Mobile Wallet Market, By Type (Open, Semi-Closed, Closed), By Ownership (Banks, Telecom Operators, Device Manufacturers, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital, Text-Based), By Region (North America, Europ
Description
Mobile Wallet Market, By Type (Open, Semi-Closed, Closed), By Ownership (Banks, Telecom Operators, Device Manufacturers, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital, Text-Based), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Mobile Wallet Market to Grow at a CAGR of 25% through 2028
Global mobile wallet market is growing at a high CAGR because of the increasing number of smartphones and growing awareness among consumers regarding convenient payment options through mobile wallets…
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global mobile wallet market is projected to grow at a CAGR of 25% during the forecast period 2022-2028. The global mobile wallet market is flourishing at a high rate owing to the increasing penetration of smartphones and internet accessibility. The rising adoption of mobile wallets among small and medium-sized enterprises along with local businesses is anticipated to boost the market growth in the forecast period as well. Furthermore, increasing number of launches of mobile wallets by banks, tech companies, etc., that are offering lucrative discounts and cashback is estimated to provide growth opportunities to the market in the upcoming years.
Flourishing E-Commerce Industry and Cross-Border Trade is Driving Mobile Wallet Market
The expanding e-commerce industry is significantly propelling the growth of the mobile wallet market. The online shopping apps automatically save the user’s payment data which makes it convenient for the customers to make succeeding payments. Popular e-commerce platforms such as Amazon, Walmart, etc., launch their in-built mobile wallets that offer heavy discounts on online transactions. Furthermore, other platforms establish partnerships with banks and other providers to provide deals and discounts. All these factors significantly drive the growth of the market.
Launch Of New Features and Additions is Anticipated to Propel Market Growth
With the rising number of mobile wallets platforms and increasing competitiveness, the platforms are significantly investing in research and development activities to launch new features to attract customers. They also constantly focus on updating their interface to make it as user-friendly as possible. For instance, Vibes, a mobile engagement platform, has recently launched Mobile Wallet as a Channel, a platform designed to help retailers use native mobile wallet apps and offers features like real-time messaging through mobile wallets.
Mobile Wallet Market - By Technology
Based on technology, the global mobile wallet market is categorized into near field communication (NFC), optical/QR code, digital, and text-based. Near-field communication (NFC) holds the largest market share. This technology is largely used during in-store payments to communicate between the devices. Popular mobile wallets such as Google pay are the platforms that use NFC technology to boost contactless payment in smartphones or tap-to-pay credit and debit cards. Near-field communication is also efficient in supporting encrypted and highly secured payments, which is playing a crucial role in propelling the growth of the mobile wallet market.
Mobile Wallet Market - Regional Insights
Geographically, the global mobile wallet market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the mobile wallet, followed by Europe and Asia-Pacific. However, the Middle Eastern countries such as Saudi Arabia, Israel, Turkey, Iran, etc., are also showing substantial growth. According to a report published in Arab News, mobile walled use in Egypt spiked up to 160% in 2021 alone, with a total of 227 million completed transactions. The flourishing e-commerce industry is anticipated to emerge as a major driving factor for the mobile wallet in the middle east.
Impact of COVID-19 on Mobile Wallet Market
The unprecedented spread of COVID-19 resulted in significant growth opportunities for the mobile wallet market. The lockdown imposed by various countries to mitigate the virus spread negatively impacted the businesses by hindering their operations. For this, mobile wallets emerged as an effective solution to maintain cash flow and keep the business floating amid the restrictions. Furthermore, the surge in the dependence on e-commerce platforms for necessities further emerged as a major driving factor for the mobile wallet market. The market is anticipated to flourish in the forecast period as well since it facilitates contactless payment, which helps in ensuring social distancing norms.
Competitive Landscape
The leading market players of the mobile wallet market are Amazon Web Services Inc., VISA Inc., American Express Banking Corp., PayPal Holdings, Inc., Apple Inc., Mastercard Incorporated, Samsung Electronics Co., Ltd., Alipay.com, Google Inc., AT&T Inc., Ant Financial Services Group, Wells Fargo & Company, Tencent Holdings Limited, Barclays plc, Skrill Ltd., Due Inc., One Communications Limited, First Data Corporation, J.P. Morgan Chase & Co., ICICI Bank Limited, and other prominent players.
