Mobile Wallet Market to Exceed US$ 16.2 Trn by 2031: TMR Study

The global mobile wallet market was valued over US$ 1.8 Trn in 2021 and is projected to expand at a CAGR of 22.2% from 2022 to 2031.

Market growth is likely to be driven by an increase in adoption of smartphones across the globe. The mobile wallet payment service allows people or enterprises to send and receive money transactions via mobile devices. Mobile wallets add a new dimension to retail sales, allowing retailers to expand their business presence. Also, mobile devices enable users to make payments and serves as a new platform for vendors and financial institutions to communicate with their customers. Mobile wallets are easy to use and do not require much effort in registration. Moreover, payment technologies have changed dramatically with the introduction of mobile wallet services and near field communication (NFC) and the integration of mobile devices and POS terminals.

In terms of mobile wallet type, proximity payments are growing at the fastest rate. Proximity payment type held major share of the e-wallet market in 2021 and is expected to expand at the fastest CAGR during the forecast period. Though there are many proximity payment-based mobile wallets in the market, QR, magnetic secure, and near field communication (NFC) transmission are the leading technologies of the mobile wallet market. NFC allows customers to effortlessly connect existing payment cards via mobile phones and activate payment services with additional convenience and security.

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In terms of application, the retail & e-commerce segment is expected to expand at the fastest CAGR compared to other applications during the forecast period. Growth is expected to be driven by the rising demand for easy and convenient transactions and the growing e-commerce and omnichannel business models.        

North America held the leading value share of the e-wallet market in 2021. Customers in the region seek bargains, convenience, discounts, better customer experience, and the latest digital banking experience. Increasing adoption of payment wallets as a mode of online payment in the internet banking industry is attributed to the growth of the digital wallet market in the region over the years. Furthermore, an established merchant base and enhanced customer experience in North America is driving the growth of the mobile wallet market in the region.

The electronic wallet market in Asia Pacific is anticipated to have the highest CAGR during the forecast period. Rapid economic growth and adoption of payment technologies in countries such as Japan, India, Australia, and China, and the rising investment in supporting infrastructure will positively impact the adoption of e-wallets in the near future. These countries are creating a stable environment for the mobile payment sector to expand. The capability of a vending machine to accept cashless payments enables customers to pay with their phones, which encourages them to buy more frequently. Vending machine usage is expected to rise in emerging markets such as India, Indonesia, and China, boosting demand for mobile wallets.

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Key Highlights

•          In terms of revenue, the proximity type held major share of the market in 2021, and is expected to maintain the status quo during the forecast period.
•          North America accounted for highest value share in 2021 in the global mobile wallet market.  
•          The market in Asia Pacific is expected to register the highest CAGR during the forecast period. New developments from established e-wallet players and adoption among young customers is likely to support growth of the market.
•          New initiatives in terms of new product development and mergers & acquisitions are expected in the mobile wallet market.

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