet Market size was valued at USD 219 billion in 2021 and is poised to grow at a significant CAGR of 16.8% during the forecast period 2022â€“2028. An electronic wallet that keeps credit card data on a mobile device is called a mobile wallet. Users can use mobile wallets at businesses that are listed with the mobile wallet service provider as a convenient way to make in-store payments. Mobile wallets are secure applications for keeping track of cash and other valuables including bank account details, credit card numbers, and even driver's licenses.Â Mobile wallets are commonly included with smartphones.Â Near-field communication technology, used by mobile wallets, necessitates the presence of the user when making a payment. Mobile wallets use multiple encryptions and security layers to guarantee the security of all transactions. In addition to this, the rising use of smartphones and the internet, as well as the expanding e-commerce industry are driving the global mobile wallet market. The market benefited from the COVID-19 pandemic. Government laws and travel limitations led industry participants to temporarily close the majority of their offices, forcing them to alter their business practices. The majority of key market participants experienced increases in revenues throughout the epidemic, despite the fact that most of them acknowledged that the pandemic constituted a risk to their firm and was unsure of its impact. The pace of digital transactions will increase due to the IoT devices' quickening acceptance, which will afterward foster a favourable atmosphere for mobile wallet software developers globally. Mobile network operators (MNOs), handset makers, OSS/BSS solution providers, software developers, content apps & aggregators, and other stakeholders are included in the worldwide mobile wallet market stakeholders. Furthermore, it is anticipated that the potential for mobile wallets will grow in the coming years as a result of broad smartphone usage and the implementation of multi-channel strategies by retailers in response to increased competition from Internet suppliers is expected to drive the mobile wallet market growth opportunities. However, the availability of cyber thieves is hindering the global mobile wallet market growth. Based on geography, Asia-pacific is dominating the global mobile wallet market and is expected to maintain the trend in forecasted years. Recent Market Developments: In August 2022, Alipay and Thunes, a B2B cross-border payments network, partnered. This alliance aims to enable businesses in Europe to accept mobile wallets, which are most well-liked by Asian customers. In July 2022, American Express and financial technology company Cardless signed a contract. The goal of this partnership was to enable some of the most well-known companies in those nations, including retailers and travel agencies, to easily launch digital-only cards on the Cardless platform, supported by the benefits, deals, and security of the American Express network.
Fastest Growing Market
The main factors driving the growth of the mobile wallet market are inclination towards digitization and consumers' growing preference for online and cashless transactions. The need for mobile wallets has increased due to the quick rise in the usage of intelligent devices like smartphones, rising internet penetration, and increasing government attempt to build smart cities in various nations. In the entire world, there were one billion smartphones. Additionally, it is anticipated that the introduction of various e-commerce platforms, rapid urbanisation, and rising per capita incomes of consumers in developed and developing nations will drive market expansion. But one of the key factors impeding the market's expansion is the rise in worries about data security and breaches.
In July 2022, American Express and financial technology company Cardless signed a contract. The goal of this partnership was to enable some of the most well-known companies in those nations, including retailers and travel agencies, to easily launch digital-only cards on the Cardless platform, supported by the benefits, deals, and security of the American Express network.
The mobile wallet market size is poised to grow at a significant CAGR of 16.8% over 2022–2028.
The mobile wallet market size is valued at USD 219 billion in 2021.
The retail and e-commerce segment holds the highest market share.