Mobile Wallet Market is Set to Experience a Significant Growth of 18.9% CAGR from 2022 To 2031

 Key Companies Covered in the Mobile Wallet Market Research are Amazon Web Services Inc., American Express Banking Corp., Apple Inc., Alipay.com, AT&T Inc., Google Inc., Mastercard Incorporated, PayPal Holdings, Inc., and other key market players.

According to Research Dive analysis, the global mobile wallet market is estimated to generate a revenue of $46,006.0 billion by 2031, increasing from $11,176.5 billion in 2022, at a CAGR of 18.9%.

Impact Analysis of COVID-19 on the Global Mobile Wallet Market:

Businesses all across the world are working to improve their competitiveness and market value so that they may plan for the pandemic. During the Covid-19 pandemic, the mobile wallet market is predicted to increase rapidly, as customers are increasingly using mobile wallets such as Paytm and Google Pay to conduct financial transactions in order to avoid physical contact with other people and prevent the spread of the corona virus. The World Health Organization (WHO) advised that people around the world should switch to contactless payment. This is anticipated to increase the number of mobile payment transactions as well as contactless payments like QR codes, tap to pay through near field communication (NFC), and carrier billing, among other methods.

Mobile Wallet Market Analysis:

The key growth driver for the mobile wallet industry is the shifting trend towards digitalization and increasing customer desire for cashless payments and online transactions. The increased proliferation of smart devices such as smartphones, expanding internet penetration, and rising government initiatives in many nations to construct smart cities have all fueled demand for mobile wallets. For example, more than 2.26 billion cellphones were sold worldwide in 2017. By 2025, it is expected to account for more than 77% of internet-enabled gadgets. Additionally, the introduction of various e-commerce platforms, rapid urbanization, and rising per capita incomes of consumers in both developing and developed countries are likely to promote market expansion.

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Despite all of the variables that drive demand for this market, the presence of some restrictions creates barriers to market growth and adoption. One such key factor is technological reliance, which offers challenges for the technology’s long-term deployment. Other limitations for this industry include a lack of understanding about its benefits and cyber-related crimes.

The government is encouraging players in the banking and payments ecosystem to use mobile wallets to facilitate cashless payments at merchant outlets. For example, in 2016, the Digital India program, which promoted cashless payments in the government sector while also improving cybersecurity in the region, resulted in a rise in the use of mobile wallets throughout the region. Similarly, in Kenya, Safaricom, with the help of the government, pushed the envelope and developed M-Pesa, a system that allows clients to make payments straight from their phones. Mobile wallets will be in high demand as a result of these initiatives and legislation.

Based on wallet type, the mobile wallet market has been segmented into open, closed, and semi-closed of which the open wallet type sub-segment is projected to generate the maximum revenue during the forecast period.

The open wallet sub-segment is predicted to have a dominating market share in the global market and register a revenue of $16,553.8 million during the forecast period.

Based on payment type, the market has been bifurcated into point of sale and remote sub-segments of which the point of sale sub-segment is projected to generate highest revenue during the forecast period.

It is predicted that, the point of sale sub-segment shall generate a revenue of $29,359.5 million by 2031, growing from $7,181.7 million in 2022, with a CAGR of 18.8%.

Based on technology, mobile wallet market is divided into NFC, QR code, mobile apps, and others (MST, BLE, and sound waves based). Among these, QR code sub-segment is expected to be the fastest growing.

It is predicted that the market shall generate a revenue of $15,866.3 million by 2031, growing from $3,595.2 million in 2022, with a CAGR of 20.0%.

Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the fastest growing market during the forecast time period and reach $18,025.2 million by 2031, with a CAGR of 19.7%.

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The companies involved in the global mobile wallet market are Amazon Web Services Inc., American Express Banking Corp., Apple Inc., Alipay.com, AT&T Inc., Google Inc., Mastercard Incorporated, PayPal Holdings, Inc., Samsung Electronics Co., Ltd, and Vodafone Group PLC.

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