Mobile Wallet Market Size By Type (Open, Semi-closed, Closed), By Ownership (Banks, Telecom Operators, Device Manufacturers, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-based), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Oct 2021  |  Report ID: GMI2653  |  Authors: Preeti Wadhwani, Smriti Loomba

Report Format: PDF   |   Pages: 270   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Mobile Wallet Market size exceeded USD 100 billion in 2020 and is expected to grow at over 20% CAGR between 2021 and 2027. The global mobile transaction volume crossed 100 billion in 2020, with transaction value accounting for about USD 6 trillion.
 

Increasing smartphone adoption globally is likely to drive the industry demand. The availability of inexpensive smartphones and internet-enabled devices is fueling its adoption. The availability of various mobile wallet applications on smartphones is poised to augment the usage of digital wallets among consumers. There has been a rise in the number of digital wallet applications across various app stores. Telecommunication providers and device manufacturers are building mobile wallets as customers are spending more time on their mobile devices.
 

Mobile Wallet Market

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The COVID-19 outbreak forced government authorities to impose strict quarantine restrictions. Mobile wallets have increasingly gained market traction during the COVID-19 pandemic, enabling customers to use them to fulfill their daily purchases and billings.
 

Shifting consumer preference toward digital payments is supporting the demand for open mobile wallets

Canada Mobile Wallet Market Size, By Type

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The Canada open mobile wallet market is estimated to register growth rate of around 20% through 2027 due to the increasing investments by the banking & telecom industry. The growing digitalization across banks and other financial institutions in the region are enabling the development of innovative payment methods. The traditional banks are facing stiff competition from the upcoming new Fintech startups. The rising online banking population across the European countries is propelling the market demand.
 

Increasing investments in mobile wallet technology in the UK is spurring the tech companies segment

UK Mobile Wallet Market Share, By Ownership

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The UK tech companies ownership segment held more than 60% of the mobile wallet market share in 2020. The growing investments by technology companies in digital wallet technology to provide a secure & user-friendly way for customers to conduct financial transactions is likely to boost the segment growth. With the increasing penetration of internet-enabled mobile devices and internet traffic, consumers are shifting toward mobile devices to conduct various financial transactions. The influx of various technology players from the adjacent industries is also fostering the market revenue. Major technology players, such as Alibaba, Tencent, Google, and Facebook, have developed their own digital wallets.
 

An upward trend for contactless payments to drive the NFC market growth in China

The NFC technology in China is anticipated to witness significant growth during 2021 to 2027. The high level encryption provided by NFC technology is fueling the demand for NFC-based mobile wallets. The NFC-enabled wallets have an additional layer of security, preventing the data from being intercepted during the transfer. The NFC technology offers customers a quick & user-friendly way to make purchases in commercial establishments. It improves customer satisfaction, employee sales, and business profits, augmenting its adoption in mobile payments across businesses of all sizes.
 

Growing demand for digital payment services to enhance the North American market revenue

North America Mobile Wallet Market Share, By Country

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North America mobile wallet market size is predicted to generate over USD 150 billion revenue by 2027. The banking consumers in North America want deals, discounts, convenience, relevance, and enhanced customer experience combined with the latest digital banking with human interactions. Consumers share their personal information and switch to banks that offer them an improved banking experience. The customers also want to control their banking customer experiences in terms of value. The income squeeze on the middle class and the shift from pensions to 401(k) are influencing people to think differently about their finances and double down on getting more for less.
 

Strategic acquisitions of innovative market players is the key strategy

Industry participants are emphasizing on acquiring innovative market players to increase their digital wallet capabilities. For instance, in August 2020, Apple Inc. acquired Mobeewave, a Canadian startup that works on a technology to turn iPhones into a mobile payment terminal. Through this acquisition, the company expanded its global reach with merchants for Apple Pay.
 

Some of the key players operating in the mobile wallet market are Amazon.com, Inc., American Express Company, Ant Financial Services Group, Allied Wallet, Inc., Apple Inc., AT&T Inc., Barclays plc, Due Inc., First Data Corporation, Google LLC, ICICI Bank Limited, J.P. Morgan Chase & Co., Mastercard Incorporated, Mozido, Inc., One Mobikwik System Pvt Ltd., One, Communications Limited, PayPal Holdings, Inc., Samsung Electronics Co., Ltd., Skrill Ltd., Tencent Holdings Limited., Visa Inc., Vodafone Group PLC, and Wells Fargo & Company.
 

This market research report on mobile wallet includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Type

  • Open
  • Semi-closed
  • Closed

Market, By Ownership

  • Banks
  • Telecom Operators
  • Device Manufacturers
  • Tech Companies

Market, By Technology

  • Near Field Communication (NFC)
  • Optical/QR Code
  • Digital Only
  • Text-based

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Russia
    • The Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Thailand
    • Indonesia
    • Philippines
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

 

Frequently Asked Questions (FAQ) :

Mobile wallet market crossed USD 100 billion in 2020 and will witness a 20% CAGR through 2027, says this GMI report.
Canada open mobile wallet market will observe a CAGR of over 20% through 2027 with the growing investments in open mobile wallets by the banking & telecom companies in the country.
North America mobile wallet market size will reach USD 150 billion by 2027 owing to increasing consumer preference for digital banking with deals, discounts, convenience, and relevance.
The mobile wallet market players include Amazon.com, Inc., American Express Company, Ant Financial Services Group, Apple Inc., AT&T Inc., Barclays plc, Due Inc., Google LLC, J.P. Morgan Chase & Co., Mastercard Incorporated, PayPal Holdings, Inc., and Visa Inc. among others.

Premium Report Details

  • Published Date: Oct 2021
  • Pages: 270
  • Tables: 381
  • Charts / Figures: 33
  • Companies covered: 23
  • Countries covered: 24

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