Mobile Wallet Market Trends and Analysis by Region, Transaction (Value and Volume), Value Chain and Segment Forecast to 2026
Powered by 
Access in-depth insight and stay ahead of the market
Accessing in-depth insights from the ‘Mobile Wallet Market’ report will help you:
- Make informed decisions about market entry, technology adoption, and project plannings
- Identify your competitors’ capabilities to stay ahead in the market
- Identify promising segment analysis, growth trends, regional trends, and markets to expand your regional presence, product portfolio or successful investment
- Anticipate expected changes in demand and adjust your business development strategies
- Identify ongoing potential projects across regions
How is our ‘Mobile Wallet Market’ report different from other reports in the market?
- The report provides data on transaction volume and transaction value of all the transactions enabled by mobile wallets.
- The report presents in-depth market sizing and forecast at a regional level for more than 10 countries including historical and forecast analysis for the period 2019-2026 for market assessment
- The report offers technological, macroeconomic, and regulatory trends, along with driving and challenging factors impacting the market. The report further presents analysis M&A deals, venture financing deals, hiring trends, and social media trends in the mobile payments sector.
- Competitive landscape includes Recent Developments & Their Impact Analysis and Recent Mergers & Acquisitions.
- Competitive profiling and benchmarking of key players in the market to provide deeper understanding of industry competition.
We recommend this valuable source of information to anyone involved in:
- Regulatory Agency
- Academic Researchers
- Research Scientists
- Procurement Managers
- Cyber Security Managers for Banks
- Product Development Directors
- Sales & Marketing Director
- Independent Researchers
- BI Analysts
- Venture Capital Firms
To Get a Snapshot of the Mobile Wallet Market Report, Download a Free Report Sample
Mobile Wallet Market Report Overview
The mobile wallet market transaction value will be valued at $54.01 trillion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 10.5% over the forecast period. Mobile wallets are a key component of the broader mobile payments sector, which is transforming the way consumers and businesses transact. Mobile payments refer to the use of mobile devices such as smartphones and tablets to make payments, instead of traditional payment methods such as cash or credit/debit cards. Mobile wallets are a type of mobile payment solution that stores payment information and allows users to make payments using their mobile devices.
One of the key drivers of mobile wallet adoption is convenience. Mobile wallets provide a seamless and easy way for consumers to make payments, without the need for cash or physical cards. They can also offer added features such as loyalty programs and rewards, which can incentivize users to adopt mobile wallets. Additionally, mobile wallets can provide increased security compared to traditional payment methods, as they often use encryption and biometric authentication to protect user information.
Mobile Wallet Market Outlook, 2019-2026 ($ Trillion)
View Sample Report for Additional Insights on Mobile Wallet Market Forecast, Download a Free Report Sample
The rise of e-commerce has also contributed to the growth of the mobile wallet market. As more consumers shop online, mobile wallets offer a convenient and secure way to make payments for online purchases. Furthermore, the COVID-19 pandemic has accelerated the need for contactless payment methods, further driving the adoption of mobile wallets.
Loyalty programs are also promoting the adoption of digital wallets. By offering incentives and rewards to users, such as discounts, cashback, and points, loyalty programs incentivize users to switch to digital wallets and use them more frequently. For instance, Starbucks has been successful in promoting the adoption of its mobile wallet by offering rewards and discounts to users. The company’s loyalty program offers users points for each purchase made using the mobile wallet, which can be redeemed for free drinks and food items. This has incentivized users to switch to the mobile wallet and use it for their purchases, leading to increased adoption and usage.
While mobile wallets have seen significant growth in recent years, there are still challenges that may hinder their widespread adoption. Lack of awareness, security concerns, and regulatory challenges are posing challenge to the market growth. Addressing these challenges will be crucial in driving the widespread adoption of mobile wallets. Providers must work to educate consumers about the benefits of mobile wallets, invest in security measures, and collaborate with merchants to increase acceptance. Additionally, industry-wide standards and regulations can help to create a more cohesive and predictable market.
