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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.
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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.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 150 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 20% |
2027 Value Projection: | 700 Billion (USD) |
Historical Data for: | 2016 to 2019 |
No. of Pages: | 270 |
Tables, Charts & Figures: | 414 |
Segments covered: | Type, Ownership, Technology and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Get more details on this report - Request Free Sample PDF
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.
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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.
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.
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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.
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.
Market, By Type
Market, By Ownership
Market, By Technology
The above information has been provided for the following regions and countries: