Mobile Wallet Market Size, Share By Mode of Payment (Remote Payment and Near-field Communication Payment (NFC)), By Application (M-commerce, Mobile Tracking, Mobile Coupon, Mobile Transfer, and Micropayments), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Trends, Analysis and Forecast till 2034

Mobile wallet Market Size was valued at USD 12.5 Billion in 2024 and is projected to grow at a CAGR of 28.6% to reach USD 123.4 Billion by 2034.

The study on the mobile wallet market emphasizes how the industry has grown as a result of the growing e-commerce sector, improved internet penetration, and the widespread usage of smartphones. Mobile wallets prioritize the protection of user data while enabling users to make payments with ease utilizing linked bank accounts or credit/debit cards. They provide services like bill payments, money transfers between bank accounts, movie and trip reservations, and smartphone recharges. The market's predicted expansion is consistent with today's environment, which places a growing emphasis on digital payment methods.

Consumer behaviour was greatly affected by the COVID pandemic, especially in the area of commerce. Many sector participants were compelled to temporarily close physical offices due to government regulations and travel limitations, which resulted in a dramatic shift in operational methods. For instance, For instance, NICE adopted hybrid and work-from-home work arrangements in order to adhere to safety regulations. During this difficult time, a number of well-known industry firms had positive revenue growth despite early uncertainty and perceived hazards. This unanticipated benefit is probably a result of the growing reliance on digital solutions and the move toward remote and hybrid working modes.

Mobile wallet Market Drivers:   

Increasing smartphone and internet penetration

• Global smartphone and internet penetration is on the rise, as more people gain access to the internet and smartphones. They may now embrace mobile wallet solutions more easily as a result.
• Expanding e-commerce industry: The popularity of online shopping has increased demand for safe and practical methods of making payments. Wallets on the go are the ideal solution for this.

Growing emphasis on contactless payments

• Mobile wallets and other contactless payment systems are gaining traction as a result of worries about efficiency and hygienic practices.
• Adding more security features: To make mobile wallets a secure way to handle and store financial information, mobile wallet companies are always adding new security features.
• Convenience and usability: Using a mobile wallet is both convenient and simple. With just a few taps or clicks on their cell phones, users may quickly and conveniently make payments.

Restrains in the Mobile wallet Market:

Mobile wallet security

• It is a worry for some people, particularly in the event that their phone is stolen or misplaced.
• Restricted acceptance: Not all establishments currently take mobile wallets as payment.
• Lack of knowledge: It's possible that some people are unaware of mobile wallets or how they operate.
• Dependency on batteries: Because mobile wallets are dependent on cell phones, users may not be able to make payments if their batteries die.
• Technical restrictions: Not every mobile wallet platform is compatible with every phone.

Key Opportunities in Mobile wallet Market:

Enhanced security features

• To make mobile wallets even more safe, suppliers are always coming up with new technology. This includes features that secure user data through tokenization and authentication using fingerprint or facial recognition.
• Acceptance growth: A growing number of shops and establishments are accepting mobile wallets as a form of payment. Customers will find mobile wallets even more handy as a result of this increased acceptance.
• Integration with loyalty programs: Users may quickly accrue and spend reward points by integrating mobile wallets with loyalty programs. Users may be encouraged to convert to using mobile wallets for regular transactions as a result.

Growth of in-app payments

• The use of mobile wallets to make in-app purchases is getting more and more common. As more individuals use their cell phones for mobile applications, gaming, and entertainment, this trend is likely to continue.
• Emerging markets: As smartphone usage rises quickly in emerging nations, the mobile wallet business is especially well-suited for expansion. For those living in these areas, mobile wallets can provide a quick and safe means to access financial services.

Mobile wallet Market is segmented based on based on mode of payment, application, and region.

