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Mobile Wallet Global Market is Likely to Upsurge $6330.87 billion at a CAGR of 31.5% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook
Mobile Wallet Global Market
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According to The Business Research Company's, The mobile wallet market size has grown exponentially in recent years. It will grow from $1614.96 billion in 2023 to $2116.65 billion in 2024 at a compound annual growth rate (CAGR) of 31.1%. The growth in the historic period can be attributed to convenience and accessibility, security concerns, changing consumer behavior, government initiatives, partnerships and collaborations.
The mobile wallet market size is expected to see exponential growth in the next few years. It will grow to $6330.87 billion in 2028 at a compound annual growth rate (CAGR) of 31.5%. The growth in the forecast period can be attributed to contactless payments, financial inclusion, rise of digital banking, cross-border transactions, advancements in payment technology. Major trends in the forecast period include blockchain and cryptocurrency integration, loyalty programs and rewards integration, offline mobile payments, mobile wallets for public transportation, collaborations with retailers and merchants.
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Market Drivers and Trends:
The rise in smartphone penetration is driving the mobile wallet market going forward. Smartphones refer to mobile phones that can accomplish more tasks than just calling and text messaging. With the increasing number of smartphones and governments promoting digital payments and cashless payments, more people are installing mobile wallets on their phones. For instance, according to a report by DataReportal, a Singapore-based free data and information provider, in China, there were 1.61 billion mobile connections in January 2021. Between January 2020 and January 2021, there were 8.0 million more mobile connections in China (+0.5%). Since many people have multiple mobile connections, the number of mobile connections in China in January 2021 was equal to 111.8% of the country's entire population. Therefore, increasing smartphone penetration is driving the mobile wallet market.
Product innovation is a key trend gaining popularity in the mobile wallet market. Major companies in the market are constantly innovating and introducing new offerings to sustain their position in the market. For instance, in December 2021, Vibes, a US-based technology firm and provider of mobile wallet services, launched Mobile Wallet as a Channel, an innovative add-on to its existing mobile wallet solution. The innovation turns consumers' mobile wallets into a persistent, dynamic, and personalized content channel to drive top-line growth and improve customer satisfaction.
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Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co Ltd., Alibaba Group Holding Limited, AT&T Inc., Tencent Holdings Limited, Barclays plc, Wells Fargo & Company, American Express Banking Corporation, VISA Inc., PayPal Holdings Inc., Mastercard Incorporated, Square Inc., MercadoLibre Inc., Skrill Ltd., Revolut Ltd., Ant Financial Services Group, Circle Internet Financial Ltd., One Mobikwik System Pvt Ltd., Mozido Inc., TRM Labs Inc., BitPay Inc., Dwolla Inc., Zerion Inc., Bitski Inc., Blockstream Corporation, Alipay.com, Zelle Inc., Jerry Technologies Inc.
Mobile Wallet Market 2024 Key Insights:
• The mobile wallet market size is expected to see exponential growth in the next few years. It will grow to $6330.87 billion in 2028 at a compound annual growth rate (CAGR) of 31.5%.
• Rising Smartphone Penetration Fuels Growth In The Mobile Wallet Market
• Product Innovations Redefine The Landscape Of The Mobile Wallet Market
• Asia-Pacific was the largest region in the mobile wallet market in 2023
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