The global mobile wallet market is projected to grow at a significant CAGR during the forecast period (2020-2026). There are a variety of pivotal factors that are driving the market growth including a global increase in smartphone users, increasing internet users, favorable government policies, and technological advancement. Other factors include the rising growth of the e-commerce market, increasing availability of VoLTE, the rapid proliferation of expensive smartphones, and a huge unbanked population across the globe. The growing e-commerce industries, internet users, and smartphone adoption boosted online transactions, online shopping, online ticket booking, and online money transfer across the globe. 

Unbanked population, online shopping, and person-to-person money transfer triggered the growth of the global mobile wallet market in emerging economies. Low-middle income economies such as Africa have the most populous unbanked population creating huge scope for mobile wallet companies such as M-Pesa. The rigidity of banks and stringent government rules and policies enabled the global mobile wallet to grow significantly in low-middle income countries such as Africa and Nigeria. Emerging economies such as India, China, and Brazil are expected to contribute significantly to the global mobile wallet market growth. Numerous start-ups and banks are entering into mobile wallet market which is creating huge opportunities for the market.

Segmental Outlook 

The global mobile wallet market is segmented on the basis of application and mode of payment. By application, the market is segmented into restaurants, retail, public transport, and others. Based on the mode of payment, the market is segmented into proximity payment and remote payment 

Proximity payment that includes NFC (Near field communication) technology is estimated to grow at a significant CAGR during the forecast period. The NFC payment is popular as it is easy to use, and it has improved security options. Increasing adoption of non-contact payment solutions and integration of NFC chips into smart devices are the key factors to drive the segmental growth of the mobile wallet market growth. 

Moreover, among the applications, the retail segment is estimated to hold a prominent share in the market. The increasing penetration of smartphones coupled with the increasing need for a better consumer experience is projected to support the segmental growth of the market.

Regional Outlooks

The global mobile wallet market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of the geography, the market is segmented into North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and Rest of the World. North America is estimated to contribute a prominent share in the global mobile wallet market followed by Europe. High adoption of mobile wallet applications coupled with the presence of e-wallet service providers in the region is the major factor driving the growth of the market in the region. 

Global Mobile Wallet Market Growth by Region, 2020-2026

Asia-Pacific is projected to exhibit significant growth during the forecast period. Increasing adoption of mobile technology in emerging markets and favorable government initiative tend to drive market growth in the region. For instance, the government of India has set a target of 87 billion digital transactions by December 2021. Apart from it, in Union Budget 2021, the finance minister proposed a $205 million scheme to promote digital transactions in the country. Economies such as India are expected to create a huge opportunity for the global mobile wallet market due to a huge customer base coupled with the growth in the e-commerce industry. 

Market Players Outlook

Some of the key players operating in the global mobile wallet market include Apple, Inc., Google LLC, American Express Co., PayPal Holdings, Inc., Amazon Pay, Adyen B.V., Airtel Payments Bank Ltd., Alipay (China) Internet Technology Co. Ltd., Allied Wallet, Inc., and others. In order to survive in the market, these players adopt different marketing strategies such as mergers, acquisitions, launches, and geographical expansion. For instance, in March 2020, Transfer Wise established a partnership with Alipay to introduce international mobile payments via the mobile wallet. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Mobile Wallet market. Based on the availability of data, information related to new Application launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying who-stands-where in the market.