USD 9.1 billion
Mobile Wallet Market Size, Share, and Growth Analysis
Mobile Wallet Market By Technology (Remote, Proximity), By Application (Retail & e-commerce, Hospitality & transportation), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG40G2013 |
Region:
Global |
Published Date: February, 2025
Pages:
199
|Tables:
90
|Figures:
71
Format -
Mobile Wallet Market Insights
Global Mobile Wallet Market size was valued at USD 9.1 billion in 2023 and is poised to grow from USD 11.68 billion in 2024 to USD 85.72 billion by 2032, growing at a CAGR of 28.3% during the forecast period (2025-2032).
The global mobile wallet market growth is boosting rapidly due to the increasing rate of smartphone usage and internet accessibility. Mobile wallets have become a preferred mode for transaction in a secure and timely manner with the ever-increasing numbers of consumers in digital technology. This demand also arises from an increasing e-commerce sector, with online consumers wanting efficient and smooth payment solutions. Moreover, with the increasing adoption of contactless payments, the shift towards digital wallets has been supported further. To promote virtual economies, governments all over the world are also extending support through regulation, subsidies, and policies to digital payment systems. Consumer acceptance of mobile wallets, in turn, has also been lifted by strengthening security features such as encryption, tokenization, and biometric authentication.
Loyalty programs, cashback offers, and personalized promotions are now integrated into several digital wallets, thereby increasing the appeal to the users. Expansion opportunities also exist in the market, especially in emerging economies where there are huge unbanked populations who can utilize mobile wallet solutions. The incorporation of blockchain and cryptocurrency transactions into mobile wallets provides new opportunities for secure and decentralized financial transactions. Features powered by AI improve user engagement and experience through features like personal recommendations and smart budgeting. The payroll, expense settlement, and supplier payment functions are also increasingly being used by businesses through mobile wallets. Another driver of the market is the rise of super apps that integrate food delivery, ride-hailing, and financial products. These trends place mobile wallets as an integral part of the digital economy of the future.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Proximity
Fastest Growth
Remote
Growth Rate
28.3% CAGR
Global Mobile Wallet Market ($ Bn)
Country Share for Asia-Pacific (%)
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Mobile Wallet Market Segments Analysis
Global Mobile Wallet Market is segmented by Technology, Application and region. Based on Technology, the market is segmented into Remote and Proximity. Based on Application, the market is segmented into Retail & e-commerce, Hospitality & transportation, Banking, Vending machine and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Technology
As per the 2024 global mobile wallet market analysis, the proximity segment was the largest revenue-generating segment accounting for more than 62.6% share. The technology enables customers to make contactless payments through smartphone, smartwatches, or any other smart device at a tangible POS terminal. This method of payment is quick and safe with technologies such as Near Field Communication, Bluetooth, and QR codes. In addition, the segment domination has been hugely complemented by a growing occurrence of tap-and-pay solutions for services in public means of transportation and restaurants as well as stores and retail establishments. Moreover, proximal payments capability is further supported by players, such as the Apple Pay of Google Pay along with the Samsung Pay to develop increased acceptance and their growth rate has been predicted into the increasing request for more convenience, rapidness, and securities in making purchases.
The remote technology segment is estimated to have the highest compound annual growth rate at 28.6% throughout the forecast period, mainly on account of an increasing number of electronic payments that are being transmitted through communication networks. Remote technology, unlike proximity payments, is a mode in which users make purchases of goods and services on the internet, using mobile web sites, mobile applications, or SMS-based purchases. The growth of e-commerce, e-banking, and peer-to-peer payments offers opportunities for this segment. Growth in the sector is also supplemented by cloud-based payment gateways, cryptocurrency transactions, and international remittances. Remote mobile wallets will continue to grow rapidly within the digital financial platforms, subscription services, and online market. Businesses and consumers will choose convenience, security, and flexibility more than ever.
