Mobile Wallet Market Size, By Type (Open, Closed, Semi-closed), By Ownership (Telecom Operators, Banks, Tech Companies, Device Manufacturers), By Technology (Optical/QR Code, Near Field Communication (NFC), Text-based, Digital Only) & Forecast, 2023 – 2032
Published Date: April - 2025 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMobile Wallet Market Size
Mobile Wallet Market was worth USD 318.5 billion in 2022 and is anticipated to grow at a CAGR of 18.5% during the forecast period of 2023-2032, fueled by the mass penetration of smartphones and internet penetration. As per the International Telecommunication Union, in 2022, 73% of individuals globally aged ten years and above had a mobile phone. As more and more individuals become smartphone users, they are more and more likely to use mobile wallets for a variety of payments, from everyday purchases to bill payments.
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Mobile wallets offer a secure and convenient means for consumers to pay for different goods and services electronically. The ease with which bank accounts, credit cards, and other means of payment can be linked to mobile wallets means that consumers can easily and conveniently make payments without the use of physical cash or cards.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Mobile Wallet Market Size in 2022 | USD 318.5 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 18.5% |
| 2032 Value Projection | USD 1.95 Trillion |
| Historical Data for | 2018 - 2022 |
| No. of Pages | 272 |
| Tables, Charts & Figures | 313 |
| Segments covered | Type, Ownership, Technology, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
The COVID-19 pandemic hastened the integration of contactless payment technologies, such as mobile wallets, because of issues of hygiene related to physical cash and payment cards. The BIS Committee on Payments and Market Infrastructures (CPMI) Red Book Statistics indicate that contactless payments made up most of all card payments in 2020, higher than their level in 2015. Mobile wallets provide a touchless method of making payments, consistent with shifting consumer behavior and security precautions, hence driving the growth of the mobile wallet market.
Nevertheless, amidst the increased security measures, there is still worry concerning data breaches, identity theft, and access to mobile wallets without authority. Users tend to be wary of keeping confidential financial details on smartphones for fear of vulnerabilities and lapses in security. In certain regions, especially rural or developing communities, there can be a lack of technological infrastructure and internet penetration. This can slow down the mass adoption of mobile wallets since users need stable connectivity to conduct transactions and access their digital wallets.
COVID-19 Impact
The COVID-19 pandemic significantly affected the mobile wallet market. With physical distancing measures and lockdowns becoming common, there was an increase in contactless payments, which boosted the adoption of mobile wallets. Companies and consumers looked for safer and more convenient methods to transact, driving the move away from cash. For example, in countries such as China, mobile payment apps like Alipay and WeChat Pay were increasingly being used for daily transactions, such as bills and grocery shopping. The pandemic served as the accelerator, propelling the use of mobile wallet technology as a necessary instrument for remote and contactless payments.
Mobile Wallet Market Trends
Recent years have seen mobile wallets up their game by incorporating biometric authentication options such as fingerprint scanning, facial recognition, and even iris scanning. These make mobile wallets more secure since they link payment approval directly to your own unique physical characteristics. One firm that is at the forefront of this field is Dfns, a French firm that produces software tools for crypto wallets. In May 2023, they introduced a new feature named "Delegated Signing" that is compatible with all major browsers and mobile operating systems. With a nifty protocol named WebAuthn, it allows you to use your device's built-in Biometrics, such as Face ID and Touch ID, to authenticate payments. Alternatively, you can use a PIN code if you wish. Therefore, if you are in search of a safer and more convenient method of handling your finances, mobile wallets with biometric authentication are well worth a look!
Mobile wallets are forecasted to transcend normal online and offline transactions and venture into in-app payments. This development enables the user to make transactions directly within mobile applications without necessarily redirecting to third-party payment gateways. This is especially applicable in app-based services, digital content providers, and e-commerce websites.
In-App Payments Mobile Wallet Market Analysis
Discover more about the major segments driving this market
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The tech companies segment of the mobile wallet market will grow at an 18% CAGR between 2023 and 2032. There is increasing adoption of mobile wallet ownership among tech companies as digital innovation converges with the imperative for simplified transactions. Apple, Google, and Samsung, some of the largest tech companies, have incorporated mobile wallet functionality within their ecosystems as a way of leveraging their extensive user bases.
For example, Apple's Apple Pay uses its intuitive interface and biometric security features to make the digital payment experience better. Furthermore, the movement towards "super apps" where several services are converged into one platform is forcing technology companies to provide inclusive mobile wallet solutions, propelling their ownership of the market.
Discover more about the dominant segments that are defining this market
In 2022, mobile wallets based on QR codes raked in an astonishing $200 billion. Why? Because they're so easy and quick to use. No more messing about with your card or entering numbers - just scan a QR code and you're done. No wonder companies like PayPal and Alipay have rushed to get in on the QR code action. Their apps enable you to instantly send money to friends and family by simply scanning a code. But QR codes are not limited to payments alone. You can also use them to purchase tickets, accumulate loyalty points, or learn more about products. The best part? QR codes are extremely easy to use. Whatever the purpose, you can be sure to expect a quick and convenient experience.
Need region specific information?
Asia Pacific mobile wallet market held 55% of the revenue share in 2022, thanks to a variety of factors. Smartphone penetration and growing digital literacy are fueling the use of mobile wallets for easy and secure transactions. Interestingly, nations such as China and India have seen tremendous growth, with WeChat Pay, Alipay, and Paytm becoming an essential part of everyday life, including payments, e-commerce, and financial services. Moreover, cashless economy initiatives of the government and the presence of myriad services in mobile wallet ecosystems also add to the thriving growth of the industry in the region.
Mobile Wallet Market Share
Major companies operating in the mobile wallet market are
- PayPal Holdings Inc
- Barclays Plc
- Google LLC
- American Express Company
- Allied Wallet
- Inc J.P. Morgan Chase &Co
- Vodafone Group PLC
- Ant Financial Services Group
- Skrill Ltd
- First Data Corporation (Fiserv)
- Amazon.com Inc
- ICICI Bank Limited
- Apple Inc
- Visa Inc
- One97 Communications Limited
- AT&T Inc
- Tencent Holdings Limited
- Mastercard Incorporated
Mobile Wallet Industry News
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In August 2023, First National Bank of Omaha (FNBO) and Visa collaborated to improve the mobile wallet experience for customers and instantly deliver account credentials to a user's mobile wallet without the need to download an app. After submitting an application and receiving approval for a card, users receive an account number that is automatically loaded into their digital wallet. They can then use their old mobile wallet to use their new card right away. According to the bank, it was among the first issuers to provide this service.
The mobile wallet market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion), transactional value (USD Billion) and transactional volume (Million) from 2018 to 2032, for the following segments
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Market, By Type
- Open
- Semi-closed
- Closed
Market, By Ownership
- Banks
- Telecom Operators
- Device Manufacturers
- Tech Companies
Market, By Technology
- Near Field Communication (NFC)
- Optical/QR Code
- Digital Only
- Text-based
The above information has been provided for the following regions and countries
- North merica
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Thailand
- Indonesia
- Philippines
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
- Saudi Arabia
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