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Mobile Wallet Market Trends

Report ID: GMI2653
Published Date: Aug 2023
Report Format: PDF

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Mobile Wallet Market Trends

To enhance security and user experience, mobile wallets were expected to increasingly integrate biometric authentication methods such as fingerprint recognition, facial recognition, and even iris scanning. Biometrics adds an extra layer of security by linking payment authorization directly to the user's unique physical characteristics. In May 2023, the Paris-based company Dfns, which offers infrastructure and security tools for cryptocurrency wallets, unveiled its plan to add biometrics to its wallet-as-a-service product. The new "Delegated Signing" feature is compatible with all major browsers and mobile operating systems and uses the WebAuthn protocol to provide authentication via native device biometrics like facial authentication and TouchID in addition to PIN codes.

Mobile wallets are predicted to move beyond traditional online and offline transactions and extend into in-app payments. This trend allows users to seamlessly complete transactions within mobile applications without the need to redirect to external payment gateways. This is particularly relevant for app-based services, e-commerce platforms, and digital content providers.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of mobile wallet reached USD 318.5 billion in 2022 and is set to grow at over 18.5% CAGR from 2023 to 2032, due to the widespread adoption of smartphones and internet connectivity worldwide.

The optical/QR code segment was valued at USD 200 billion revenue in 2022, on account of its simplicity, speed, and compatibility.

Asia-Pacific market recorded over 55% of revenue share in 2022, owing to the growing smartphone penetration and increasing digital literacy in the region.

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, and Skrill Ltd. are some of the major mobile wallet companies worldwide.