North America Mobile Wallet and Payment Market Overview, Growth, Trends, Analysis, Research Report (2023-2031)

The North America Mobile Wallet and Payment Market size is expected to reach US$ 20,085.3 Million by 2031 from US$ 2,988.4 Million in 2023. The market is estimated to record a CAGR of 26.9% from 2023 to 2031.

Executive Summary and North America Mobile Wallet and Payment Market Analysis:

The mobile wallet and payment industry in North America is expanding due to the benefits it offers customers, financial institutions, organizations, and government bodies. Increasing online shopping is propelling mobile payments as the most preferred payment option. Further, the carrier billing ecosystem is undergoing a complete revolution in response to the changes in the economy, social conditions, regulatory environment, and technological developments in the region. Owing to the growing popularity of mobile payment applications, software businesses, payment technology brands, banks, merchants, and others are seeking ways to capitalize their gains by getting into this growing industry.

The growth of e-commerce business is primarily responsible for the widespread use of mobile payment systems in North America. Near-field communication (NFC) is a mobile payment method that allows users to construct digital wallets. Moreover, mobile payment is a preferred option over other payment solutions due to the key players of the IT industry, such as Apple and Google, launching excellent mobile payment platforms.

North America Mobile Wallet and Payment Market: Strategic Insights

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. Proximity held the largest share of the market in 2023.
• By Technology, the North America Mobile Wallet and Payment Market is segmented into NFC, QR-based, Text-based, and Digital-only. QR-based held the largest share of the market in 2023.
• By End User, the North America Mobile Wallet and Payment Market is segmented into Personal and Business. Personal held the largest share of the market in 2023.

North America Mobile Wallet and Payment Market Players Density: Understanding Its Impact on Business Dynamics

The North America Mobile Wallet and Payment Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

North America Mobile Wallet and Payment Market Outlook

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 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. Although contactless payments had significant traction among the masses in North America before the onset of the COVID-19 pandemic, the use of different touch-free payment methods was accelerated during the outbreak. According to Mastercard Contactless Consumer Polling, more than half of the population in North America (51%) used contactless payment methods, such as tap-to-go credit cards and mobile wallets, including Apple Pay, before the pandemic. Moreover, a continuous evolution of mobile wallets and payments is increasing its attractiveness with revolutionizing financial transactions. The simplicity, speed, security, and inclusive nature of these payment methods have clearly transformed the payment landscape, providing an efficient and seamless way to handle finances.

North America Mobile Wallet and Payment Market Country Insights

By country, the North America Mobile Wallet and Payment Market is segmented into the United States, Canada, and Mexico. The United States held the largest share in 2023.

Digital wallets are a quick and easy payment solution that is highly preferred in America. For instance, in August 2023, according to Forbes data, more than half (53%) of individuals preferred to pay with digital wallets over traditional ways. 47% of Americans spend more money using digital wallets than traditional payment methods. PayPal was the most popular option, with 69% of the total population using it. According to the findings, the other popular mobile wallet payment options are Google Pay (56%), Apple Pay (53%), and Samsung Pay (52%). Peer-to-peer apps are also popular, with 52% of respondents using Cash App and 49% using Venmo to make digital payments. Users generally access digital wallets using smartphones (68%) and smartwatches (41%). The study results are consistent with broader economic trends toward more digitalization. The majority of respondents (64%) stated that digital wallets are used as frequently as traditional payment methods, thereby demonstrating the immense popularity of these contactless payment methods among customers.

North America Mobile Wallet and Payment Market Company Profiles

Some of the key players operating in the market include 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

These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Mobile Wallet and Payment Market Research Methodology

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations
• Industry trade journals and other relevant publications
• Government documents, statistical databases, and market reports
• News articles, press releases, and webcasts specific to companies operating in the market

Note:

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research
• Enhance the expertise and market understanding of the analysis team
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, Business Development Managers, Market Intelligence Managers, and National Sales Managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise