Mobile Wallet and Payment Market Size, Share, Trends by 2031
The global mobile wallet and payment market size was valued at US$ 10.28 billion in 2023 and is expected to reach US$ 71.28 billion by 2031. The market is estimated to record a CAGR of 27.4% from 2023 to 2031. The emergence of real-time payments in developing nations is expected to be a significant mobile wallet and payment market trend in the upcoming years.
Mobile Wallet and Payment Market Analysis
Mobile wallet and payment applications have evolved dramatically over time to offer a seamless and convenient experience to users. It began with simple SMS-based payment systems and has progressed to incorporate modern technology such as NFC and biometrics for secure authentication. The implementation of UPI (i.e., Unified Payments Interface) has transformed mobile wallets and payments by allowing users to make smooth peer-to-peer transactions directly from bank accounts. With advancements in technology, ease of use, increased security measures, and continuous innovation, the future of the mobile wallet and payment market appears highly promising. As mobile commerce and digital wallets become more popular, contactless payments are becoming more widely accepted. A recent study found that over half of the 3,000 customers interviewed used their cell phones to pay in-store at Starbucks (49%), McDonald's (43%), and Walmart (41%). In place of app-based or digital wallet transactions, the majority of contactless payments will be enabled by hardware equipped with near-field communication (NFC). This includes NFC-enabled mobile phones and card readers. Retailers must acquire and install the infrastructure for NFC point-of-sale (POS) terminals, incurring additional expenses not seen in soft POS systems, which are smart devices that store both NFC and payment data. The emergence of several mobile app payment gateways, such as Razorpay mobile app, allows businesses to easily and more securely accept UPI payments, NFC payments, and payments via POS terminals.
Mobile Wallet and Payment Market Overview
A mobile wallet is a type of virtual wallet that contains credit card, debit, loyalty card information, tickets, and other digital assets. It is accessed through an app installed on mobile devices such as smartphones or tablets. A mobile wallet allows users to pay for everyday services directly from their smartphones or other mobile devices, eliminating the need to carry cash or cards. It is not only handy but also safer and faster and enables users to make contactless payments. Furthermore, wallets such as Google Pay and Apple Pay securely store credit card information and allow users to make payments both online and in stores. The rising demand for mobile wallets and payment reflects a substantial shift in financial transaction methods.
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Mobile Wallet and Payment Market: Strategic Insights
Mobile Wallet and Payment Market
-
CAGR (2023 - 2031)
27.4%
-
Market Size 2023
US$ 10.28 Billion
-
Market Size 2031
US$ 71.28 Billion
Market Dynamics
GROWTH DRIVERS
- Growing Demand for Contactless Payment Solutions
- Increasing Government Initiatives for Adoption of Mobile Wallet and Payment Solutions
- Expansion of E-Commerce Industry
FUTURE TRENDS
- Emergence of Real-Time Payments in Developing Nations
OPPORTUNITIES
- Demand for Multi-Currency Mobile Wallets
Key Players
- Apple Inc
- Alphabet Inc
- AT and T Inc
- Paypal Holdings Inc
- Samsung Electronics Co Ltd
- Mastercard Inc
- Thales SA
- American Express
- Visa Inc
- ACI Worldwide Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Proximity
- Remote
Technology
- NFC
- QR-based
- Text-based
- Digital-only
End User
- Personal
- Business
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Mobile Wallet and Payment Market: Strategic Insights
-
CAGR (2023 - 2031)27.4% -
Market Size 2023
US$ 10.28 Billion -
Market Size 2031
US$ 71.28 Billion
Market Dynamics
- Growing Demand for Contactless Payment Solutions
- Increasing Government Initiatives for Adoption of Mobile Wallet and Payment Solutions
- Expansion of E-Commerce Industry
- Emergence of Real-Time Payments in Developing Nations
- Demand for Multi-Currency Mobile Wallets
Key Players
- Apple Inc
- Alphabet Inc
- AT and T Inc
- Paypal Holdings Inc
- Samsung Electronics Co Ltd
- Mastercard Inc
- Thales SA
- American Express
- Visa Inc
- ACI Worldwide Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Proximity
- Remote
- NFC
- QR-based
- Text-based
- Digital-only
- Personal
- Business
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Mobile Wallet and Payment Market Drivers and Opportunities
Growing Demand for Contactless Payment Solutions Favors Market Growth
Contactless payment adoption has risen dramatically across the globe, as it eliminates consumers' need to carry cash while making purchases. Digital payments, which include near-field communication (NFC) and QR code-based transactions, are becoming more popular. Consumers are highly preferring contactless payment solutions for speeding financial transactions. The demand for a quick, safe, and clean payment method, particularly in the post-pandemic era, has accelerated the use of contactless technology. This has transformed the checkout experience in both physical and digital stores, making faster and more convenient transactions.
