Press release
Evolving Market Trends In The Mobile Wallet Industry: Revolut Launches Innovative Mobile Wallet Feature to Enhance International Money Transfers
Mobile Wallet Market Size
What Is the Current Mobile Wallet Market Size and Its Estimated Growth Rate?
The size of the mobile wallet market has seen a significant surge in recent years. The market, which is projected to expand from $2109.19 billion in 2024 to $2765.95 billion in 2025, is expected to register a compound annual growth rate (CAGR) of 31.1%. The substantial growth during the historical period can be credited to factors such as ease of use and accessibility, safety issues, evolving consumer patterns, governmental policies, and strategic partnerships.
In the coming years, the size of the mobile wallet market is anticipated to witness a significant surge, reaching $8404.8 billion in 2029 with a compound annual growth rate (CAGR) of 32.0%. This substantial growth during the forecast period can be largely attributed to the rise in contactless payments, financial inclusion, digital banking proliferation, cross-border transactions and progressive payment tech advancements. The forecast period also sees some evolving trends including the incorporation of blockchain and cryptocurrency, integration of loyalty schemes and rewards, establishment of offline mobile payments, inclusion of mobile wallets in public transport, and partnerships between retailers and merchants.
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How Are Emerging Segments Shaping the Mobile Wallet Market Landscape?
The mobile wallet market covered in this report is segmented -
1) By Type: Open, Semi-Closed, Closed
2) By Ownership: Banks, Telecom Operators, Device Manufacturers, Tech Companies
3) By Technology: Near Field Communication (NFC), Optical/QR Code, Digital, Text-Based
4) By Application: Hospitality And Transportation, Media And Entertainment, Retail, Healthcare, Energy And Utilities, Telecommunication, Other Applications
Subsegments:
1) By Open Wallets: Wallets that allow users to withdraw cash from ATMs, Wallets that permit fund transfers to bank accounts, Wallets that enable payment to any merchant
2) By Semi-Closed Wallets: Wallets that allow transactions at specific merchants or partner merchants, Wallets that may allow cash withdrawals at certain locations
3) By Closed Wallets: Wallets that are exclusively for transactions within a specific platform or company, Wallets that do not allow cash withdrawal or transfers to bank accounts
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Which Growth Factors Are Influencing Mobile Wallet Market Expansion?
The escalating prevalence of smartphones is propelling the expansion of the mobile wallet market. Smartphones are mobile devices capable of performing more than just basic call and text functions. Increased smartphone ownership, coupled with governmental advocacy for digital and cashless transactions, is motivating more individuals to install mobile wallet applications on their devices. For example, Uswitch Limited, a financial authority based in the UK, stated in February 2023 that the UK experienced an increase of around 2.6 million smartphones in 2022, bringing the total to 71.8 million - a growth of 3.8% from 2021. Furthermore, projections indicate that by 2025, the UK's population of 68.3 million will see approximately 65 million people, or 95% of the population, possessing smartphones. As such, the surge in smartphone usage is catalyzing the growth of the mobile wallet market.
Who Are the Dominant Players Across Different Mobile Wallet Market Segments?
Major companies operating in the mobile wallet market include 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.
What Are the Latest Developing Trends in the Mobile Wallet Market?
A key trend emerging in the mobile wallet market is product innovation. In order to maintain their market position, top companies are relentlessly coming up with new and innovative offerings. For example, in January 2024, the financial technology firm based in the UK, Revolut, debuted its Revolut Mobile Wallets. This creative solution simplifies international money transfers for expats and global students by only requiring the necessary recipient information, such as their name and an email address or phone number. At present, it supports transactions to Kenya (M-Pesa) and Bangladesh (bKash), with the transfers processed instantly and usually delivered within 30 minutes at regular international rates. This feature increases affordability and convenience, particularly catering to sizable immigrant populations, including the growing group of Bangladeshi students in the UK.
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Which Geographic Regions Are Expected to Dominate the Mobile Wallet Market in the Coming Years?
Asia-Pacific was the largest region in the mobile wallet market in 2024. The regions covered in the mobile wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Mobile Wallet Market?
2. What is the CAGR expected in the Mobile Wallet Market?
3. What Are the Key Innovations Transforming the Mobile Wallet Industry?
4. Which Region Is Leading the Mobile Wallet Market?
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