Mobile Wallet Market to Grow at a CAGR of 25% through 2028
Published | 04 May 2022
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 global 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.
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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 global 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.
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.
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.
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.
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