Analysis By Application
Based on the 2024 global mobile wallet market forecast, the retail & e-commerce segment dominated the market, with a share of almost 32.0% of the total revenue. It is expected that this segment will dominate the market over the forecast period as well. The market development has been highly augmented by the increasing number of retailers that are implementing cashless and contactless payment solutions. Businesses are using mobile wallets in conjunction with digital marketing strategies to enhance brand loyalty, customer engagement, and consumer data usage. Operations will also be more efficient with the Near Field Communication technology, by reducing transaction processing costs and check out times. Retailers and e-commerce websites now use mobile wallets to personalize offers, promotions, discounts, and loyalty rewards that help better consumer retention. Mobile wallet solutions will ensure that transactions are secured, seamless, and hassle-free as online shopping continues to prosper.
The banking sector will witness the maximum CAGR at 29.6% mostly driven by an increasing demand for mobile-first financial services. For instance, fast adoption of such solutions by digital wallet solution is reported by banks globally to provide consumers quicker, more secure and a seamless transaction for them. Mobile wallets allow customers to hold accounts, make payments, and transfer funds from handsets without visiting traditional banking facilities such as ATMs and branches. Banks are keeping their digital transactions safe and sound by applying biometric authentication, blockchain technology, and AI-based fraud detection. Since contactless and real-time payment is being widely taken by the banking sector, usage of mobile wallet is rising due to fintechs coming together.
Global Mobile Wallet Market By Technology
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Mobile Wallet Market Regional Insights
Asia-Pacific had the highest share in the mobile wallet industry in 2024. This is going to grow at the fastest CAGR of 28.9% over the forecast period. The region is expanding due to rapid digital transformation in the region, driven by growing internet penetration, a fast-growing e-commerce industry, high smartphone adoption rates, and growing population. As an outcome of rising demand for digital banking services and automated transactions, the adoption of mobile wallets has been increasing significantly in countries such as India, China, and Indonesia. That are further driven through government initiatives including Digital India and make in India and China cashless economy through the initiative underpinning inclusion, fintech innovation, and digital payments.
Latin America has tremendous growth during the projecting period. Here, growth comes through increased seamless digital transactions that increase e-commerce activities and higher penetration of smartphones. Some of the countries currently shifting to digital payment are Brazil, Mexico, and Argentina. According to the nature of the preferences of consumers as well as companies, the present trend is oriented toward more handy, secure, and instant methods of payment. Governments and institutions promote the use of mobile wallets by developing digital infrastructure and implementing fintech-friendly policies to establish regulatory frameworks. Further, cooperation between international payment providers, institutions, and fintech entrepreneurs is pushing the boundaries of mobile wallet security and access. Digital remittances, mobile banking services, and P2P payments also further increase the uptake of mobile wallets.
Global Mobile Wallet Market By Geography
- Largest
- Fastest
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Mobile Wallet Market Dynamics
Drivers
Increased Adoption Rates of Smartphones and Internet
- High-speed internet and the growing penetration of mobile handsets are the most influencing factors for the expansion of mobile wallets. Digital payments become highly accessible as more and more people acquire affordable handsets and mobile data. The growth of internet connectivity has been exponentially visible in emerging markets such as Asia-Pacific and Latin America, and this led to increased usage of mobile wallets for e-commerce bill payments and peer-to-peer transactions.
Transition to Contactless and Cashless Payments
- There is an acceleration of mobile wallets due to the emerging preference for contactless transactions. NFC-based payments, QR codes, and digital wallets are preferred by consumers due to the security and convenience reasons over cash and cards today. It has further enlarged the business horizons of business and consumers everywhere to adopt the secure, non-contact payment mechanisms. Furthermore, governments and banking institutions are fueling the integration of mobile wallets through regulations that reward people with incentives for carrying out more electronic transactions.
Restraints
Security and Identity Fraud
- The risks of cyberattacks have still persisted even as advancements have been witnessed in biometric authentication, tokenization, and encryption. Most customers will not go entirely digital as they still face phishing attacks, identity theft, and hacking. Moreover, there are inconsistent cybersecurity regulations across different regions, which hinders the development of a standardized security framework, thereby creating a lack of trust in mobile payment platforms, especially in those markets with ineffective regulatory supervision.
Financial and Digital Illiteracy
- Low financial and digital literacy is the most important hurdle for adopting mobile wallets in developing markets. The number of people who have little or no idea about digital payments, mobile banking, or the best practice related to cybersecurity is very large. This makes many rural or older demographics ignorant about mobile wallet adoption. There are also a number of users that find it hard to transition into mobile wallet solutions with full confidence due to various challenges including language barriers, complicated interfaces, or lack of personal customer care support.
