According to The Insight Partners' research, the North America Mobile Wallet and Payment Market was valued at US$ 2,988.4 Million in 2023 and is expected to reach US$ 20,085.3 Million by 2031, registering a CAGR of 26.9% from 2023 to 2031.
Emergence of real-time payments in developing nations and demand for multi-currency mobile wallets are among the critical factors attributed to driving the North America mobile wallet and payment market growth.
Efficient and secure ways to make transactions are increasing the demand for real-time payments (RTPs). These technologies have made payments more convenient, quick, and secure, as well as eliminating the need for cash or cheques. The acceptance of RTPs has enabled rapid payment between businesses and organizations. Users can initiate payments at a minimal or no cost using a mobile number or QR code, eliminating the necessity for bank account details. Countries, including Mexico is increasingly demanding mobile wallets and payment solutions to conduct transactions in real-time. The usage of mobile devices has been one of the most significant advances in real-time payment systems. With the growth of smartphones and mobile payments, consumers can easily send and receive payments on the go, eliminating the need for a computer or physical card reader. The growing popularity of quick and secure mobile payment solutions helps consumers improve their cash flow management. Here are a few available methods: Mobile Wallets and P2P Payment Apps - Mobile wallets and person-to-person (P2P) payment apps are gaining significant traction. These services enable quick and easy payments using mobile devices. For instance, Apple Pay is one of the most popular mobile wallets, allowing users to save credit and debit card information on their iPhones and pay with a single tap. P2P payment apps, such as Venmo and PayPal, allow users to send money on a single tap. Digital Currencies - Digital currencies offer innovative and secure real-time payment options. They provide users with the benefits of lower transaction fees, faster processing times, and decentralized networks. These digital currencies remove the need for intermediaries, such as banks and other clearing houses. Recently, virtual currencies such as Bitcoin, Ethereum, and Ripple have gained popularity. These currencies allow secured transactions in real time. In addition to guaranteeing transactional security, these solutions deliver greater benefits to consumers and businesses. Thus, RTP solutions are emerging as a significant trend in the North America mobile wallet and payment market.
On the contrary, increasing number of phishing attacks hamper the growth of North America mobile wallet and payment market.
North America Mobile Wallet and Payment Market Segmentation Analysis:
- By Type, the North America Mobile Wallet and Payment Market is segmented into Proximity and Remote. The Proximity segment is projected to expand at 27.9% CAGR during 2023 - 2031.
- By Technology, the North America Mobile Wallet and Payment Market is segmented into NFC, QR-based, Text-based, and Digital-only. The QR-based segment is projected to expand at 27.1% CAGR during 2023 - 2031.
- By End User, the North America Mobile Wallet and Payment Market is segmented into Personal and Business. The Personal segment is projected to expand at 27.4% CAGR during 2023 - 2031.
By country, the North America Mobile Wallet and Payment Market is categorized into the United States, Canada, and Mexico. The United States is projected to expand at 27.1% CAGR during 2023 - 2031.
Key players operating in the Mobile Wallet and Payment Market are Alphabet Inc, Telefonaktiebolaget LM Ericsson, Thales SA, Apple Inc, Visa Inc, ACI Worldwide Inc, AT&T Inc., Mastercard Inc, Samsung Electronics Co Ltd, FIS Global, PayPal Holdings Inc, PayU, American Express Co, Bharti Airtel Ltd, PhonePe Pvt Ltd, Paytm E-Commerce Pvt Ltd, Early Warning Services, LLC, Alipay, One MobiKwik Systems Limited,and Software Group, among others.
- In 2024, FIS, a Global FinTech leader, launched a new version of its mobile banking application for financial institutions. FIS Digital One Flex Mobile 6.0 is tailored for banks seeking to meet evolving customer expectations in the digital era.
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