Increasing Government Initiatives for Adoption of Mobile Wallet and Payment Solutions to Create Growth Opportunities in Market
Mobile wallet and payment solutions are critical for consumers and businesses, as they increase accessibility, improve security, reduce transactional costs, and make payments faster. Increasing technological advancements, rising consumer demands for two-factor authentication (2FA) security, and other factors are boosting the demand for mobile wallets and payment solutions. This also encourages government bodies to take initiatives to support the adoption of mobile wallets and payment solutions in order to secure their business from financial risks. For instance, the DigiDhan Mission, established under the Ministry of Electronics and Information Technology (MeitY) in India, aims to promote a cashless economy and provide a smooth digital payment experience for all citizens. Similarly, Al Etihad Payments (AEP)—a subsidiary of the Central Bank of the UAE (CBUAE)—launched Aani in October 2023. This instant payment platform promises to change digital payments in the UAE. Aani, a crucial initiative under the CBUAE's Financial Infrastructure Transformation (FIT) program, represents a new age of safe and rapid digital payments.
Mobile Wallet and Payment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the mobile wallet and payment market analysis are type, technology, and end user.
- Based on type, the market is categorized into remote and proximity. The proximity segment dominated the global mobile wallet and payment market in 2023.
- On the basis of technology, the market is divided into NFC, QR code, text-based, and others. The QR code segment dominated the market in 2023.
- Based on end user, the Global mobile wallet and payment market is segmented into personal and business. The personal segment held a larger market share in 2023.
Mobile Wallet and Payment Market Share Analysis by Geography
The geographic scope of the global mobile wallet and payment market report is mainly divided into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific dominated the market in 2023. Mobile technology and digital financial services are transforming the social and economic environment of Asia Pacific. As more individuals have access to the Internet and smartphones, transactions via digital payment methods are on the rise. For instance, according to a survey conducted by PayPal, 35% of regional respondents use mobile wallets, while 13% utilize contactless payments such as digital banking and online transactions on their mobile phones. The major nations in Asia Pacific that are becoming cashless economies are China, Japan, India, and Malaysia. These countries are emerging as world leaders in the e-wallet industry due to increasing government initiatives for cashless transactions, as well as the growing popularity of business models that allow digital payment methods.
Mobile Wallet and Payment Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 10.28 Billion |
Market Size by 2031 | US$ 71.28 Billion |
Global CAGR (2023 - 2031) | 27.4% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Mobile Wallet and Payment Market News and Recent Developments
The global mobile wallet and payment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes critical corporate publications, association data, and databases. A few of the developments in the global mobile wallet and payment market are listed below:
- Apple Inc announced changes to iOS, Safari, and the App Store impacting developers’ apps in the European Union (EU) to comply with the Digital Markets Act (DMA). The changes include more than 600 new APIs, expanded app analytics, functionality for alternative browser engines, and options for processing app payments and distributing iOS apps. (Source: Apple Inc, Press Release, January 2024)
- Mastercard Inc launched a new mobile virtual card app that enables virtual commercial cards to be seamlessly added to digital wallets. The innovative app is designed to offer financial institutions more choices in how they deliver the secure and sustainable contactless payment solutions that companies increasingly expect. (Source: Mastercard Inc, Press Release, April 2024)
Mobile Wallet and Payment Market Report Coverage and Deliverables
The "Mobile Wallet and Payment Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Mobile wallet and payment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Mobile wallet and payment market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Mobile wallet and payment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the mobile wallet and payment market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Asia Pacific dominated the global mobile wallet and payment market in 2023.
The surging demand for contactless payment solutions is a major factor driving the mobile wallet and payment market.
The emergence of real-time payments in developing nations is likely to trend in the market during the forecast period.
The market is expected to record a CAGR of 27.4% during the forecast period.
The value of the mobile wallet and payment market is estimated to reach US$ 71.28 billion by 2031.
Apple Inc, Google, Inc, AT&T Inc, Paypal Holdings Inc, and Samsung Electronics Co Ltd are among the leading players in the mobile wallet and payment market.
The List of Companies - Mobile Wallet and Payment Market
- Apple Inc
- Alphabet Inc
- AT&T Inc
- PayPal Holdings Inc
- Mastercard Inc
- Samsung Electronics Co Ltd
- American Express Co
- Visa Inc
- ACI Worldwide Inc
- Thales SA
- Early Warning Services, LLC
- PayU
- Alipay
- One MobiKwik Systems Limited
- FIS Global
- Bharti Airtel Ltd
- PhonePe Pvt Ltd
- Software Group
- Telefonaktiebolaget LM Ericsson
- Paytm E-Commerce Pvt Ltd