Richmond, Jan. 29, 2024 (GLOBE NEWSWIRE) -- According to a research report "Mobile Wallet Market”, by Technology (Remote, Proximity), Application (Retail & E commerce, Banking, Hospitality & Transportation), and Region - Global Forecast to 2030.
Global Mobile Wallet Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 10.2 Billion |
| Market size value in 2030 | USD 52.3 Billion |
| CAGR (2023-2030) | 26.3% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Technology, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
| |
| |
| Sample of Companies Covered |
|
| |
|
Download the Sample - https://www.marketdigits.com/request/sample/3883
TOC Covers in Depth & Breath on Mobile Wallet Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Mobile Wallet market has emerged as a transformative force in the financial landscape, providing users with a convenient and secure means of conducting transactions using their mobile devices. A Mobile Wallet, also known as a digital wallet, is a virtual platform that allows users to store, manage, and utilize various payment methods, including credit/debit cards, digital currencies, and loyalty cards, all within a single application on their smartphones. This technology has gained immense popularity due to its convenience, offering users the ability to make payments, transfer funds, and even store identification documents seamlessly, reducing the reliance on physical wallets and cash. The market for Mobile Wallets has experienced rapid growth in recent years, driven by the increasing penetration of smartphones, rising internet connectivity, and a shift towards digital payment preferences globally. With the growing emphasis on contactless transactions and the ongoing digitalization of financial services, Mobile Wallets have become an integral part of the modern payment ecosystem. The market is characterized by a diverse range of providers, including technology giants, financial institutions, and fintech startups, all vying for a share in this burgeoning space.
Major Vendors in the Global Mobile Wallet Market:
- PayPal Holdings Inc.
- Barclays Plc
- Google LLC
- American Express Company
- Allied Wallet Inc.
- J.P. Morgan Chase &Co
- Vodafone Group PLC
- Ant Financial Services Group
- Skrill Ltd
- First Data Corporation (Fiserv)
- Amazon.com Inc.
- ICICI Bank Limited
- Apple Inc.
- Visa Inc.
- One97 Communications Limited
- AT&T Inc.
- Tencent Holdings Limited
- MasterCard Incorporated
Request for Discount @ https://www.marketdigits.com/request/discount/3883
Shift in consumer preferences towards digital payments
The Global Mobile Wallet Market is driven by a fundamental shift in consumer preferences towards digital payments, driven by the convenience, security, and efficiency offered by mobile wallet solutions. As users increasingly seek contactless and hassle-free payment methods, mobile wallets have become a preferred choice for transactions ranging from everyday purchases to peer-to-peer transfers. The COVID-19 pandemic has accelerated this trend, with a heightened emphasis on hygiene and the avoidance of physical cash. The ability to store multiple payment methods, loyalty cards, and even identification documents within a single mobile app adds to the appeal, making mobile wallets an integral part of the modern payment ecosystem.
Market Dynamics
Drivers:
- Rising smartphone penetration and internet connectivity
- Shift in consumer preferences towards digital payments
- Strategic partnerships and integration of additional services
Opportunities:
- Integration with decentralized finance (DeFi)
- Central bank digital currencies (CBDCS) integration
- Financial inclusion in emerging markets
Central bank digital currencies (CBDCS) integration
The evolving landscape of Central Bank Digital Currencies (CBDCs) presents a strategic opportunity for the Global Mobile Wallet Market. As central banks globally explore and implement CBDCs, mobile wallet providers can position themselves as key facilitators for the adoption and usage of these digital currencies. By integrating CBDCs within their platforms, mobile wallet providers can offer users a seamless transition from traditional currencies to digital alternatives, fostering broader acceptance and usage of CBDCs. This opportunity extends to collaboration with central banks, governments, and regulatory bodies to ensure compliance and security in CBDC transactions. The integration of CBDCs into mobile wallets can contribute to the mainstream acceptance of digital currencies, acting as a catalyst for the next phase of the digital payment revolution.
The market for mobile wallet is dominated by North America.
In 2023, The Asia-Pacific region stands as a powerhouse in the Global Mobile Wallet Market, driven by countries such as China, India, and Southeast Asian nations. High smartphone penetration, increasing internet accessibility, and a robust digital ecosystem contribute to the widespread adoption of mobile wallets. China, in particular, has witnessed a rapid shift towards a cashless society, with leading mobile payment platforms like Alipay and WeChat Pay dominating the market. In India, the government's push for digital transactions, coupled with a burgeoning fintech landscape, has fueled the adoption of mobile wallets. The region's diverse market includes mature markets with advanced mobile payment infrastructures and emerging markets with significant growth potential.
The Mobile Wallet market is experiencing robust growth worldwide, with North America emerging as the fastest-growing region after the dominant Asia pacific. In North America, the Mobile Wallet Market is characterized by a strong emphasis on technology and a gradual shift in consumer preferences towards digital payments. The United States and Canada have witnessed widespread adoption of mobile wallets, with platforms like Apple Pay, Google Pay, and various banking apps gaining traction. The market is influenced by a tech-savvy population, robust financial infrastructure, and an increasing aversion to physical cash. Strategic partnerships between mobile wallet providers, financial institutions, and merchants contribute to the market's growth. Additionally, advancements in contactless payment technologies and the integration of mobile wallets into everyday transactions further solidify their position in the North American payment landscape.
The retail & E commerce segment is anticipated to hold the largest market share during the forecast period
The retail and e-commerce industries are experiencing a notable surge in the utilization of mobile wallets, driven by the ease and security they provide to consumers. The capability of completing online and in-store transactions swiftly by simply tapping a smartphone has become a significant convenience factor. Enhanced security features, such as biometric authentication and tokenization, contribute to a heightened level of confidence among users, making mobile wallets a preferred choice for making secure digital payments. Beyond the streamlined payment process, mobile wallets offer additional benefits that contribute to their popularity in the retail and e-commerce landscapes. The easy integration with loyalty programs allows businesses to provide personalized incentives and discounts to customers. This not only enhances the overall shopping experience but also fosters customer loyalty by encouraging repeat transactions. The efficiency, security, and added advantages of loyalty program integration position mobile wallets as a versatile and indispensable tool in the retail and e-commerce sectors.
Inquire Before Buying: https://www.marketdigits.com/request/enquiry-before-buying/3883
Browse Similar Reports:
Autonomous Mobile Robot Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Emergency Mobile Substation Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Mobile Artificial Intelligence Market 2030 By Technology Node (20–28nm, 10nm, 7nm, Other), Component (Hardware, Software, Services), Application (Smartphones, Cameras, Drones, Automotive, Robotics, AR/VR, Others) & Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competive Index & Regional Footprints by MarketDigits
About MarketDigits:
MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.
We offer services that are most relevant and beneficial to the users, which help businesses to sustain themselves in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.
Contact Us:
MarketDigits
1248 CarMia Way Richmond,
VA 23235,
United States.
USA: +1 847 450 0808
Email: sales@marketdigits.com
Web: https://www.marketdigits.com
Follow Us on: | Twitter | LinkedIn |