By Mode of Payment Insight

• Remote payment: Using a mobile device to start a payment without physically being at a point of sale is known as remote payment. Buying products online or through an app are a few examples of this. Transferring funds to loved ones, Making bill payments
• Near-field communication (NFC) payment: The term "near-field communication" (NFC) payment describes the process of paying at a physical terminal contactless with a mobile device. To finish the purchase, you usually have to tap your phone on a reader. Because of their increased convenience and security, NFC and remote payment have both become more and more popular in recent years.

By Application Insights

• M-commerce: It the term for shopping online or through apps on your mobile device. This procedure can be streamlined with mobile wallets, which safely save your credit card details.
• Mobile ticketing: Save airline boarding credentials, event passes, or utilize them on public transit.
• Mobile Coupons: Use your mobile wallet to access and redeem coupons or store loyalty cards.
• Mobile Transfer: Using your mobile wallet, send and receive money with friends and family quickly.
• Micropayments: Although they aren't as common in mobile wallets just yet, micropayments are extremely little transactions that are frequently made for digital content such as games or music.

Mobile wallet Market Regional Insights:

On region the Mobile wallet Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

• North America: With a high smartphone penetration rate and a strong payment infrastructure, this region led the way in the adoption of mobile technologies. This maturity encourages competition between well-known companies such as Google Pay and Apple Pay.
• Europe: Because security and privacy are top priorities, there is a combination of open wallets (which are compatible with several platforms) and closed wallet systems, which are limited to particular issuers. Policies such as PSD2 also have a big impact on how the market is shaped.
• Asia Pacific: A number of variables are coming together to cause this region to grow at the quickest rate.  Rapid acceptance is being fuelled by factors such as the growing number of people without access to banking, government programs like Digital India in India, and the increasing popularity of smartphones.
• Latin America: There is a growing trend in the use of mobile phones, which offers a great chance to reach the unbanked people and promote financial inclusion. Furthermore, well-established firms in the area, such as Argentina's Mercado Pago, are positioned for expansion.
• Middle East & Africa: Although still in its infancy, the mobile payment ecosystem is growing quickly. With the backing of the government and rising internet usage, this area has enormous growth potential in the years to come. We anticipate seeing cutting-edge solutions that are customized to meet the unique requirements of these markets.

Mobile wallet Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented Mobile wallet Market report based on mode of payment, application, and region.

Mobile wallet Market, By Mode of Payment:

• Remote Payment
• Near-field Communication Payment (NFC)

Mobile wallet Market, By Application:

• M-commerce
• Mobile Tracking
• Mobile Coupon
• Mobile Transfer
• Micropayments

Mobile wallet Market, By Region:

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Russia
• Italy
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia Pacific

• Latin America

• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• GCC
• Israel
• South Africa
• Rest of Middle East & Africa

The key players operating the target market includes, Amazon Web Services Inc., American Express Banking Corp., PayPal Holdings, Inc., Apple Inc., Google Inc., Mastercard Incorporated, Alipay.com, AT&T Inc., Samsung Electronics Co., Ltd., VISA Inc.

• In OCT 2024, i2c Inc., a provider of banking and digital payment technologies, announced the launch of SHAREPay and its partnership with Majid Al Futtaim, a pioneer in retail, leisure, communities and shopping malls in the Middle East, Africa and Asia. The best loyalty program in the area, SHARE by Majid Al Futtaim, is a part of this solution since it lets users "pay, earn, and redeem" points with only one tap.                             
• In SEPT 2022, in an endeavour to collectively promote cashless travel in the nation, top mobile payment providers from around Asia announced the integration of Alipay+ cross-border digital payment solutions in South Korea. Leading mobile payment businesses from Hong Kong and Southeast Asia will now be able to expand the availability of their services in South Korea as a result of the agreement.

• Amazon Web Services Inc.
• American Express Banking Corp.
• PayPal Holdings, Inc.
• Apple Inc.
• Google Inc.
• Mastercard Incorporated
• Alipay.com
• AT&T Inc.
• Samsung Electronics Co., Ltd.
• VISA Inc.

“*” marked represents similar segmentation in other categories in the respective section