Mobile Wallet Market Expected to Register a Revenue of $46,006.0 Million in the 2021 to 2028 Timeframe, Growing at a Stunning CAGR of 18.9% | Exclusively Available [222-Pages] by Research Dive

The global mobile wallet market is expected to grow tremendously by 2028, primarily due to the increase in usage of payment enabled mobile phones. Furthermore, due to the flexibility offered by open wallets, the open wallet sub-segment is expected to be the most profitable one. The mobile wallet market in the Asia-Pacific region is expected to be the fastest growing in the 2021-2028 timeframe.

New York, USA, April 13, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global mobile wallet market is predicted to grow at a tremendous CAGR of 18.9%, thereby garnering a revenue of $46,006.0 million in 2021 to 2028 timeframe. This holistic report provides an overarching overview of the nature of the mobile wallet market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.

Dynamics of the Mobile Wallet Market:

Drivers: The main growth driver for the global mobile wallet market is the increasing adoption of payment-enabled mobile phones. The increasing number of such smartphones which facilitate online payments is expected to further augment the market growth by 2028. Also, a well-connected and real time marketing strategy and the influence of social media has helped the market grow at such a stunning rate.

Opportunities: The increase in mobile transactions that is being witnessed in the last few years can provide huge growth opportunities to the mobile wallet market. Moreover, technological innovations in the digitization of payment services will further help the market grow during the forecast period.

Restraints: Lack of faith over the security provided by mobile wallets, however, might prove to be a hindrance in the growth trajectory of the mobile wallet industry.

Get | Download an Exclusive PDF Sample of Mobile Wallet Market@

Impact of Covid-19 on the Mobile Wallet Market

The novel coronavirus has affected millions of lives, directly or indirectly. The lockdowns ordered by various governments to curb the spread of the disease has affected numerous industries by hampering both the supply-side and demand-side supply chains. Surprisingly, despite such pandemic stress and adverse impacts on businesses, some industries have in fact grown in these dire circumstances. Mobile wallet market is one such market which has been positively affected due to the pandemic.

The main reason behind this is the lockdown in various countries which compelled the masses to engage with e-commerce websites and complete the payment process through their mobile wallets. The digital services provided by these mobile wallets have helped people to engage in day-to-day economic activities.

COVID-19 Impacts Positively on Mobile Wallet Market. Get more Insights by connecting with our Expert@

Segments of the Mobile Wallet Market:

The report has divided the market into certain segments based on wallet type, payment type, technology, and region.

Wallet Type: Open Wallet Sub-Segment to be the Most Dominant

The open wallet type is predicted to have the most dominant market share and garner a revenue of $16,553.8 million in the forecast period. Open wallets are types of mobile wallets that do not put a limit on the transactions made and allow the users to buy goods and services, and transfer or withdraw money seamlessly. This flexibility of open wallets has helped them increase their foothold and helped the sub-segment grow to such a great extent.

Payment Type: Point-of-Sale Sub-segment to be the Most Profitable

The point-of-sale sub-segment of the mobile wallet market is expected to be the most profitable one by generating the highest revenue of $29,359.5 million by 2028. Point-of-sale systems are basically used by small-scale enterprises for transactions. These systems provide numerous facilities which ease the transaction process and thereby help in increasing the profitability of the enterprise. Point-of-sale system also helps the enterprise in collecting generalized customer data, thereby helping in targeted marketing activities.

Technology: QR Code Sub-segment to be the Most Lucrative

The QR code type of mobile wallet market is predicted to be the fastest growing sub-segment and is expected to generate a revenue of $15,866.3 million by 2028. The level of security provided by QR codes is the prime reason behind the high growth rate of this sub-segment. Moreover, QR codes offers quick payment mechanism, thereby simplifying the payment transaction processes.

Region: Mobile Wallet Market in Asia-Pacific Region to be the Fastest Growing

By regional analysis, the mobile wallet market in the Asia-Pacific region is poised to become the fastest growing sub-segment and to reach $18,025.2 million by 2028. The ever-growing retail market in this part of the world has been the main factor behind this growth rate. Furthermore, the developing economies in this region like, India, Malaysia, China, Indonesia, etc. register huge number of payment transactions on a daily basis. This has further augmented the market growth rate in the Asia-Pacific region.

The mobile wallet market was inspected across North America, Europe, Asia-Pacific, and LAMEA.

Prominent Mobile Wallet Market Players:

Some prominent market players of the mobile wallet market are

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

These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market. – Inquire here@

For instance, in March 2020, TransferWise (Wise), a London based fintech company, partnered with Alipay, a mobile payment platform, to introduce mobile payment transactions internationally. This partnership has allowed users to transact in Chinese yuan, which is supported by Alipay, and 17 other currencies which are offered by TransferWise.

Finally, this report published by Research Dive, also summarizes many crucial aspects of the mobile wallet market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.

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