Mobile Wallet Market: By Type (Proximity and Remote), By Application (Retail and E-Commerce, Hospitality and Transportation, Banking, Vending Machine), By Technology (Near Field Communication, QR Code, Text-based/ Short Message Service, Digital), and Geography

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Mobile Wallet Market size was valued at USD 220 billion in 2023 and is poised to grow at a significant CAGR of 16.9% from 2024-2030. 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. Mobile wallets are commonly included with smartphones. 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, even though most of them acknowledged that the pandemic constituted a risk to their firm and were 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.

Mobile Wallet Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

16.9%

Largest Market

North America

Fastest Growing Market

Asia Pacific
Mobile Wallet Market Dynamics

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.

Mobile Wallet Market Segmentation

By Type
  • Proximity
  • Remote
By Application
  • Retail and E-Commerce
  • Hospitality and Transportation
  • Banking
  • Vending machine
By Technology
  • Near Field Communication
  • QR Code
  • Text-based/ Short Message Service
  • Digital

Frequently Asked Questions

The mobile wallet market size was valued at USD 220 billion in 2023

The mobile wallet market key players are: Visa, Inc. Amazon Web Services, Inc. American Express Apple, Inc. PayPal Holdings, Inc. Google, Inc. Mastercard Airtel Alipay AT&T Samsung

The mobile wallet market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
1. Executive Summary
2. Global Mobile Wallet Market Introduction 
2.1.Global Mobile Wallet Market  - Taxonomy
2.2.Global Mobile Wallet Market  - Definitions
2.2.1.Type 
2.2.2.Application
2.2.3.Technology
2.2.4.Region
3. Global Mobile Wallet Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4. Global Mobile Wallet Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5. Global Mobile Wallet Market  By Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
5.1. Proximity
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Remote
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
6. Global Mobile Wallet Market  By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
6.1. Retail and E-Commerce
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Hospitality and Transportation
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Banking
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
6.4. Vending machine
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.4.3. Market Opportunity Analysis 
7. Global Mobile Wallet Market  By Technology, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
7.1. Near Field Communication
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. QR Code
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Text-based/ Short Message Service
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
7.4. Digital
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.4.3. Market Opportunity Analysis 
8. Global Mobile Wallet Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Asia Pacific (APAC)
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Middle East and Africa (MEA)
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Latin America
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
9. North America Mobile Wallet Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
9.1. Type  Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.1.1.Proximity
9.1.2.Remote
9.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.2.1.Retail and E-Commerce
9.2.2.Hospitality and Transportation
9.2.3.Banking
9.2.4.Vending machine
9.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.3.1.Near Field Communication
9.3.2.QR Code
9.3.3.Text-based/ Short Message Service
9.3.4.Digital
9.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.4.1.United States of America (USA)
9.4.2.Canada
10. Europe Mobile Wallet Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
10.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Proximity
10.1.2.Remote
10.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Retail and E-Commerce
10.2.2.Hospitality and Transportation
10.2.3.Banking
10.2.4.Vending machine
10.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Near Field Communication
10.3.2.QR Code
10.3.3.Text-based/ Short Message Service
10.3.4.Digital
10.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Germany
10.4.2.France
10.4.3.Italy
10.4.4.United Kingdom (UK)
10.4.5.Spain
10.4.6.Rest of EU
11. Asia Pacific (APAC) Mobile Wallet Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
11.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Proximity
11.1.2.Remote
11.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Retail and E-Commerce
11.2.2.Hospitality and Transportation
11.2.3.Banking
11.2.4.Vending machine
11.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Near Field Communication
11.3.2.QR Code
11.3.3.Text-based/ Short Message Service
11.3.4.Digital
11.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.China
11.4.2.India
11.4.3.Australia and New Zealand (ANZ)
11.4.4.Japan
11.4.5.Rest of APAC
12. Middle East and Africa (MEA) Mobile Wallet Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
12.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Proximity
12.1.2.Remote
12.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Retail and E-Commerce
12.2.2.Hospitality and Transportation
12.2.3.Banking
12.2.4.Vending machine
12.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Near Field Communication
12.3.2.QR Code
12.3.3.Text-based/ Short Message Service
12.3.4.Digital
12.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.GCC Countries
12.4.2.South Africa
12.4.3.Rest of MEA
13. Latin America Mobile Wallet Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
13.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Proximity
13.1.2.Remote
13.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Retail and E-Commerce
13.2.2.Hospitality and Transportation
13.2.3.Banking
13.2.4.Vending machine
13.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Near Field Communication
13.3.2.QR Code
13.3.3.Text-based/ Short Message Service
13.3.4.Digital
13.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Brazil
13.4.2.Mexico
13.4.3.Rest of LA
14. Competition Landscape
14.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
14.2.1.Visa, Inc.
14.2.2.Amazon Web Services, Inc.
14.2.3.American Express
14.2.4.Apple, Inc.
14.2.5.PayPal Holdings, Inc.
14.2.6.Google, Inc.
14.2.7.Mastercard
14.2.8.Airtel
14.2.9.Alipay
14.2.10.AT&T
14.2.11.Samsung
15. Research Methodology 
16. Appendix and Abbreviations 
  • Visa, Inc.
  • Amazon Web Services, Inc.
  • American Express
  • Apple, Inc.
  • PayPal Holdings, Inc.
  • Google, Inc.
  • Mastercard
  • Airtel
  • Alipay
  • AT&T
  • Samsung

Adjacent Markets