Rockville , April 13, 2023 (GLOBE NEWSWIRE) -- The global mobile wallet market is forecasted to expand at a stupendous CAGR of 22% from 2023 to 2033, according to the latest data provided by Fact.MR, a provider of market research and competitive intelligence. As such, global demand for mobile wallets is estimated to reach a market value of US$ 1965 billion by the end of 2033. Increasing adoption of intelligent devices and growing penetration of the Internet are key factors projected to bolster the demand for mobile wallets.
Increasing government initiatives for the development of smart cities across various countries are predicted to drive the demand for mobile wallets for online payments. The emergence of numerous e-Commerce platforms along with rapid urbanization is also expected to contribute to market opportunities owing to increasing adoption of mobile payments.
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A mobile wallet is basically a virtual wallet that can be operated easily through a smartphone to augment cost-effectiveness and operational efficiency by reducing processing fees. Easy payments are ensured by these wallets with the security of users’ data. Different transactions, including money transfers, travel/movie bookings, bill payments, and mobile recharge can be easily completed through mobile wallets.
For instance,
- PayPal expanded its services in numerous countries while providing facilities to customers to link their mobile wallets to their respective bank accounts and easily carry a balance.
Key Takeaways from Market Study
- The global mobile wallet market stands at a valuation of US$ 269 billion in 2023.
- Worldwide demand for mobile wallets is estimated to surge at a CAGR of 22% from 2023 to 2033.
- The global industry is forecasted to reach US$ 1965 billion by the end of 2033.
- Asia Pacific held around 30% share of the global market in the year 2022.
- Sales of proximity mobile wallets are predicted to rise at a high-value CAGR of 25% from 2023 to 2033.
- The retail & e-Commerce segment held 31% of global revenue share in 2022.
“Different benefits of mobile wallets, including simple to load money, easy accessibility, convenience in operation, and quick fund transfer, are projected to bolster their demand over the decade,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Amazon Web Services Inc.
- American Express
- Visa Inc.
- Apple Inc.
- PayPal Holdings Inc.
- Google Inc.
- Mastercard Incorporated
- Airtel
Cashback Services by Mobile Wallet Companies
The mobile wallet companies are offering various provocations to customers through cashback and discounts to attract them. Amazon Pay offers cashback to trade activities, which are conducted through this platform. These kinds of encouragements and offers are estimated to fast breed the requirements for mobile wallets.
Banking and other payment application players are pushed by government to encourage cashless payments through mobile wallets at merchant channels. These initiatives by government to promote cashless and digital programs are expected to improve cybersecurity across the globe, which will stimulate adoption of different mobile wallets.
Growing Concerns about Data Breach and Data Security
In recent years, there is a noticeable increase in the incidences related to data breach and data security. Information or data are stolen from a system without any knowledge of respective user. Thus, these types of cases are anticipated to adversely impact demand for mobile payments around the world.
Winning Strategy
Industry players are involved in mergers, acquisitions, etc., to offer more effective services and expand their footprints globally.
For instance,
- PayPal Holdings, Inc., in September 2021, announced its acquisition of Paidy. The motive of this acquisition is to increase capabilities, distribution, and relevance of PayPal in the Japan domestic payments market. Paidy would continue to maintain its support, operate its business, and brand an extensive variety of mobile wallets.
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Segmentation of Mobile Wallet Industry Research
- By Type :
- Proximity
- Remote
- By Technology :
- Near Field Communication
- Text-based/Short Message Services
- QR Code
- Digital Only
- By Application :
- Hospitality & Transportation
- Retail & e-Commerce
- Vending Machines
- Banking
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the mobile wallet market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on type (proximity, remote), technology (near field communication, text-based/short message services, QR code, digital only), and application (hospitality & transportation, retail & e-Commerce, vending machines, banking), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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