Mobile Wallet and Payment Market Size, Share, Growth, Opportunities & Trend Analysis, By Type (Open Wallet, Closed Wallet, Semi-Close Wallet), By Technology (Near Field Communication (NFC) Payments, Quick Response (QR) Code Payments, Peer-to-Peer (P2P) Payments), By Application (Retail & E-Commerce, Restaurants, Banking, Hospitality & Transportation), By End-User (Individual Consumers, Businesses and Merchants), Regional Stance, Competitive Tactics, and Segment Forecast to 2031

Mobile Wallet and Payment Market Overview:

Reports & Insights delivers key insights on the global mobile wallet and payment market. In terms of revenue, the global mobile wallet and payment market is estimated to expand at a CAGR of 20% during the forecast period.

Report Analysis:

The Reports and Insights team has prepared a comprehensive market research report on the mobile wallet and payment market, with a focus on identifying the key drivers, trends, challenges, and opportunities that business owners face. The report includes a market segmentation forecast, a geographic perspective, and an analysis of recent market developments. Moreover, it provides detailed information on the market size, market share, industry, and product insights, as well as SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market forecast, and major players operating in the market.

The market refers to the digital ecosystem that enables individuals to make electronic transactions and payments using their smartphones or mobile devices. It includes the utilization of mobile wallet applications or platforms that securely keep the payment information, like credit or debit card information, and facilitate seamless as well as convenient transactions. Mobile wallets provide different variety of features and services. Which Include multiple payment options, contactless payments, peer-to-peer payments, in-app and online purchases, as well as integration with loyalty programs.

Mobile Wallet and Payment Market Size and Market Share:

The market has expanded due to an increase in demand from several industries such as retail, e-commerce, transportation, food and beverage, banking and finance, and others leading to a boost in the market share. Also, partnership and collaboration led to gaining a competitive advantage in the market.

Scope of the Report:

 Report Metric      	Report Details      
Market size available for the years      	2021-2031      
Base year       	2022      
Forecast Period      	2023-2031 
CAGR	20%
Segment covered	By Type, By Technology, By Application, By End-User, and By Region.
Regions Covered      	North America:  The U.S., & Canada    Latin America: Brazil, Mexico, Argentina, & Rest of Latin America    Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific    Europe: The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe    Africa: North Africa, Egypt, & Rest of Africa     The Middle East: GCC Countries, Israel, & Rest of the Middle East
Fastest Growing Country in Europe	U.K
Largest Market	Asia-Pacific
Key Players      	Apple Pay, Google Pay, Samsung Pay, PayPal, Alipay, Venmo, WeChat Pay, Square Cash, Paytm, Amazon Pay, Stripe, Visa Checkout, Mastercard Masterpass, American Express Express Checkout, UnionPay Mobile QuickPass, Chase Pay, Fiserv, Payoneer, Skrill, TransferWise, amongst others.

 

Mobile Wallet and Payment Market Drivers:

Increased Smartphone Penetration:

The increased smartphone penetration is driving the market. As more people have access to devices capable of supporting mobile wallet applications. As smartphone ownership expands, so does the potential user base for mobile payment solutions. Smartphones provide the necessary technology and connectivity for users to access mobile wallet applications and make digital transactions. The convenience of having a mobile wallet on a smartphone eliminates the need to carry physical wallets or cards, making payments more seamless and efficient. Owing to this the demand for the market is expected to be boosted.

E-commerce and In-app Purchases:

E-commerce and In-app Purchases are driving the market. They offer convenient and seamless payment options for online shoppers and in-app transactions, eliminating the need for manual entry of payment details. Mobile wallets provide enhanced security measures to protect transactions, ensuring customer trust. The growth of e-commerce and in-app purchases has fueled the demand for mobile wallets and payment solutions, driving market expansion. Owing to this factor the demand for the market is expected to be boosted.

Mobile Wallet and Payment Market Challenges:

Security Concerns:

Security concerns can be a challenge for the market. As mobile transactions involve sensitive financial information, the risk of data breaches, fraud, and unauthorized access is a concern. Ensuring robust security measures and building trust among users is crucial for the widespread adoption of mobile wallet services. Owing to this factor the market growth of the market is expected to be hampered.

Mobile Wallet and Payment Market Opportunities:

Untapped Markets:

The Untapped market is one of the opportunities in the market. In many regions, there are large populations of individuals who do not have access to traditional banking services. Mobile wallets can provide a digital financial ecosystem, allowing these unbanked and underbanked individuals to store money, make payments, and access financial services through their mobile devices. By targeting these untapped markets, mobile wallet providers can tap into a vast customer base and drive financial inclusion, this is expected to create significant opportunities for the market.

Cross-Border Payments:

Cross-border Payments are an opportunity in the market. Mobile wallets can offer a streamlined and convenient solution for cross-border payments. Users can easily send and receive money internationally through their mobile devices, eliminating the need for complex and time-consuming traditional remittance methods. Mobile wallets can provide a seamless user experience, making cross-border transactions faster and more accessible, this is expected to create significant opportunities for the market.

Mobile Wallet and Payment Market Trend:

Integration of digital wallets can be a trend due to mobile wallets expanding beyond payment functionalities and integrating additional services such as loyalty programs, rewards, and ticketing. This trend offers users a comprehensive digital ecosystem where they can manage various aspects of their financial and non-financial activities through a single app. This trend is expected to drive growth in the market over the coming years.

Mobile Wallet and Payment Market Segmentation Outlook:

The market is segmented based on type, technology, application, end-user, and region.  

By Type:

• Open Wallet
• Closed Wallet
• Semi-Close Wallet

By Technology:

• Near Field Communication (NFC) Payments
• Quick Response (QR) Code Payments
• Peer-to-Peer (P2P) Payments

By Application:

• Retail & E-Commerce
• Restaurants
• Banking
• Hospitality & Transportation
• Others

By End-User:

• Individual Consumers
• Businesses and Merchants

By Region:

• North America 
• Asia-Pacific 
• Europe 
• Latin America 
• Middle East 
• Africa 

Mobile Wallet and Payment Industry Regional Stance:

Asia-Pacific region is expected to dominate the market, Whereas India will lead the market followed by China. Some of the factors driving the market include an increased population, a rise in the adoption of smartphones, growth in the number of internet subscribers, and rapid expansion in the retail and e-commerce sector throughout the countries such as India and China are driving the market. This will expand the market in the Asia-Pacific region throughout the forecast period.

Europe region is expected to witness significant growth in the market, whereas the U.K. leads the market followed by Germany and France. The region is experiencing increased adoption of mobile payment solutions, driven by factors like a well-developed banking infrastructure, high smartphone penetration rates, and a tech-savvy population. This will expand the market in the Europe region throughout the forecast period.

Contemporary Development by Key Players:

• In 2021, Apple introduced Apple Card Family, allowing multiple users to share and manage a single Apple Card account. They also launched Apple Pay in more countries and expanded support for transit systems.
• Google Pay introduced a new feature called "Plex," which integrates mobile banking, payment, and budgeting tools into a single app. Google also expanded its Google Pay platform to more countries and added new features like international remittances.
• In recent years, PayPal has been focused on expanding its presence in the digital payments space. They acquired popular buy now, pay later platforms such as Paydiant, Honey, and Tink, aiming to provide more flexible payment options for users.
• Alipay has been focusing on expanding its services globally, particularly in Southeast Asia. They have formed partnerships with various local payment providers and financial institutions to enable Alipay acceptance and usage in different countries.