Mobile Wallet Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented 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)

  • Published Date: May 2022
  • Report ID: BWC22142
  • Available Format: PDF
  • Page: 189

Report Overview

The global mobile wallet market is growing at a high rate owing to the rapid globalization and flourishing cross-border trade coupled with increasing smartphone penetration and rising internet accessibility coupled with expanding e-commerce industry.

Global Mobile Wallet Market- Industry Trends & Forecast Report 2028

The global mobile wallet market is anticipated to grow at the CAGR of 25% during the forecast period i.e. 2018 - 2028. The rapid globalization and flourishing cross-border trade coupled with increasing smartphone penetration and rising internet accessibility are emerging as major driving factors for the growth of the global mobile wallet market. Furthermore, the expanding e-commerce industry and lucrative offers and discounts provided by mobile wallet companies are also anticipated to drive market growth in the forecast period.

Global Mobile Wallet Market - Overview

Mobile wallet is an online service or software program that allows its users to make electronic transactions. Through mobile wallets, one can link their bank account as well as debit and credit card to make and receive payments and transfer money online. PayPal, Cash App, Venmo, GooglePay, etc., are some of the most popular mobile wallets worldwide. Mobile wallets offer data encryption to protect the user’s sensitive data from fraud and potential data theft attacks.

Global Mobile Wallet Market Forecast and Trends

Growth Drivers

Increasing Number of Smartphone Users

The increasing number of smartphone users worldwide is emerging as one of the major driving factors for the growth of the global mobile wallet market. According to FinancesOnline, the number of smartphone users in the world will reach 5.22 billion by 2022. The availability of low-cost smartphones and rising work from home and online schooling culture post the COVID-19 pandemic is significantly fueling the demand for smartphones, which is anticipated to boost the mobile wallet users in the forecast period as well.

Surging the Number of Digital Wallet Startups

According to Tracxn, there are 1190 digital wallet companies worldwide, as of January 2022. With significant growth opportunities in the mobile wallet, several digital wallet startups are also emerging to exploit the market potential. As the leading payment wallets, these startups also offer online transactions with attractive features and discounts to grab customers’ attention. Several startups such as Grab, PhonePe, Gojek, FreeCharge, etc., are already registering significant traction in the market. The increasing number of startups will make the global mobile wallet market competitive and will work in favor of overall market growth.

Restraints

Security Concerns Surround Mobile Wallet

As much as mobile wallets are gaining popularity, they also hold the risks of cyberattacks and data theft, which acts as a major restraining factor for the growth of the global mobile wallet market. The lack of understanding regarding the severity of cybersecurity attacks on mobile wallets among customers further increases the risk. According to a study by payment security startup Riskified, a large number of consumers use browsers to make online payments, which increases the risk of fraud severalfold.

Impact of COVID-19 on Global Mobile Wallet Market

The global mobile wallet market witnessed surge after the sudden COVID-19 pandemic outbreak. The health organizations suggested maintaining social distancing to prevent the transmission of this highly communicable virus. As a result, transactions through mobile wallets emerged as an effective way for contactless payments, which significantly boosted the overall market growth in this period. The adoption of mobile wallets gained significant traction among small and medium-sized businesses as it helped them keep their operations going and maintain cash flow in these unprecedented times.

Global Mobile Wallet Market - By Type

Based on type, the global mobile wallet market is segmented into open, semi-closed, and closed. The semi-closed wallet segment accounts for the largest market share. The money transferred in the semi-closed wallet cannot be withdrawn, however, can easily be used for online transactions for various purposes including mobile recharges, bill payments, online shopping, etc. Paytm, MobiKwik, Pay U Money, etc., are some of the most popular semi-closed wallets used worldwide. However, the open wallet segment is also anticipated to grow at a high rate during the forecast period.

Global Mobile Wallet Market - By Ownership

Based on ownership, the global mobile wallet market is categorized into banks, telecom operators, device manufacturers, and tech companies. The tech companies segment accounts for the largest market share. PayPal, Google Pay, AliPay, WeChat Wallet by Tencent, etc., are some of the most popular mobile wallets by tech companies. However, device manufacturers are also growing at a high rate. Several device makers such as Apple, Samsung, Xiaomi, etc., are increasingly launching mobile wallet platforms to expand their market, which is anticipated to drive the market growth in the forecast period.

Global 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 owing to the high smartphone ownership in developed countries such as the US and Canada. According to statistics, the United States has around 273.76 million smartphone users, which significantly affects the increasing use of mobile wallets in this region. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period.

Competitive Landscape

The leading market players of the global 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.

Recent Development

  • In January 2022, EMQ, a Hongkong-based fintech company, announced the expansion in its global payment capabilities by enabling real-time payouts to major mobile wallets in Indonesia.
  • In January 2022, HUMBL, Inc., a US-based merchant service software company, announced the addition of BLOCKS to its HUMBL Pay mobile wallet that will allow customers to buy BLOCKS via gasless, peer-to-peer transactions.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Type, By Ownership, By Technology , By Region
Key Players 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.

 

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)
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Mobile Wallet Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Mobile Wallet Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
        1. Proximity
        2. Remote
      2. By Technology
        1. Near Field Communication
        2. QR Code
        3. Text based/ Short message service
        4. Digital
      3. By End-Users
        1. Hospitality & Transportation
        2. Media & Entertainment
        3. Retail
        4. Healthcare
        5. Energy & utilities
        6. Telecommunication
        7. Others
      4. By Region
        1. North America
        2. Europe
        3. The Asia Pacific
        4. Latin America
        5. The Middle East and Africa
  6. North America Mobile Wallet Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Technology
      3. By End-Users
      4. By Country
        1. United States
        2. Canada
  7. Europe Mobile Wallet Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Technology
      3. By End-Users
      4. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. Rest of Europe
  8. Asia Pacific Mobile Wallet Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Technology
      3. By End-Users
      4. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia Pacific
  9. Latin America Mobile Wallet Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Technology
      3. By End-Users
      4. By Country
        1. Brazil
        2. Mexico
        3. Rest of Latin America
  10. Middle East & Africa Mobile Wallet Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Technology
      3. By End-Users
      4. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    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) **
    1. Amazon.com, Inc.
    2. American Express Company
    3. Ant Financial Services Group
    4. Allied Wallet, Inc.
    5. Apple Inc.
    6. AT&T Inc.
    7. Barclays plc
    8. Due Inc.
    9. First Data Corporation
    10. Google LLC
    11. ICICI Bank Limited
    12. J.P. Morgan Chase & Co.
    13. MasterCard Incorporated
    14. Mozido, Inc.
    15. One Mobikwik System Pvt Ltd.
    16. One, Communications Limited
    17. PayPal Holdings, Inc.
    18. Samsung Electronics Co., Ltd.
    19. Other prominent players

 

  1. 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

Market Segmentation

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)
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Frequently Asked Questions (FAQs):

Ans: The mobile wallet market is estimated to grow at the CAGR of 25.10% during the forecast period (2022-2028).
Ans: The major factors driving the growth of the mobile wallet market are increasing number of smartphone users and flourishing e-commerce industry and cross-border trade.
Ans: The key players in 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.
Ans: The tech companies segment accounted for the largest share in the mobile wallet market.
Ans: North America has the largest share in the mobile wallet market.