Mobile Wallet Market to Hit USD 70.8 Billion by 2031 fueled by Rising Demand of Preference for Contactless Payments

The mobile wallet market is experiencing phenomenal growth, driven by the widespread adoption of smartphones and the increasing popularity of contactless payments. A recent report by SNS Insider indicates the market size reached USD 9.53 Billion in 2023 and is expected to balloon to a staggering USD 70.8 Billion by 2031, reflecting a robust CAGR of 28.5% over the forecast period 2024-2031.

Growing Demand for Secure and Convenient Transactions

The mobile wallet market is thriving due to the rising demand for secure and convenient transaction methods. Mobile wallets offer a user-friendly platform for storing and utilizing credit/debit card information, facilitating secure and swift payments for various purposes. Users can leverage mobile wallets for bill payments, movie/travel bookings, mobile recharges, and even seamless money transfers. Interestingly, the COVID-19 pandemic inadvertently propelled the growth of the mobile wallet market. The need for social distancing and contactless transactions during lockdowns necessitated the adoption of digital payment methods, including mobile wallets. Companies seamlessly adapted to remote work models, and the market witnessed consistent revenue growth despite initial uncertainties.

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Major The Key Players of Mobile Wallet Market

MasterCard, Alipay.com, Google LLC, Visa Inc., American Express company, AT&T Inc., PayPal Holdings, Inc., Samsung Electronics Co., Ltd., apple Inc., Amazon.com Inc

Segmentation Analysis

• By application

Into retail and e-commerce, transportation, ticketing, and others. The retail and e-commerce segment currently dominates the market, accounting for a substantial 32.0% revenue share. This dominance is attributed to the undeniable advantages mobile wallet payments offer retailers and online businesses. Integrating cashless or contactless payment technology with digital marketing strategies empowers retailers to gather valuable customer data and cultivate loyalty programs. Additionally, NFC technology streamlines operations with faster checkout processes and lower processing costs. Mobile wallets empower e-commerce companies and retailers to personalize promotions and track customer loyalty rewards, ultimately strengthening ties with mobile-savvy consumers.

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Key Market Segments

By Type

• Proximity
• Remote

By Technology

• Near Field Communication
• QR Code
• Text based/ Short message service
• Digital Only

By End User

• Personal
• Business

By Industry Vertical

• Hospitality
• Transportation
• Media
• Entertainment
• Retail
• Healthcare
• Energy
• Utilities
• Telecommunication
• Others

Impact of Global Events

The Russia-Ukraine war has demonstrably impacted the mobile wallet market. Disruptions in supply chains, heightened economic uncertainty, and sanctions imposed on Russia have significantly hindered business operations for mobile wallet providers in the region. The war has also triggered a ripple effect, impacting businesses in other parts of the world. Some mobile wallet providers have resorted to employee layoffs or hiring freezes due to the economic instability caused by the war.

The potential economic slowdown is another looming concern for the mobile wallet market. Economic downturns can lead to decreased consumer spending, potentially impacting the adoption and utilization of mobile wallets. However, the long-term outlook for the market remains positive, as the convenience and security offered by mobile wallets are likely to outweigh temporary economic fluctuations.

Regional Developments

North America captured a significant market share of 30%. This dominance can be attributed to the high penetration of mobile devices and the growing preference for contactless payments in the region. Apple Pay and Google Pay are the leading mobile wallet providers in North America.

Asia Pacific region currently reigns supreme in the mobile wallet market, holding a commanding 55% share and is projected to maintain its leadership position throughout the forecast period. Several factors fuel the market’s growth in this region, including the burgeoning e-commerce sector, the rapid rise of mobile payments driven by smartphone adoption, and the flourishing retail activity in countries like China and India. Additionally, government initiatives like Digital India and Make in India are expected to further accelerate smartphone and smart device adoption, consequently propelling the demand for mobile wallets.

Recent Developments

• June 2023: Google spearheaded the expansion of Google Wallet into five new countries – Albania, Argentina, Bosnia and Herzegovina, North Macedonia, and Montenegro. This expansion marks a significant step towards wider global accessibility.
• June 2023: Alipay, a leading Chinese mobile payment platform, collaborated with Mastercard to offer international tourists a convenient method for cashless transactions within China. This partnership allows tourists to link their Mastercard debit/credit cards to their Alipay wallets, facilitating seamless e-payments across China.

Future Growth

The ubiquitous presence of smartphones is a core driver for mobile wallet adoption. As smartphone affordability and accessibility increase globally, the mobile wallet market will witness a corresponding surge. Advancements in mobile security features like fingerprint and facial recognition authentication will bolster consumer confidence in mobile wallets, encouraging wider adoption.

Mobile wallets are transforming into comprehensive financial hubs, seamlessly integrating with loyalty programs offered by retailers, airlines, and other service providers. This enhanced convenience will further entice consumers to adopt mobile wallets. Growing government support for cashless transactions and digital payments will undoubtedly propel the mobile wallet market forward. Initiatives like financial inclusion programs will drive mobile wallet adoption among previously unbanked populations.

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Key Takeaways

• Identify the most promising market segments and capitalize on the burgeoning demand for mobile wallets in specific industries like retail and e-commerce.
• This report equips you with foresight into emerging trends like the integration of loyalty programs and government initiatives promoting cashless transactions. This knowledge allows you to adapt your strategies and stay ahead of the competition.
• Make informed business decisions by leveraging the data-driven analysis of market size, growth projections, and regional performance. This comprehensive report empowers you to optimize your market positioning and resource allocation.

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