Mobile Wallet Market to Hit Explosive Growth Ahead US$ 1.965 Trillion by 2033

In 2023, the value of the worldwide mobile wallet market was estimated to be US$ 269 billion. By the end of 2033, the market for mobile wallets is expected to be worth US$ 1,965 billion, growing at a compound annual growth rate of 22%.

Online and cashless payment methods have become increasingly popular among consumers worldwide in recent times. The need for mobile wallets is expected to increase as a result of rising penetration of intelligent devices like as smartphones and more digitization. Global sales of mobile wallets are expected to be driven by growing government efforts for the creation of smart cities and rising internet penetration.

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eWallet or mWallet are other terms for mobile wallets. It is a virtual wallet that keeps credit card details on a mobile device. Digital debit cards are what mobile wallets are. To make web money work and to accept or send payments, prepaid or Master Card information is needed. Mobile wallets are delivered using a variety of payment processing technologies, such as SMS-based transactions, mobile online payments, near-field communications, etc.

By using mobile devices, this payment method's ease of use and accessibility are guaranteed. It is projected that acceptance of several mobile wallet payment methods and the offerings made by these services would support target market expansion. In the upcoming years, there will be profitable opportunities driven by government regulations and efforts pertaining to online payment processing systems.

Key Companies Profiled

• Amazon Web Services Inc.
• American Express
• Visa Inc.
• Apple Inc.
• PayPal Holdings Inc.
• Google Inc.
• Mastercard Incorporated
• Airtel

The utilization of mobile wallets offers several benefits, such as quick money transfers, timely payments, split billing, and easy money loading. Smartphones and other internet-connected gadgets should increase business prospects for industry participants. The need for mobile payments in the sector is being driven globally by the banks and market companies that provide a range of mobile wallet apps for smartphones.

This comprehensive analysis of the mobile wallet market was provided by Fact.MR, a competitive intelligence and market research service, in their newly released research study. The study report provides a thorough examination of several important market niches, barriers, patterns, variables, and competitive environments that are significant to the sector.
Technological Innovation Strengthening Mobile Wallet Adoption

It is anticipated that one of the key elements influencing the uptake of mobile wallets would be technological innovation, particularly the capability to know customers in real time. Due to its real-time username information retrieval capabilities, the mobile wallet encourages more shops to implement the technology. Additionally, mobile wallets include a function that makes customers' jobs easier. As a result, it is anticipated that these qualities will also foster market prospects.

Steadily Increasing e-Commerce Platform Penetration Increasing Asia Pacific's Need for Digital Payments

Some important regional regions that are contributing to the worldwide market revenue are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Because there is a greater need for digital payments, Asia Pacific is anticipated to have a leading position among these. In 2022, the area accounted for almost 30% of worldwide revenue share.

E-wallet growth is expected to be positively impacted by the expansion of e-commerce platforms, such as Alibaba, Amazon, Flipkart, and others, in Asia Pacific nations like China and India. There will likely be a significant increase in demand for mobile payment methods in India due to the increasing frequency of government initiatives, such as demonetization. Furthermore, it is projected that the region's need for mobile wallets would rise in tandem with the region's growing smartphone penetration and greater acceptance of cutting-edge technology.

The market is expanding as a result of factors such as the growing number of Internet users, the increasing use of smartphones, and the explosive rise in e-commerce and retail in Asia Pacific nations like China, Japan, and India. Furthermore, it is anticipated that the increasing prevalence of government programs such as Made in India and Digital India would boost the use of smartphones and other smart devices, hence driving up demand for digital payments.

Germany's growing degree of digitization is driving more demand for mobile wallets there. In order to foster confidence throughout the nation, businesses in Germany are placing a high priority on mobile payment service security and compliance. It is also anticipated that service development firms in Germany would increase the need for phone payments.

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Competitive Landscape:

Leading mobile wallet providers are concentrating on offering safer and more efficient solutions in order to boost customer loyalty and draw in additional customers. Prominent service providers are actively focusing on using cutting-edge technology to further control the supply chain management system and maintain product standards.

Key players employ various techniques, such as partnerships, agreements, and new developments, to broaden their global reach.

As an example,

In July 2022, Damen ePayment and BKN301 jointly released their mobile wallet application. The latter is a financial technology business that creates banking-as-a-service features for Cashflo and payment services.

In order to facilitate the storing of identity cards, boarding permits, and digital keys in a single spot, Samsung introduced the Samsung Wallet in June 2022. This new project can assist customers in keeping an eye on the value of their digital assets that are cryptocurrency-based.

In order to introduce mPOS Payments globally, Samsung and Mobeewave announced their alliance in October 2019.

Segmentation of Mobile Wallet Industry Research

• By Type :
o Proximity
o Remote
• By Technology :
o Near Field Communication
o Text-based/Short Message Services
o QR Code
o Digital Only
• By Application :
o Hospitality & Transportation
o Retail & e-Commerce
o Vending Machines
o Banking
• By Region :
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East & Africa

This significant growth trajectory highlights the transformative impact of mobile wallets on the global financial ecosystem. As consumer preferences shift towards convenience and contactless payments, and as technological advancements continue to enhance the functionality and security of mobile wallets, the market is expected to see widespread adoption across various sectors. The future of the Mobile Wallet Market is promising, with substantial opportunities for innovation, investment, and the enhancement of digital financial services worldwide.

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This release was published on openPR.