Dublin, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The "Mobile Wallet and Payment Market Size and Forecast, Global and Regional Share, Trend, and Growth Opportunity Analysis: By Type, Technology, End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
The global mobile wallet and payment market size was valued at US$ 10.28 billion in 2023 and is expected to reach US$ 71.28 billion by 2031. The market is estimated to record a CAGR of 27.4% from 2023 to 2031.
The Global Mobile Wallet and Payment market in Europe is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Mobile wallets are the second most favored online payment option among consumers in France. Global companies such as Google Pay, Apple Pay, and PayPal operate alongside France-based service providers such as Lyf, Lydia, and PayLib.
PayLib is one of the most popular digital wallets in the country because of its integration with Cartes Bancaires. According to Pay.com, approximately 38% of online purchases made in France were paid for using a digital gadget in 2023. Various options available for French consumers for making payments using phones and watches include Amazon Pay, digital wallet brands such as Lyf, bank-specific apps, and mobile-only payment solutions such as Revolut and Monese.
In 2023, Italy recorded a significant surge in in-store mobile payments, with Nexi recording an 88% increase in the value of in-store mobile payment transactions via smartphones and smartwatches. According to data released by the Innovative Payments Observatory of the School of Management of the Polytechnic of Milan, mobile-based payments increased by 78% overall in Italy last year (2022), reaching a value of EUR 29 billion.
Specifically, the number of payments processed by Nexi via smartphones and wearables spiked by 103% during 2023. Furthermore, the number of Nexi cards registered on apps that virtualize the card on the smartphone - such as Google Pay, Samsung Pay, and Apple Pay - grew by 41% in the same period. These stats highlight the burgeoning popularity and adoption of mobile wallet payments in Italy.
On the basis of technology, the market is divided into near field communication, QR code, text-based, and others. The QR-based segment held the largest share in the Global mobile wallet and payment market in 2023.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 212 |
| Forecast Period | 2023-2031 |
| Estimated Market Value (USD) in 2023 | $10.28 Billion |
| Forecasted Market Value (USD) by 2031 | $71.28 Billion |
| Compound Annual Growth Rate | 27.4% |
| Regions Covered | Global |
Key Topics Covered
1. Introduction
2. Executive Summary
3. Research Methodology
4. Mobile Wallet and Payment Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Mobile Wallet Providers
4.3.2 Fintech Startups and High-Tech Firms
4.3.3 Banks
4.3.4 Value-Added Service Providers
4.3.5 Regulatory Bodies
4.3.6 List of Vendors in the Value Chain
5. Mobile Wallet and Payment Market - Key Market Dynamics
5.1 Mobile Wallet and Payment Market - Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Demand for Contactless Payment Solutions
5.2.2 Increasing Government Initiatives for Adoption of Mobile Wallet and Payment Solutions
5.2.3 Expansion of E-Commerce Industry
5.3 Market Restraints
5.3.1 Increasing Number of Phishing Attacks
5.4 Market Opportunities
5.4.1 Demand for Multi-Currency Mobile Wallets
5.5 Future Trends
5.5.1 Emergence of Real-Time Payments in Developing Nations
5.6 Impact of Drivers and Restraints
6. Mobile Wallet and Payment Market - Global Market Analysis
6.1 Mobile Wallet and Payment Market Revenue (US$ Million), 2021-2031
6.2 Mobile Wallet and Payment Market Forecast Analysis
7. Mobile Wallet and Payment Market Analysis - by Type
7.1 Proximity
7.2 Remote
8. Mobile Wallet and Payment Market Analysis - by Technology
8.1 NFC
8.2 QR-based
8.3 Text-based
8.4 Digital-only
9. Mobile Wallet and Payment Market Analysis - by End User
9.1 Personal
9.2 Business
10. Mobile Wallet and Payment Market - Geographical Analysis
10.1 Overview
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East and Africa
10.6 South and Central America
11. Competitive Landscape
11.1 Heat Map Analysis
11.2 Company Positioning Analysis
12. Industry Landscape
12.1 Overview
12.2 Market Initiatives
12.3 Product Developments
12.4 Mergers & Acquisitions
12.5 Partnerships and Collaborations
13. Company Profiles
13.1 Apple Inc.
13.2 Alphabet Inc.
13.3 AT&T Inc.
13.4 PayPal Holdings Inc.
13.5 Mastercard Inc.
13.6 Samsung Electronics Co. Ltd.
13.7 American Express Co.
13.8 Visa Inc.
13.9 ACI Worldwide Inc.
13.10 Thales SA
13.11 Early Warning Services, LLC
13.12 PayU
13.13 Alipay
13.14 One MobiKwik Systems Limited
13.15 FIS Global
13.16 Bharti Airtel Ltd.
13.17 PhonePe Pvt. Ltd.
13.18 Software Group
13.19 Telefonaktiebolaget LM Ericsson
13.20 Paytm E-Commerce Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/yihqp6
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