Mobile Wallet Market Size (2024 - 2029)

The mobile wallet market is experiencing significant growth, driven by the increasing adoption of digital payment services and the evolution of payment methods from cash to digital solutions. The expansion of eCommerce and mCommerce has transformed consumer habits, facilitating secure monetary transactions through mobile devices. Technological advancements in smartphones, such as NFC and biometrics, are enhancing the user experience and supporting the financial industry's growth. The integration of wearable technology and IoT is further broadening the scope of mobile payments, while the COVID-19 pandemic has accelerated the shift towards digital transactions, benefiting the market.

Market Size of Mobile Wallet Industry

Mobile Wallet Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 13.79 Billion
Market Size (2029) USD 45.17 Billion
CAGR (2024 - 2029) 26.78 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Mobile Wallet Market Major Players

*Disclaimer: Major Players sorted in no particular order

Mobile Wallet Market Analysis

The Mobile Wallet Market size is estimated at USD 13.79 billion in 2024, and is expected to reach USD 45.17 billion by 2029, growing at a CAGR of 26.78% during the forecast period (2024-2029).

Over the years, the mode of payment has become increasingly streamlined, from cash to debit cards to online transactions. Additionally, the advent of eCommerce methods such as Paypal has initiated major mobile wallet adoption. Since then, the digital wallet concept has evolved, replacing the traditional physical-digital wallet. With the recent outbreak of COVID-19, the market is expected to witness significant growth owing to an increased usage of digital payment services. Over the years, the smartphone industry has seen rapid technological advancements in terms of features offered, such as NFC, 5G adoption, biometrics, encryption, and AI, among others, which are evident with greater penetration of smartphones in users' daily activities, thereby leveraging the growth of various industries, including the financial industry, which is leveraging the gaining momentum of growing smartphone users owing to the cost-effectiveness of smartphones.

  • Furthermore, platforms such as eCommerce and mCommerce have played a significant role in changing users' habits when performing monetary transactions such as shopping by allowing users to enter their banking information into their respective wallets and enabling mobile phones as a mode of payment in place of credit and debit cards while ensuring security is handled on their side by leveraging technologies such as tokenization and essentially eliminating the risk of being stolen.
  • Near-field communication, sound wave payments, and MST payments are examples of mobile-point-of-sale solutions that allow service and sales organizations to conduct monetary transactions in a flexible manner without being limited to a single location.allowing merchants to run mobility businesses such as food trucks and trade shows while improving the user experience, as is evident by major retailers' adoption of mPOS technology to support declining foot traffic. For instance, NFC powers the technology behind major mobile wallets like Apple Pay, Samsung Pay, and Google Pay.
  • Additionally, mobile payment systems are expanding beyond the scope of smartphones and tablets with the use of wearable technology such as smartwatches and rings. Vendors are now embracing IoT while leveraging the potential of disruptive technologies such as blockchain to ensure the security of the transaction and counter concerns over data privacy. For instance, Apple Inc. offers services such as contactless payments, person-to-person payments, and transit cards through their mobile wallet and offers Apple Pay on their smartwatch, called the Apple Watch.
  • The market benefited from the COVID-19 pandemic. Government laws and travel limitations led industry participants to temporarily close most of their offices, forcing them to alter their business practices. For example, NICE embraced hybrid and work-from-home work arrangements and limited staff travel. Most key market participants experienced increases in revenues throughout the epidemic, even though most acknowledged that the pandemic was a risk to their firm and were unsure of its impact. Mobile payments and digital transactions were propelled globally by the pandemic. It sped up the e-commerce sector's expansion into new markets, businesses, and product categories.

Mobile Wallet Industry Segmentation

The mobile wallet, also known as a digital wallet or eWallet, refers to the mobile technology that provides a seamless solution for any business looking to allow users to purchase products in-store and online with added convenience in order to generate further sales. It is a virtual wallet that stores information such as payment cards, including credit and debit cards, and rewards cards on a mobile phone while ensuring the security of such sensitive information.

The Mobile Wallet Market is segmented by Mode of Payment (Proximity, Remote), Application (Mobile Commerce, Money Transfer, Micropayment, Retail, Restaurants, Public Transport), and Geography (North America (United States, Canada), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Mode of Payment
Proximity ( NFC,Sound waves-based payments,Magnetic secure transmission (MST) payments,Quick response (QR) code payments)
Remote Payment (Internet payments,SMS payments,Direct carrier billing,Mobile banking)
Application
Mobile Commerce
Money Transfer
Micropayment
Retail
Restaurant
Public Transport
Geography
North America
United States
Canada
Europe
Germany
UK
France
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Argentina
Rest of Latin America
Middle East and Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Mobile Wallet Market Size Summary

The mobile wallet market is experiencing rapid expansion, driven by the evolution of payment methods from cash to digital solutions. The shift towards eCommerce and mCommerce has significantly influenced consumer behavior, with platforms enabling seamless integration of banking information into mobile wallets. This transition is further supported by technological advancements in smartphones, such as NFC, 5G, and biometrics, which enhance the security and convenience of mobile payments. The COVID-19 pandemic accelerated this growth, as digital payment services became essential due to social distancing measures. The market is characterized by the adoption of various technologies like tokenization and near-field communication, which facilitate contactless payments and improve user experience. The integration of mobile wallets with wearable technology and IoT devices is also expanding, offering new avenues for secure and convenient transactions.

The competitive landscape of the mobile wallet market is dominated by major players such as Apple Inc., Google LLC, and Samsung Electronics, who are actively expanding their global presence through strategic partnerships and acquisitions. Regions like China and Southeast Asia are at the forefront of this payment revolution, with high smartphone penetration and widespread adoption of digital wallets. These markets are leveraging fintech innovations to provide cashless payment solutions, enhancing accessibility and convenience for consumers. The market's growth is further supported by collaborations between key players and local service providers, enabling cross-border payment solutions and expanding the reach of mobile wallets. As technology continues to evolve, the mobile wallet market is poised for significant growth, driven by increasing digital adoption and the demand for secure, efficient payment methods.

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Mobile Wallet Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Stakeholder Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Mode of Payment

      1. 2.1.1 Proximity ( NFC,Sound waves-based payments,Magnetic secure transmission (MST) payments,Quick response (QR) code payments)

      2. 2.1.2 Remote Payment (Internet payments,SMS payments,Direct carrier billing,Mobile banking)

    2. 2.2 Application

      1. 2.2.1 Mobile Commerce

      2. 2.2.2 Money Transfer

      3. 2.2.3 Micropayment

      4. 2.2.4 Retail

      5. 2.2.5 Restaurant

      6. 2.2.6 Public Transport

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 UK

        3. 2.3.2.3 France

        4. 2.3.2.4 Spain

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Latin America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Mexico

        3. 2.3.4.3 Argentina

        4. 2.3.4.4 Rest of Latin America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 UAE

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 South Africa

        4. 2.3.5.4 Rest of Middle East and Africa

Mobile Wallet Market Size FAQs

The Mobile Wallet Market size is expected to reach USD 13.79 billion in 2024 and grow at a CAGR of 26.78% to reach USD 45.17 billion by 2029.

In 2024, the Mobile Wallet Market size is expected to reach USD 13.79 billion.

Mobile Wallet Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)