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Mobile Wallet Market Competitive Landscape
The global mobile wallet market is extremely competitive and consists of traditional financial institutions, fintech ventures, and global tech titans. The main market players in the global mobile wallet market include PayPal, Google Pay, Samsung Pay, and Apple Pay, all of which boast large user bases and innovative features. Regional competitors such as Paytm, WeChat Pay, and Alipay are also growing rapidly. To ensure their survival in a highly fragmented, ever-changing market, organizations emphasize security enhancement, AI integration, and strategic partnerships.
Top Player’s Company Profile
- Alipay (China)
- WeChat Pay (China)
- PayPal (United States)
- Apple Pay (United States)
- Google Pay (United States)
- Samsung Wallet (South Korea)
- Amazon Pay (United States)
- PhonePe (India)
- MobiKwik (India)
- Maya (Philippines)
- Boku (United States)
- Venmo (United States)
- Zelle (United States)
- Cash App (United States)
- GrabPay (Singapore)
- GoPay (Indonesia)
- LINE Pay (Japan)
- Paytm (India)
- Freecharge (India)
- Ant Group (China)
Recent Developments
- In June 2023, Google stated that Google Wallet was expanding into five more countries: Albania, Argentina, Bosnia and Herzegovina, North Macedonia, and Montenegro. In a forum post, Google confirmed the launch, wherein the company representative stated that the app is born out to 12 countries allover Asia, Europe, and North America last November.
- In June 2023, Mastercard, the payment network, teamed up with Alipay, a Chinese mobile payment platform, to provide yet another easy way for international visitors to make cashless payments in China. International tourists can attach any Mastercard card to their Alipay digital wallet and make e-payments in China through collaboration.
- In January 2023, Samsung Electronics announced it was expanding the reach of its digital wallet, Samsung Wallet, to eight more countries: Canada, Australia, Brazil, Hong Kong, Malaysia, India, Taiwan, and Singapore. This wallet is secure, go-anywhere, and always-use app for daily essentials organization.
Mobile Wallet Key Market Trends
- Integration of AI and Blockchain in Mobile Wallets: AI nowadays has transformed mobile wallets by offering tailored financial insights, along with fraud detection, and intelligent budgeting tools. Moreover, AI-powered chatbots make customer service better, thus making digital payments friendlier. Meanwhile, blockchain technology is gaining momentum in the context of mobile wallets for facilitating cryptocurrency payment and assuring secure and decentralized transactions. This integration attracts both consumer- and business-oriented tech-savvy entities while making financial transactions safer, transparent, and effective.
- Super Apps and Embedded Finance: The mobile wallet landscape is changing with the advent of super apps, multifunctional platforms that offer banking, purchasing, ride-hailing, and food delivery services. WeChat, Paytm, and Grab are the firms at the forefront of this trend, as they are making financial services more integrated into everyday applications. Moreover, mobile wallets are used in different industries in an uninterrupted financial interaction that has gone beyond the traditional banking industry since embedded finance entails the integration of payment as well as lending services by non-financial platforms.
Mobile Wallet Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the primary factor driving the sizeable growth in the mobile wallet market is advancing payment technologies such as NFC and QR codes, consumer cashless demand, and widespread penetration of mobile phones. There is a new wave of transforming global consumer behavior towards digital payment, further motivated by the safety features, biometric authentications, blockchain integration end. The market has tremendous challenges, starting from security concerns to digital literacy gaps; however, such enormous opportunities come forth, more specifically in developing economies. These changes are driven forward by encouraging policies and well-regulated mechanisms facilitated by the government and other financial institutions. Mobile wallets will remain at the core of future global payments, considering their safe, convenient, and seamless alternative for traditional methods, especially in an era of the further growth of e-commerce, fintech innovations, and digital financial services.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.1 billion |
| Market size value in 2032 | USD 85.72 billion |
| Growth Rate | 28.3% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Mobile Wallet Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Mobile Wallet Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Mobile Wallet Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Mobile Wallet Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Mobile Wallet Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Mobile Wallet Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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