Mobile Wallet Market New Opportunities, Revenue Analysis And Sales Revenue

Mobile Wallet Market revenue is expected to grow at a rate of 28.2 % CAGR from 2023 to 2029, reaching almost USD 12.40 Bn in 2029

Mobile Wallet Market Report Scope and Research Methodology

Report Scope:

The Mobile Wallet Market report offers a comprehensive overview of the significance of mobile wallets, acting as a bridge between in-store and online shopping, particularly in the context of BOPIS (buy online pickup in-store) and drive-in services. It highlights the surge in mobile wallet users, with around 2.1 billion users utilizing mobile wallets for payments and money transfers in 2021, marking a 30% increase from 1.6 billion in late 2017. A mobile wallet, also known as an mWallet or eWallet, serves as a digital repository for payment card information on smartphones or tablets, transforming these devices into digital debit cards. This technology facilitates online financial transactions, emphasizing its simplicity and accessibility.

Research Methodology:

The Mobile Wallet Market report is a result of robust research methodologies ensuring data accuracy and quality, transforming complex data into accessible language for valuable insights.

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What are Mobile Wallet Market Dynamics?

The mobile wallet market is experiencing high demand, with 40% of U.S smartphone users using online payment methods, driven partly by the global pandemic. This surge is expected to persist beyond the pandemic, with mobile wallet usage anticipated to surpass 50% among all smartphone users by 2025.

The increasing prevalence of low-cost mobile phones, coupled with VoLTE availability, is disrupting the mobile wallet industry. Smartphones are predicted to account for approximately 77% of all internet-connected devices by 2025, offering new growth opportunities for mobile wallets.

The integration of widespread internet access, enhanced bandwidth, and device capabilities has fueled wallet development and customer usage. Mobile and digital wallets present financial institutions with opportunities to strengthen customer relationships, improve retention, and combat fraud.

Despite the advantages, mobile wallets face competition from alternative payment providers and must navigate cybersecurity challenges.

Mobile wallets introduce a new dimension to retail, enabling businesses to expand their reach and communicate more effectively with customers, offering targeted and relevant information.

Mobile Wallet Market Segmentation?

The Global Mobile Wallet Market includes sub-segments based on Type, Technology, End User, and Industry Vertical.

Type: The market sub-segment includes Proximity and Remote. The increasing adoption of NFC-capable smartphones is expected to drive the growth of the Proximity type, offering enhanced capabilities.

Technology: Sub-segments encompass QR Code, Near Field Communication (NFC), Text-based/Short Message Service, and Digital. NFC technology is projected to grow at a robust CAGR of over 23%, driven by its security features and adoption of contactless payments.

Industry Vertical: Sub-segments comprise Hospitality & Transportation, Media & Entertainment, Retail, Healthcare, Energy & Utilities, Telecommunication, and Others. Retail is expected to experience significant growth, driven by the proliferation of smartphones and the demand for an improved consumer experience.

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Who are Mobile Wallet Market Key Players?

1. PayPal Holdings, Inc.
2. Samsung Electronics Co., Ltd
3. VISA Inc.
4. Amazon Web Services Inc.
5. American Express Banking Corp.
6. Apple Inc.
7. Alipay.com
8. AT&T Inc.
9. Google Inc.
10. JP Morgan Chase
11. Tencent
12. Ant Financial
13. One97 Communications Limited
14. Vodafone
15. Skrill
16. Sprint Corporation
17. Well Fargo
18. First Data

Table of content for the Mobile Wallet Market includes:

Part 01: Executive Summary

Part 02: Scope of the Mobile Wallet Market Report

Part 03: Global Mobile Wallet Market Landscape

Part 04: Global Mobile Wallet Market Sizing

Part 05: Global Mobile Wallet Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

Global digital wallet adoption varies by region based on payment ecosystem sophistication. Developed markets like North America and Europe are adopting NFC and in-app capabilities, supported by advanced retail point-of-sale services. In developing countries like China and India, mobile wallets are prevalent for online shopping. Africa sees substantial mobile wallet adoption due to limited bank account access.

Asia Pacific's mobile wallet market is projected to surpass $200 billion by 2026, driven by economic digitization efforts and increased awareness of mobile wallet benefits. Banks in the region are investing in mobile wallets to enhance customer convenience.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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