The market is highly concentrated and dominated by a handful of players such as PayPal, Google Pay, Amazon Pay, etc. The presence of global industry participants makes the market dense for the new entrants. The companies offer discounts to grab customers’ attention and significantly invest in R&D activities to launch attractive features. They also prominently adopt organic market strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the competition.
Don’t miss the business opportunity of the mobile wallet market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the mobile wallet market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the mobile wallet market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Mobile Wallet Market to Grow at a CAGR of 25% through 2028
Global mobile wallet market is growing at a high CAGR because of the increasing number of smartphones and growing awareness among consumers regarding convenient payment options through mobile wallets…
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global mobile wallet market is projected to grow at a CAGR of 25% during the forecast period 2022-2028. The global mobile wallet market is flourishing at a high rate owing to the increasing penetration of smartphones and internet accessibility. The rising adoption of mobile wallets among small and medium-sized enterprises along with local businesses is anticipated to boost the market growth in the forecast period as well. Furthermore, increasing number of launches of mobile wallets by banks, tech companies, etc., that are offering lucrative discounts and cashback is estimated to provide growth opportunities to the market in the upcoming years.
Flourishing E-Commerce Industry and Cross-Border Trade is Driving Mobile Wallet Market
The expanding e-commerce industry is significantly propelling the growth of the mobile wallet market. The online shopping apps automatically save the user’s payment data which makes it convenient for the customers to make succeeding payments. Popular e-commerce platforms such as Amazon, Walmart, etc., launch their in-built mobile wallets that offer heavy discounts on online transactions. Furthermore, other platforms establish partnerships with banks and other providers to provide deals and discounts. All these factors significantly drive the growth of the market.
Launch Of New Features and Additions is Anticipated to Propel Market Growth
With the rising number of mobile wallets platforms and increasing competitiveness, the platforms are significantly investing in research and development activities to launch new features to attract customers. They also constantly focus on updating their interface to make it as user-friendly as possible. For instance, Vibes, a mobile engagement platform, has recently launched Mobile Wallet as a Channel, a platform designed to help retailers use native mobile wallet apps and offers features like real-time messaging through mobile wallets.
Mobile Wallet Market - By Technology
Based on technology, the global mobile wallet market is categorized into near field communication (NFC), optical/QR code, digital, and text-based. Near-field communication (NFC) holds the largest market share. This technology is largely used during in-store payments to communicate between the devices. Popular mobile wallets such as Google pay are the platforms that use NFC technology to boost contactless payment in smartphones or tap-to-pay credit and debit cards. Near-field communication is also efficient in supporting encrypted and highly secured payments, which is playing a crucial role in propelling the growth of the mobile wallet market.
Mobile Wallet Market - Regional Insights
Geographically, the global mobile wallet market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the mobile wallet, followed by Europe and Asia-Pacific. However, the Middle Eastern countries such as Saudi Arabia, Israel, Turkey, Iran, etc., are also showing substantial growth. According to a report published in Arab News, mobile walled use in Egypt spiked up to 160% in 2021 alone, with a total of 227 million completed transactions. The flourishing e-commerce industry is anticipated to emerge as a major driving factor for the mobile wallet in the middle east.
Impact of COVID-19 on Mobile Wallet Market
The unprecedented spread of COVID-19 resulted in significant growth opportunities for the mobile wallet market. The lockdown imposed by various countries to mitigate the virus spread negatively impacted the businesses by hindering their operations. For this, mobile wallets emerged as an effective solution to maintain cash flow and keep the business floating amid the restrictions. Furthermore, the surge in the dependence on e-commerce platforms for necessities further emerged as a major driving factor for the mobile wallet market. The market is anticipated to flourish in the forecast period as well since it facilitates contactless payment, which helps in ensuring social distancing norms.
Competitive Landscape
The leading market players of the mobile wallet market are Amazon Web Services Inc., VISA Inc., American Express Banking Corp., PayPal Holdings, Inc., Apple Inc., Mastercard Incorporated, Samsung Electronics Co., Ltd., Alipay.com, Google Inc., AT&T Inc., Ant Financial Services Group, Wells Fargo & Company, Tencent Holdings Limited, Barclays plc, Skrill Ltd., Due Inc., One Communications Limited, First Data Corporation, J.P. Morgan Chase & Co., ICICI Bank Limited, and other prominent players.
