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Key Trends Reshaping the Mobile Wallet Market: Revolut Launches Innovative Mobile Wallet Feature to Enhance International Money Transfers Industry Transformation
Mobile Wallet
Mobile Wallet Market Size Growth Forecast: What to Expect by 2025?
The scale of the mobile wallet market has experienced a monumental expansion in the past few years. Its morphology will evolve from $2109.19 billion in 2024 to a staggering $2754.87 billion by 2025, reflecting a compound annual growth rate (CAGR) of approximately 30.6%. The exponential growth during the historic era can be traced back to a range of factors: the convenience and accessibility provided by mobile wallets, growing concerns over security, shifts in consumer habits, government policies, and strategic partnerships and alliances.
How Will the Mobile Wallet Market Size Evolve and Grow by 2029?
In the coming years, the mobile wallet market is anticipated to witness a significant growth, reaching an estimated value of $8356.58 billion by 2029, at a compound annual growth rate (CAGR) of 32.0%. This predicted expansion during the forecast period can be linked to several factors such as contactless payments, financial inclusivity, the ascend of digital banking, international transactions, and progress in payment technology. Trending segments for the projected period encompass integration of blockchain and cryptocurrency, the incorporation of loyalty programs and rewards, offline mobile transactions, the use of mobile wallets for public transport, and partnerships with retailers and merchants.
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What Drivers Are Propelling the Growth of Mobile Wallet Market Forward?
The growing prevalence of smartphones is propelling the mobile wallet market forward. Smartphones are not only for making calls and sending texts, they also allow for a variety of other tasks. As smartphone numbers continue to rise and governments push for digital and cashless transactions, a rising number of individuals are downloading mobile wallet apps. For example, according to Uswitch Limited, a UK-based financial conduct authority, starting in 2022, the count of smartphones in the UK had shot up to 71.8 million, representing an increase of 3.8% (approximately 2.6 million) from the preceding year. Furthermore, projections estimate that by 2025, 68.3 million residents in the UK will account for 95% (or about 65 million individuals) of the population who will own a smartphone. Consequently, the surge in smartphone usage is fueling the mobile wallet industry's growth.
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What Trends Will Shape the Mobile Wallet Market Through 2029 and Beyond?
The rising trend of product innovation in the mobile wallet sector is being embraced by prominent companies to maintain their position in the market. This trend involves the continuous introduction of new and innovative services. In January 2024, for instance, Revolut, a financial technology firm based in the UK, introduced its Revolut Mobile Wallets. This unique feature simplifies international money transfers for expats and international students by only requiring basic recipient information like name and phone number or email address. At present, it enables transfers to Kenya (M-Pesa) and Bangladesh (bKash), processing transactions instantly with a typical arrival time of under 30 minutes at standard international rates. This feature offers cost-effectiveness and convenience, specifically catering to large immigrant groups, including the growing population of Bangladeshi students in the UK.
What Are the Key Segments in the Mobile Wallet Market?
The mobile walletmarket 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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