Market for Mobile Wallets Is Predicted to Expand at a High-Value CAGR Of 22% by 2033

Mobile Wallet Market Analysis By Type (Proximity, Remote), By Technology (Near Field Communication, Text-based/Short Message Services, OR Code, Digital Only)

The global mobile wallet market has reached a value of US$ 269 billion in 2023. Global demand for mobile wallets is predicted to surge at a CAGR of 22% and reach a market value of US$ 1,965 billion by the end of 2033.

In recent years, consumers all over the world have started to favour online shopping and cashless transactions. The demand for mobile wallets is anticipated to increase as digitalization and the use of intelligent devices, such as smartphones, continue to develop. Global sales of mobile wallets are expected to be boosted by rising government initiatives for the creation of smart cities and rising internet penetration.An electronic or mobile wallet is frequently referred to as a "mWallet." It is a virtual wallet that houses credit card data on a mobile device.

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Winning Strategy:

Industry players are involved in mergers, acquisitions, etc., to offer more effective services and expand their footprints globally.

For instance,

• PayPal Holdings, Inc., in September 2021, announced its acquisition of Paidy. The motive of this acquisition is to increase capabilities, distribution, and relevance of PayPal in the Japan domestic payments market. Paidy would continue to maintain its support, operate its business, and brand an extensive variety of mobile wallets.

Competitive Landscape:

Key suppliers of mobile wallets are focusing to provide safer and more effective solutions to increase brand loyalty and attract a larger client base. Leading service providers are actively concentrating to use advanced technologies to maintain product standards and further managing the supply chain management system.

Partnerships, agreements, new developments, etc. are some key strategies, which are incorporated by key players to expand their footprints around the world.

For instance,

• Damen ePayment, in July 2022, launched its mobile wallet application in collaboration with BKN301. The latter is a company operating in financial technology, which develops payment services and Cashflo, banking-as-a-service functionalities.
• Samsung, in June 2022, unveiled the Samsung Wallet to enable its customers to store identification cards, boarding passes, and digital keys in one location. This new initiative can help users to monitor their digital assets with cryptocurrencies’ value.
• Samsung, in October 2019, declared its partnership with Mobeewave to launch mPOS Payments around the world.

Key players in the mobile wallet market are Amazon Web Services Inc., American Express, Visa Inc., Apple Inc., PayPal Holdings Inc., Google Inc., Mastercard Incorporated, and Airtel.

Segmentation of Mobile Wallet Industry Research:

·         By Type :

• Proximity

• Remote

·         By Technology :

• Near Field Communication

• Text-based/Short Message Services

• QR Code

• Digital Only

·         By Application :

• Hospitality & Transportation

• Retail & e-Commerce

• Vending Machines

• Banking

·         By Region :

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

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Key Takeaways from Market Study

• The global mobile wallet market stands at a valuation of US$ 269 billion in 2023.
• Worldwide demand for mobile wallets is estimated to surge at a CAGR of 22% from 2023 to 2033.
• The global industry is forecasted to reach US$ 1965 billion by the end of 2033.
• Asia Pacific held around 30% share of the global market in the year 2022.
• Sales of proximity mobile wallets are predicted to rise at a high-value CAGR of 25% from 2023 to 2033.
• The retail & e-Commerce segment held 31% of global revenue share in 2022.

“Different benefits of mobile wallets, including simple to load money, easy accessibility, convenience in operation, and quick fund transfer, are projected to bolster their demand over the decade,” says a Fact.MR analyst.