Mobile Wallet Market Analysis by Region
The Asia-Pacific region is anticipated to dominate the global mobile wallet market in 2023 with a transaction volume share of more than ninety percent. The regional growth is expected to be led by China and India, both countries characterized by large population and growing smartphone penetration. Mobile wallet transaction value in India is projected to grow at a CAGR of more than 20% from 2023 to 2026. The country’s government has been promoting the adoption of mobile wallets as part of their digital transformation agenda. For instance, the government’s demonetization policy in 2016 led to a surge in the use of mobile wallets, as consumers turned to digital payments in the absence of physical cash.
In South Asian countries such as Philippines, Taiwan, Vietnam, and others, mobile wallets have been widely adopted for a range of transactions, including online shopping, bill payments, and peer-to-peer transfers. The convenience and security of mobile wallets have made them an attractive alternative to traditional payment methods such as cash and credit cards. This is expected to upkeep the growth of the rest of Asia Pacific market in the coming years.
North America Mobile Wallet Market Share by Country, 2023 (%)
View Sample Report for Additional Mobile Wallet Market Insights, Download a Free Report Sample
The Middle East and Africa (MEA) region has seen significant growth in the adoption of mobile wallets in recent years. The growth of mobile wallets has been driven by a number of factors, including the increasing use of smartphones, the rise of e-commerce, and the government’s push towards digitization. However, there are still challenges to the widespread adoption of mobile wallets in the MEA region. One of the main challenges is the lack of interoperability between different mobile payment solutions, which can lead to confusion among consumers and limit the utility of mobile wallets. Additionally, the lack of access to smartphones and mobile internet services in some areas may limit the adoption of mobile wallets.
Mobile Wallet Market - Competitive Landscape
The competition in the mobile wallet market is characterized by the presence of regional market leaders. Companies operating in the market have a strong hold in their respective geographies. For instance, Apple Pay and Samsung Pay have a strong hold in the North American market, whereas the Asia Pacific market is dominated by Ali Pay, Google Pay, Mi Pay and Paytm. Companies such as PayPal, and Google Pay have a widespread geographical presence, capturing considerable market share in more than one region.
In addition to these established players, there are also a range of startups and fintech companies entering the mobile wallet market. These companies often focus on niche markets or offer specialized features and services, such as peer-to-peer payments or cryptocurrency support. Thus, competition in the market will remain intense, with established players and new entrants vying for market share.
Leading Players in the Mobile Wallet Market
- Alibaba Group Holding Ltd
- Apple Inc
- Google LLC
- Huawei Technologies Co Ltd
- Kakao Pay Corp
- Mercado Libre Inc
- PayPal Holdings Inc
- Samsung Electronics Co Ltd
Other Mobile Wallet Market Vendors Mentioned
MoneyGram, M-PESA, Western Union, Tencent, WeChat Pay, Venmo, Swish, BHIM Axis Pay, and Amazon Pay, among others.
To Know More About Leading Mobile Wallet Market Players, Download a Free Report Sample
Mobile Wallet Market Research Scope
| Market Size in 2023 | $54.01 Trillion |
| Market Size in 2026 | $72.95 Trillion |
| CAGR (2023-2026) | 10.5% |
| Forecast Period | 2023-2026 |
| Historic Data | 2019-2022 |
| Report Scope & Coverage | Industry Overview, Revenue Forecast, Regional Analysis, Competitive Landscape, Company Profiles, Growth Trends |
| Regional Segment | North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa |
| Country Segment | US, Canada, Germany, UK, China, India, Argentina, Bahrain, and Egypt |
| Key Companies | Alibaba Group Holding Ltd, Apple Inc, Google LLC, Huawei Technologies Co Ltd, Kakao Pay Corp, Mercado Libre Inc, PayPal Holdings Inc, Samsung Electronics Co Ltd |
Mobile Wallet Market Segments and Scope
GlobalData Plc has segmented the mobile wallet market report by region:
Mobile Wallet Market Regional Outlook (Transaction Value, $ Billion; Transaction Volume, Billion; 2019-2026)
- North America
- US
- Canada
- Europe
- Germany
- UK
- Rest of Europe
- Asia-Pacific
- China
- India
- Rest of Asia Pacific
- Central & South America
- Argentina
- Middle East & Africa
- Bahrain
- Egypt
- Rest of Middle East & Africa
Scope
This report provides overview and transaction volume and value for mobile wallet payments.
