Press release
Mobile Wallet Industry Outlook 2025-2029: Market Set to Cross $8404.8 Billion Milestone
Mobile Wallet Market
Mobile Wallet Market Size Growth Forecast: What to Expect by 2025?
The expansion of the mobile wallet market has been remarkable in the last years. This market is set to increase from $2109.19 billion in 2024 to $2765.95 billion in 2025, with a compound annual growth rate (CAGR) of 31.1%. Factors such as convenience and accessibility, security factors, evolving consumer patterns, government schemes, and partnerships and collaborations have contributed to its growth in the past.
How Will the Mobile Wallet Market Size Evolve and Grow by 2029?
In the forthcoming years, the size of the mobile wallet market is anticipated to witness a surge. It is forecasted to reach $8404.8 billion by 2029, growing at a compound annual growth rate (CAGR) of 32.0%. The forecast period's expansion can be attribted to the increase in contactless payments, financial inclusion, the popularity of digital banking, advancements in payment technology, and cross-border transactions. Key trends that will shape this era include the integration of blockchain and cryptocurrency, incorporation of loyalty programs and rewards, offline mobile payments, utilization of mobile wallets in public transportation and partnerships with retailers and traders.
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What Drivers Are Propelling the Growth of Mobile Wallet Market Forward?
The expansion of the mobile wallet market is propelled by the escalating prevalence of smartphones. These are mobile phones that offer more functionalities beyond merely making calls and exchanging text messages. The growing usage of smartphones, combined with efforts by governments to foster digital and cashless transactions, has resulted in an increased number of mobile wallet installations. For example, data from Uswitch Limited, a financial conduct authority in the UK, showed that from 2022, the number of smartphones in the UK escalated to 71.8 million in February 2023, marking a 3.8% (approximately 2.6 million) rise from 2021. Furthermore, it's projected that by 2025, there will be around 68.3 million inhabitants in the UK, with 95% (or roughly 65 million individuals) owning smartphones. Consequently, the continual surge in smartphone usage fuels the growth of the mobile wallet market.
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Which Emerging Trends Are Transforming the Mobile Wallet Market in 2025?
Product innovation stands as a key trend propelling the mobile wallet market's growth. Numerous prominent companies are consistently striving for innovation and launching unique products to retain their market share. A case in point is the UK-based Fintech company, Revolut, which unveiled Revolut Mobile Wallets in January 2024. It is a novel feature that simplifies the process of international money transfers for international students and expats, requiring just the most vital recipient details like name and phone number or email. At present, it facilitates transfers to Kenya (M-Pesa) and Bangladesh (bKash) with the transactions typically processed instantly and completed within 30 minutes at conventional international rates. This user-friendly feature adds convenience and affordability, making it especially appealing to major immigrant groups, including an increasing student population from Bangladesh in the UK.
What Are the Key Segments in the Mobile Wallet Market?
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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Who Are the Key Players Shaping the Mobile Wallet Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Mobile Wallet Market?
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.
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