Global Mobile Wallet Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Technology;

Remote and Proximity.

By Application;

Retail & E-commerce, Banking, and Hospitality & Transportation.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn190787098 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Mobile Wallet Market (USD Million), 2021 - 2031

In the year 2023, the Global Mobile Wallet Market was valued at USD 2,690,029.15 million. The size of this market is expected to increase to USD 15,477,904.12 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 28.4%.

A mobile wallet, also known as a digital wallet, refers to a virtual platform that allows users to securely store payment information, such as credit/debit card details, bank account information, and loyalty cards, on their smartphones or other mobile devices. This technology enables users to make seamless and convenient digital payments for goods and services, both online and in physical stores, without the need for physical cash or cards. The rise of mobile wallets is driven by several factors, including the widespread adoption of smartphones, the increasing prevalence of digital payment methods, and the growing preference for contactless transactions. With smartphones becoming an indispensable part of daily life for billions of people worldwide, mobile wallets offer a convenient and efficient way to manage financial transactions on the go. Moreover, the COVID-19 pandemic has accelerated the shift towards digital payments, with consumers seeking safer and more hygienic alternatives to traditional cash transactions.

In addition to convenience, mobile wallets offer enhanced security features, such as encryption, biometric authentication, and tokenization, which protect users' sensitive financial information from fraud and unauthorized access. These security measures have bolstered consumer confidence in mobile payment technologies, driving adoption rates among a wide range of demographics, including millennials, Gen Z, and tech-savvy individuals. Furthermore, the mobile wallet market is witnessing rapid innovation and evolution, with the introduction of new features and functionalities aimed at enhancing user experience and expanding the scope of mobile payments. These innovations include peer-to-peer (P2P) payments, mobile banking integration, digital ticketing, loyalty programs, and contactless payments using Near Field Communication (NFC) technology.

Geographically, the mobile wallet market is experiencing significant growth across all regions, with North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa emerging as key markets. This global expansion is fueled by factors such as increasing smartphone penetration, rising internet connectivity, and supportive government initiatives to promote digital payments.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Technology
    2. Market Snapshot, By Application
    3. Market Snapshot, By Region
  4. Global Mobile Wallet Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Smartphone Penetration

        2. Digital Payment Adoption

        3. Contactless Transactions

      2. Restraints
        1. Limited Merchant Acceptance

        2. Connectivity Issues

        3. Consumer Privacy Concerns

      3. Opportunities
        1. Emerging Markets Expansion

        2. Integration with IoT

        3. Blockchain Technology Adoption

    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Mobile Wallet Market, By Technology, 2021 - 2031 (USD Million)
      1. Remote

      2. Proximity

    2. Global Mobile Wallet Market, By Application, 2021 - 2031 (USD Million)
      1. Retail & E-commerce

      2. Banking

      3. Hospitality & Transportation

    3. Global Mobile Wallet Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Amazon Web Services, Inc.
      2. Visa Inc.
      3. American Express
      4. PayPal Holdings Inc.
      5. Apple Inc.
      6. Google Inc.
      7. Airtel
      8. Mastercard
      9. Alipay
      10. Samsung
      11. AT&T
  7. Analyst Views
  8. Future Outlook of the Market