Mobile Wallet Market Share, Size, Trends, and Forecast by 2031

Coverage: Mobile Wallet Market covers analysis By Technology (Remote, Proximity); Applications (Retail & E-commerce, Banking, Hospitality & Transportation); and Geography

  • Report Code : TIPRE00039153
  • Category : Banking, Financial Services, and Insurance
  • No. of Pages : 150
Buy Now

The Mobile Wallet Market is anticipated to expand at a CAGR of 29.7 % from 2025 to 2031.

The increasing adoption of digital transactions is creating a lucrative opportunity for market growth.  

Mobile Wallet Market Analysis 

Mobile wallets were predicted to incorporate biometric verification techniques like fingerprint, face, and even iris scanning more frequently in order to improve security and user experience. Because biometrics directly connects payment permission to each user's distinct bodily attributes, it provides an additional degree of protection. The Paris-based startup Dfns, which provides security solutions and infrastructure for cryptocurrency wallets, said in May 2023 that it will be integrating biometrics into its wallet-as-a-service offering. In addition to PIN codes, the new "Delegated Signing" functionality works with all major browsers and mobile operating systems. It leverages the WebAuthn protocol to offer authentication via native device biometrics like TouchlD and facial authentication. It is anticipated that mobile wallets will expand to include in-app purchases in addition to conventional online and offline transactions. With the help of this trend, customers may effortlessly finish purchases within mobile apps without having to go via other payment gateways. This is especially important for digital content providers, e-commerce sites, and app-based services. Thus, these factors mentioned above are essential for the Mobile Wallet Market growth.

Mobile Wallet Overview

  • The ecosystem of online services and programs that let consumers use their mobile or other mobile devices to save, manage, and exchange money electronically is referred to as the mobile wallet. Compared to more conventional payment methods like cash, cheques, or actual credit/debit cards, mobile wallets provide a practical and safe substitute. They can be used by anyone at any retailer who accepts digital payments.
  • Consumer preference and usage of mobile wallets are on the rise as a result of the need for a quicker and more convenient method of transferring money. Users can easily make payments within other applications by integrating mobile wallets with other apps, such as those for ridesharing, online shopping, and food delivery services.
  • With mobile wallets, customers can rapidly make payments in-store. They provide users with perks in addition to convenience and security. Users may store and use loyalty cards, membership cards, coupons, boarding passes, event tickets, and other stuff on their smartphones with digital wallets like Samsung, Apple, and Google.

Mobile Wallet Market Drivers and Opportunities

 

Increasing adoption of contactless payments

  • The revenue of the market is anticipated to increase over the projected period due to the fast-increasing acceptance of contactless payments worldwide. Mobile wallet usage has increased dramatically in recent years as a result of consumers' need for speedy, secure, and touchless purchases in both real and virtual businesses. Due to customers' propensity to incorporate digital payment methods into their everyday lives, the tech-savvy culture is driving the robust expansion of the mobile wallet market. Thus, it is expected that the growing adoption of contactless payments will support market growth in the upcoming years. As a result, this is a key driver of the expansion of the Mobile Wallet Market growth.

Mobile Wallet Market Report Segmentation Analysis

  • Based on technology, the proximity segment held the largest share of the mobile wallet market in 2023 and is predicted to remain in that position for the duration of the forecast. For authorization and transactions between entities that are typically physically adjacent to one another, a proximity wallet is utilized. The control or acceptance entity and the mobile wallet engage in proximity interaction. There are several other proximity-based payment options on the market today, including NFC, MST, UHF, and others. These are the top technologies driving the growth of the market. A user can quickly pay for goods and services at a physical point-of-sale terminal using proximity technology on their mobile or any other smart device.

Mobile Wallet Market Share Analysis By Geography

The scope of the Mobile Wallet Market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific (APAC) is experiencing rapid growth and is anticipated to hold a significant Mobile Wallet Market share. The region's significant economic development, growing population, and increasing focus on financial inclusion across diverse economies have contributed to this growth. Several factors have contributed to its domination, such as the Android operating system encouraging more people to use smartphones and the region's improving economic situation leading to higher disposable income, which in turn encourages greater needs and increases smartphone use.

Mobile Wallet Market Report Scope

The "Mobile Wallet Market Forecast" was carried out based on technology and applications. In terms of technology, the market is segmented into remote and proximity. Based on application, the mobile wallet market is segmented into Retail & E-commerce, Banking, Hospitality & Transportation. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.  

Mobile Wallet Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Mobile Wallet Market. A few recent key market developments are listed below: 

  • In April 2023, Decentralized Finance (DeFi) exchange Uniswap launched a mobile wallet application to support on-the-go trading and promote wider DeFi wallet adoption. The Uniswap mobile wallet enables users to buy crypto, offering what the protocol says is a competitive 2.55% fiat on-ramp fee.

[Source: Decentralized Finance, Company Website]

  • In October 2023, Samsung announced an investment in Skipify to expand its digital wallet.

[Source: Samsung, Company Website]

Mobile Wallet Market Report Coverage & Deliverables

The market report on “Mobile Wallet Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-

  • Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
  • Market dynamics such as drivers, restraints, and key opportunities.
  • Key future trends.
  • Detailed PEST & SWOT analysis
  • A global and regional market analysis covering key Mobile Wallet Market trends, key players, regulations, and recent market developments.
  • Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
  • Detailed company profiles.
REGIONAL FRAMEWORK
World Geography

Have a question?

Analyst

Naveen

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst   Speak to Analyst
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
MARKET PLAYERS
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What are the future trends of the global mobile wallet market?

Technological advancements are anticipated to play a significant role in the global mobile wallet market in the coming years.

Which are the key players holding the major market share of the mobile wallet market?

The key players holding majority shares in the global mobile wallet market are Visa Inc., Apple Inc., Amazon Web Services Inc., Samsung, and Google Inc.

What is the estimated market CAGR for the global mobile wallet market?

The global mobile wallet market is expected to grow at a CAGR of 29.7 % during the mobile wallet market forecast period 2024 - 2031.

What are the driving factors impacting the global mobile wallet market?

Increasing adoption of contactless payments is the major factors that propel the global mobile wallet market.

  • Visa Inc.
  • Apple Inc.
  • Alipay
  • Amazon Web Services Inc.
  • Samsung
  • Google Inc.
  • PayPal Holdings Inc.
  • American Express
  • Mastercard
  • Airtel
  • AT and T

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Banking, Financial Services, and Insurance : READ MORE..