It identifies the key trends impacting growth of the market over the next 12 to 24 months, split into four categories: driver & challenges analysis, technology trends, macroeconomic trends, and regulatory trends.
It includes global market forecasts for the mobile wallet industry and analysis of patents, company filings, and hiring trends.
It contains details of M&A deals in the mobile payment space.
The detailed value chain consists of four main aspects: consumer, mercahnt aceptance, and payment processing.
Key Highlights
The mobile wallet market transaction revenue will be valued at $ 54,534.1 billion in 2023 and is expected to grow at a CAGR of more than 10.6% over the forecast period (2023-2026). The mobile wallet market report provides an executive-level overview of the mobile payments industry worldwide today, with detailed forecasts of key indicators up to 2026.
Reasons to Buy
This market intelligence report offers a thorough, forward-looking analysis of the global mobile wallet market, key vendor outlook, and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
Accompanying GlobalData’s Forecast products, the report examines the assumptions and drivers behind ongoing and upcoming trends in mobile wallet market.
With more than 50 charts, the report is designed for an executive-level audience, boasting presentation quality.
The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in mobile wallet market.
The broad perspective of the report coupled with comprehensive, actionable detail will help mobile payment solution providers, investors, and other stakeholders succeed in the growing mobile wallet market globally.
Key Players
Alibaba Group Holding LtdApple Inc
Google LLC
Huawei Technologies Co Ltd
Kakao Pay Corp
Mercado Libre Inc
PayPal Holdings Inc
Samsung Electronics Co Ltd
Table of Contents
Figures
Frequently asked questions
-
What is the mobile wallet market size in 2023?
The mobile wallet market transaction value globally will be valued at $54.01 trillion in 2023.
-
What is the mobile wallet market growth rate?
The mobile wallet market is expected to grow at a CAGR of 10.5% over the forecast period (2023-2026).
-
What are the key mobile wallet market drivers?
Factors such as inclination towards convenience, growing e-commerce transactions, and growing adoption contactless payments are some of the major factors driving the mobile wallet market growth.
-
Which are the leading mobile wallet companies globally?
The leading mobile wallet companies are Alibaba Group Holding Ltd, Apple Inc, Google LLC, Huawei Technologies Co Ltd, Kakao Pay Corp, Mercado Libre Inc, PayPal Holdings Inc, and Samsung Electronics Co Ltd.
-
Is there a breakdown of segments in the report?
GlobalData’s focus is on providing reliable and accurate data that is supported by robust research methodology. Our reports undergo rigorous quality checks and are based on primary and secondary research sources, ensuring that the numbers and insights provided are trustworthy. However, despite the best efforts to gather comprehensive data, there could be instances where the available data is limited, making it challenging to provide segmentation. In such cases, GlobalData may choose to provide high-level insights and general trends rather than forcing segmentation that may not be backed by sufficient data. This approach ensures that the report’s overall quality and credibility are maintained.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Sample Report
We are confident about Mobile Wallet Market Trends and Analysis by Region, Transaction (Value and Volume), Value Chain and Segment Forecast to 2026 report's unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:
- Assess the relevance of the report
- Evaluate the quality of the report
- Justify the cost
Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.
Related reports
View more Payments reports