The market is highly concentrated and dominated by a handful of players such as PayPal, Google Pay, Amazon Pay, etc. The presence of global industry participants makes the market dense for the new entrants. The companies offer discounts to grab customers’ attention and significantly invest in R&D activities to launch attractive features. They also prominently adopt organic market strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the competition.
Don’t miss the business opportunity of the mobile wallet market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the mobile wallet market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the mobile wallet market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Table of Contents
189 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Research Methodology
- 2.1. Qualitative Research
- 2.1.1. Primary & Secondary Research
- 2.2. Quantitative Research
- 2.3. Market Breakdown & Data Triangulation
- 2.3.1. Secondary Research
- 2.3.2. Primary Research
- 2.4. Breakdown of Primary Research Respondents, By Region
- 2.5. Assumption & Limitation
- 3. Executive Summary
- 4. Global Mobile Wallet Market Insights
- 4.1. Industry Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Growth Drivers
- 4.2.2. Restraints
- 4.2.3. Opportunities
- 4.2.4. Challenges
- 4.3. Technological Advancement/Recent Development
- 4.4. Regulatory Framework
- 4.5. Porter’s Five Forces Analysis
- 4.5.1. Bargaining Power of Suppliers
- 4.5.2. Bargaining Power of Buyers
- 4.5.3. Threat of New Entrants
- 4.5.4. Threat of Substitutes
- 4.5.5. Intensity of Rivalry
- 5. Global Mobile Wallet Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.1.1. Proximity
- 5.2.1.2. Remote
- 5.2.2. By Technology
- 5.2.2.1. Near Field Communication
- 5.2.2.2. QR Code
- 5.2.2.3. Text based/ Short message service
- 5.2.2.4. Digital
- 5.2.3. By End-Users
- 5.2.3.1. Hospitality & Transportation
- 5.2.3.2. Media & Entertainment
- 5.2.3.3. Retail
- 5.2.3.4. Healthcare
- 5.2.3.5. Energy & utilities
- 5.2.3.6. Telecommunication
- 5.2.3.7. Others
- 5.2.4. By Region
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. The Asia Pacific
- 5.2.4.4. Latin America
- 5.2.4.5. The Middle East and Africa
- 6. North America Mobile Wallet Market
- 6.1. Market Size & Forecast by Value, 2018-2028
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Technology
- 6.2.3. By End-Users
- 6.2.4. By Country
- 6.2.4.1. United States
- 6.2.4.2. Canada
- 7. Europe Mobile Wallet Market
- 7.1. Market Size & Forecast by Value, 2018-2028
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Technology
- 7.2.3. By End-Users
- 7.2.4. By Country
- 7.2.4.1. Germany
- 7.2.4.2. United Kingdom
- 7.2.4.3. Italy
- 7.2.4.4. France
- 7.2.4.5. Spain
- 7.2.4.6. Rest of Europe
- 8. Asia Pacific Mobile Wallet Market
- 8.1. Market Size & Forecast by Value, 2018-2028
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Technology
- 8.2.3. By End-Users
- 8.2.4. By Country
- 8.2.4.1. China
- 8.2.4.2. India
- 8.2.4.3. Japan
- 8.2.4.4. South Korea
- 8.2.4.5. Rest of Asia Pacific
- 9. Latin America Mobile Wallet Market
- 9.1. Market Size & Forecast by Value, 2018-2028
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Technology
- 9.2.3. By End-Users
- 9.2.4. By Country
- 9.2.4.1. Brazil
- 9.2.4.2. Mexico
- 9.2.4.3. Rest of Latin America
- 10. Middle East & Africa Mobile Wallet Market
- 10.1. Market Size & Forecast by Value, 2018-2028
- 10.1.1. By Value (USD Million)
- 10.2. Market Share & Forecast
- 10.2.1. By Type
- 10.2.2. By Technology
- 10.2.3. By End-Users
- 10.2.4. By Country
- 10.2.4.1. Saudi Arabia
- 10.2.4.2. UAE
- 10.2.4.3. South Africa
- 10.2.4.4. Rest of Middle East & Africa
- 11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Market Share Analysis, 2021
- 11.3. Competitive Benchmarking, By Operating Parameters
- 11.4. Key Strategic Development (Merger, Acquisition, Partnership)
- 12. Impact of Covid-19 on Global Mobile Wallet Market Industry
- 13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
- 13.1. Amazon.com, Inc.
