" class="no-js "lang="en-US"> Global Mobile Wallet Market to Surpass $46,006.0 M
Monday, February 06, 2023
Saltedge Report

Global Mobile Wallet Market to Surpass $46,006.0 M During the Forecast Period from 2021 to 2028

Research Dive in its latest published report estimates that the Global Mobile Wallet Market will generate $46,006.0 million by 2028, and grow at a CAGR of 18.9% during the forecast period from 2021 to 2028.

Market Dynamics

The popularity of mobile wallet payments across numerous industry verticals is growing across the globe. In addition, an increasing number of people are opting for mobile wallets for financial transactions. Also, there are various benefits associated with using mobile wallets such as improved operational efficiency, cost-effectiveness, and others. All these factors are projected to foster the global mobile wallet market growth during the forecast period. Moreover, increasing digitization and continuous technological advancements in mobile wallets are predicted to create massive growth opportunities for the global market by 2028. However, the lack of trust among people about the security of transactions is expected to limit the market growth in the projected timeframe.

Positive Impact of COVID-19 on the Mobile Wallet Market

The COVID-19 pandemic has progressively impacted the global mobile wallet market growth during the pandemic. The favorable impact on the mobile wallet market share and size is majorly due to the substantial increase in e-commerce, digital payments, cash displacement, and rapid payments across the globe. People across the globe are increasingly using mobile wallets like Google Pay, Paytm and PhonePe for financial transactions to avoid physical contact and prevent the spread of the coronavirus.

Key Segment Findings of the Market

The report segments the global market into wallet type, payment type, technology, and region.

  • Based on wallet type, the open wallet sub-segment is expected to generate a revenue of $16,553.8 million by 2028 and witness significant growth during the analysis period. This is majorly due to various benefits offered by open wallets such as it allow users to buy goods & services, transfer and withdraw money without any limits, and many others.
  • Based on payment type, the point of sale (POS) sub-segment valued for $7,181.7 million in 2020 and is projected to account for the highest revenue share throughout the forecast period. This significant growth is mainly due to the growing preference of small enterprises to use point of sale systems for taking advantage of numerous capabilities. The POS systems also allows business owners to spend less time on store or business management by providing significant reports for fast decision-making.
  • Based on technology, the QR code sub-segment is projected to garner a revenue of $15,866.3 million by 2028 and grow at significant CAGR during the forecast period. This is mainly because the payments made via QR codes are safe and secure, whereas, any data transferred via the technology encrypted. Also, the transfers and payments made are superbly fast compared to other payment methods.
  • Based on region, the Asia Pacific mobile wallet market size is expected to surpass $18,025.2 million by 2028 and observe fastest growth over the forecast period. This is mainly due to the booming retail market and the rapid growth in the number of daily mobile transactions in many countries of the region including China, India, Indonesia, and Malaysia. Besides, the rising preference of APAC customers for secured and seamlessness digital payment transactions is projected to boost the growth of the regional market in the projected timeframe.

Top 10 Key Players of Mobile Wallet Market

  1. Vodafone Group PLC
  2. Amazon Web Services Inc.
  3. Samsung Electronics Co., Ltd
  4. American Express Banking Corp.
  5. PayPal Holdings, Inc.
  6. Apple Inc.
  7. Mastercard Incorporated
  8. Alipay.com
  9. Google Inc.
  10. AT&T Inc.

These players are focusing on mergers, service launches, strategic collaborations, and mobile wallet market trends to gain a strong position.

In August 2021, TerraPay, the provider a mobile payment application enabling B2B transaction processing and settlement for mobile wallets, entered into a partnership with the digital commerce firm, Network International to tackle financial inclusion and drive the acceptance of mobile wallets across the UAE.

They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.

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