Mobile Wallets

Global Mobile Wallets Market to Reach US$668.1 Billion by 2030

The global market for Mobile Wallets estimated at US$281.5 Billion in the year 2024, is expected to reach US$668.1 Billion by 2030, growing at a CAGR of 15.5% over the analysis period 2024-2030. Remote, one of the segments analyzed in the report, is expected to record a 18.5% CAGR and reach US$505.8 Billion by the end of the analysis period. Growth in the Proximity segment is estimated at 8.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$71.4 Billion While China is Forecast to Grow at 21.3% CAGR

The Mobile Wallets market in the U.S. is estimated at US$71.4 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$178.9 Billion by the year 2030 trailing a CAGR of 21.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 10.6% and 13.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.1% CAGR.

Global Mobile Wallets Market - Key Trends and Drivers Summarized

How Are Mobile Wallets Changing the Payments Landscape?

Mobile wallets are digital applications that allow users to store payment information and make transactions using their smartphones. They enable cashless payments through technologies such as near-field communication (NFC), QR codes, and Bluetooth, providing a convenient and secure alternative to traditional payment methods. Mobile wallets can also store digital versions of credit and debit cards, loyalty cards, tickets, and coupons, making them versatile tools for everyday transactions. The rise of mobile wallets is reshaping the payments landscape by driving the adoption of contactless payments and promoting financial inclusion. The adoption of mobile wallets has been accelerated by the growing use of smartphones, the development of mobile payment infrastructures, and the increased demand for cashless transactions, especially during the COVID-19 pandemic. Mobile wallets provide a convenient solution for online shopping, in-store purchases, and peer-to-peer transfers. With additional features like loyalty rewards, integrated financial services, and bill payments, mobile wallets are becoming a one-stop solution for personal finance management.

What Trends Are Shaping the Mobile Wallet Market?

The mobile wallet market is evolving rapidly, with trends such as biometric authentication, integration with financial services, and loyalty program enhancements. Biometric security features, such as fingerprint and facial recognition, are being incorporated into mobile wallets to ensure secure transactions. The integration of banking services, such as savings accounts and investment options, is expanding the functionality of mobile wallets beyond basic payment solutions. Another significant trend is the adoption of QR code payments, which have become popular in regions with limited access to NFC technology. Mobile wallets are also enhancing loyalty programs by allowing users to earn and redeem rewards seamlessly during transactions. The incorporation of cryptocurrency wallets is gaining traction, as users seek to manage digital assets alongside traditional currencies.

How Do Market Segments Define Mobile Wallet Adoption?

Payment types include proximity payments, which involve NFC or QR code transactions, and remote payments for online purchases. Key industries using mobile wallets are retail, transportation, financial services, hospitality, and healthcare. The retail sector, in particular, is driving the adoption of mobile wallets, as businesses integrate payment apps to enhance the customer experience. Geographically, Asia-Pacific leads the mobile wallet market, driven by high smartphone penetration and a preference for cashless payments. China, in particular, dominates the market with mobile wallet giants like Alipay and WeChat Pay. North America and Europe are also significant markets, with increasing adoption of contactless payments and the integration of mobile wallets with banking services. Emerging economies in Latin America and Africa are witnessing growth, as mobile wallets promote financial inclusion and enable transactions in underbanked regions.

What Factors Are Driving the Growth in the Mobile Wallet Market?

The growth in the mobile wallet market is driven by several factors, including the increasing adoption of smartphones, the rise of cashless transactions, and advancements in payment technologies. The convenience of contactless payments and the integration of loyalty rewards are enhancing the appeal of mobile wallets to consumers. The COVID-19 pandemic has further accelerated the shift towards digital payments, as consumers and businesses seek safer, contact-free payment options. Regulatory support for digital financial services and the development of mobile payment infrastructures are also fueling market growth.

SCOPE OF STUDY:

The report analyzes the Mobile Wallets market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Remote, Proximity); Vertical (Retail, Media & Entertainment, Hospitality & Transportation, Energy & utilities, Telecommunication, Other Verticals)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 38 Featured) -

• Airtel Payments Bank Ltd.
• Alipay.com
• Amazon Web Services Inc.
• American Express Banking Corp.
• ANI Technologies Pvt. Ltd. (Ola Money)
• Apple Inc.
• AT&T Inc.
• FreeCharge Payment Technologies Pvt. Ltd.
• Google Inc.
• HDFC Bank Ltd. (PayZapp)
• Mastercard Incorporated
• One MobiKwik Systems Pvt. Ltd.
• Oxigen Services (India) Pvt. Ltd.
• PayPal Holdings, Inc.
• Paytm Mobile Solutions Pvt. Ltd.
• PhonePe Pvt. Ltd.
• Reliance Payment Solutions (JioMoney)
• Samsung Electronics Co., Ltd
• VISA, Inc.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

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APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

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