- 13.2. American Express Company
- 13.3. Ant Financial Services Group
- 13.4. Allied Wallet, Inc.
- 13.5. Apple Inc.
- 13.6. AT&T Inc.
- 13.7. Barclays plc
- 13.8. Due Inc.
- 13.9. First Data Corporation
- 13.10. Google LLC
- 13.11. ICICI Bank Limited
- 13.12. J.P. Morgan Chase & Co.
- 13.13. MasterCard Incorporated
- 13.14. Mozido, Inc.
- 13.15. One Mobikwik System Pvt Ltd.
- 13.16. One, Communications Limited
- 13.17. PayPal Holdings, Inc.
- 13.18. Samsung Electronics Co., Ltd.
- 13.19. Other prominent players
- 14. Key Strategic Recommendations
- *Financial information in case of non-listed companies will be provided as per availability
- **The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
- List of Figures
- Figure 1 Global Mobile Wallet Segmentation
- Figure 2 Global Mobile Wallet Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2021
- Figure 4 Global Mobile Wallet Market Size, By Value (USD Million), 2018-2028
- Figure 5 Global Mobile Wallet Market Share, By Type, By Value, 2018-2028
- Figure 6 Global Mobile Wallet Market Share, By Technology, By Value, 2018-2028
- Figure 7 Global Mobile Wallet Market Share, By End-Users, By Value, 2018-2028
- Figure 8 Global Mobile Wallet Market Share, By Region, By Value, 2018-2028
- Figure 9 North America Mobile Wallet Market Size, By Value (USD Million), 2018-2028
- Figure 10 North America Mobile Wallet Market Share, By Type, By Value, 2018-2028
- Figure 11 North America Mobile Wallet Market Share, By Technology, By Value, 2018-2028
- Figure 12 North America Mobile Wallet Market Share, By End-Users, By Value, 2018-2028
- Figure 13 North America Mobile Wallet Market Share, By Country, By Value, 2018-2028
- Figure 14 Europe Mobile Wallet Market Size, By Value (USD Million), 2018-2028
- Figure 15 Europe Mobile Wallet Market Share, By Type, By Value, 2018-2028
- Figure 16 Europe Mobile Wallet Market Share, By Technology, By Value, 2018-2028
- Figure 17 Europe Mobile Wallet Market Share, By End-Users, By Value, 2018-2028
- Figure 18 Europe Mobile Wallet Market Share, By Country, By Value, 2018-2028
- Figure 19 Asia-Pacific Mobile Wallet Market Size, By Value (USD Million), 2018-2028
- Figure 20 Asia-Pacific Mobile Wallet Market Share, By Type, By Value, 2018-2028
- Figure 21 Asia-Pacific Mobile Wallet Market Share, By Technology, By Value, 2018-2028
- Figure 22 Asia-Pacific Mobile Wallet Market Share, By End-Users, By Value, 2018-2028
- Figure 23 Asia-Pacific Mobile Wallet Market Share, By Country, By Value, 2018-2028
- Figure 24 Latin America Mobile Wallet Market Size, By Value (USD Million), 2018-2028
- Figure 25 Latin America Mobile Wallet Market Share, By Type, By Value, 2018-2028
- Figure 26 Latin America Mobile Wallet Market Share, By Technology, By Value, 2018-2028
- Figure 27 Latin America Mobile Wallet Market Share, By End-Users, By Value, 2018-2028
- Figure 28 Latin America Mobile Wallet Market Share, By Country, By Value, 2018-2028
- Figure 29 Middle East & Africa Mobile Wallet Market Size, By Value (USD Million), 2018-2028
- Figure 30 Middle East & Africa Mobile Wallet Market Share, By Type, By Value, 2018-2028
- Figure 31 Middle East & Africa Mobile Wallet Market Share, By Technology, By Value, 2018-2028
- Figure 32 Middle East & Africa Mobile Wallet Market Share, By End-Users, By Value, 2018-2028
- Figure 33 Middle East & Africa Mobile Wallet Market Share, By Country, By Value, 2018-2028
- Figure 34 Middle East & Africa Mobile Wallet Market Share, By Country, By Value, 2018-2028
- List of Tables
- Table 1 Global Mobile Wallet Market Size, By Type, By Value, 2018-2028
- Table 2 Global Mobile Wallet Market Size, By Technology, By Value, 2018-2028
- Table 3 Global Mobile Wallet Market Size, By End-Users, By Value, 2018-2028
- Table 4 Global Mobile Wallet Market Size, By Region, By Value, 2018-2028
- Table 5 North America Mobile Wallet Market Size, By Type, By Value, 2018-2028
- Table 6 North America Mobile Wallet Market Size, By Technology, By Value, 2018-2028
- Table 7 North America Mobile Wallet Market Size, By End-Users, By Value, 2018-2028
- Table 8 North America Mobile Wallet Market Size, By Country, By Value, 2018-2028
- Table 9 Europe Mobile Wallet Market Size, By Type, By Value, 2018-2028
- Table 10 Europe Mobile Wallet Market Size, By Technology, By Value, 2018-2028
- Table 11 Europe Mobile Wallet Market Size, By End-Users, By Value, 2018-2028
- Table 12 Europe Mobile Wallet Market Size, By Country, By Value, 2018-2028
- Table 13 Asia-Pacific Mobile Wallet Market Size, By Type, By Value, 2018-2028
- Table 14 Asia-Pacific Mobile Wallet Market Size, By Technology, By Value, 2018-2028
- Table 15 Asia-Pacific Mobile Wallet Market Size, By End-Users, By Value, 2018-2028
- Table 16 Asia-Pacific Mobile Wallet Market Size, By Country, By Value, 2018-2028
- Table 17 Latin America Mobile Wallet Market Size, By Type, By Value, 2018-2028
- Table 18 Latin America Mobile Wallet Market Size, By Technology, By Value, 2018-2028
- Table 19 Latin America Mobile Wallet Market Size, By End-Users, By Value, 2018-2028
- Table 20 Latin America Mobile Wallet Market Size, By Country, By Value, 2018-2028
- Table 21 Middle East & Africa Mobile Wallet Market Size, By Type, By Value, 2018-2028
- Table 22 Middle East & Africa Mobile Wallet Market Size, By Technology, By Value, 2018-2028
- Table 23 Middle East & Africa Mobile Wallet Market Size, By End-Users, By Value, 2018-2028
- Table 24 Middle East & Africa Mobile Wallet Market Size, By Country, By Value, 2018-2028
- Table 25 Amazon.com, Inc. Company Overview
- Table 26 Amazon.com, Inc. Financial Overview
- Table 27 American Express Company Overview
- Table 28 American Express Company Financial Overview
- Table 29 Allied Wallet, Inc. Company Overview
- Table 30 Allied Wallet, Inc. Financial Overview
- Table 31 Apple Inc. Company Overview
- Table 32 Apple Inc. Financial Overview
- Table 33 Barclays plc Company Overview
- Table 34 Barclays plc Financial Overview
- Table 35 First Data Corporation Company Overview
- Table 36 First Data Corporation Financial Overview
- Table 37 Google LLC Company Overview
- Table 38 Google LLC Financial Overview
- Table 39 ICICI Bank Limited Company Overview
- Table 40 ICICI Bank Limited Financial Overview
- Table 41 J.P. Morgan Chase & Co. Company Overview
- Table 42 J.P. Morgan Chase & Co. Financial Overview
- Table 43 MasterCard Incorporated Company Overview
- Table 44 MasterCard Incorporated Financial Overview
- Table 45 Mozido, Inc. Company Overview
- Table 46 Mozido, Inc. Financial Overview
- Table 47 One Mobikwik System Pvt Ltd. Company Overview
- Table 48 One Mobikwik System Pvt Ltd. Financial Overview
- Table 49 One, Communications Limited Company Overview
- Table 50 One, Communications Limited Financial Overview
- Table 51 PayPal Holdings, Inc. Company Overview
- Table 52 PayPal Holdings, Inc. Financial Overview
- Table 53 Samsung Electronics Co., Ltd. Company Overview
- Table 54 Samsung Electronics Co., Ltd. Financial Overview
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