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), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Nov 2020  |  Report ID: GMI2653  |  Authors: Preeti Wadhwani, Ankita Bhutani

Report Format: PDF   |   Pages: 240   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Mobile Wallet Market size crossed USD 100 billion in 2019 and is poised to register gains at over 15% CAGR between 2020 and 2026. The global mobile transaction volume exceeded 100 billion in 2019 with transaction value about USD 7.5 trillion.


Mobile Wallet Market

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The industry is witnessing a significant market disruption with the increasing availability of VoLTE and the rapid proliferation of inexpensive smartphones. It is estimated that, smartphones will account for around 77% of the internet-connected devices by 2025. Technology players and banking establishments are developing multiple proprietary mobile wallet applications for smartphones, spurring the demand for mobile payments.

Mobile wallets have increasingly gained market traction amid the ongoing COVID-19 pandemic as the current health crisis continues to keep bank branches closed, pushing customers to seek digital alternatives to fulfill their daily needs. For instance, mobile transactions processed by Mercado Pago, an Argentine e-commerce company, surged by more than 50% during the lockdown. This has spurred the adoption of mobile wallets as shopping platforms and industry regulators, encouraging the use of contactless mobile payments during the pandemic.

Shifting consumer preference toward digital payments

The mobile wallet market is witnessing a dynamic transition in customer behavior as shoppers are adopting digital payment methods at a rapid pace due to convenience and easy use. The digital disruption and generational shifts are causing fundamental changes in customer behavior as millennials are embracing digital payments and avoiding physical bank branches or ATMs.

The increasing customer preference toward mobile payments has driven companies, such as Apple and Samsung, to launch their solutions and change the way marketers connect with consumers, creating new avenues for market expansion.

Increasing initiatives by e-commerce players to spur closed mobile wallets demand in France

France Mobile Wallet Market

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In France, the closed mobile wallet segment is set to grow at nearly 20% CAGR through 2026 driven by the increasing number of investments by the e-commerce players to launch their product offerings. E-commerce industry players are building own closed wallets to enhance customer loyalty and promote repeat purchases.

The country’s market growth is heavily driven by cashbacks and offers, which has presented new opportunities for market expansion. Companies offer various lucrative cashbacks and discounts to incentivize customers to store money in the closed wallets.

Increased online engagement to surge the tech companies growth in Japan

Japan Mobile Wallet Market

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The tech companies in Japan captured more than 65% of the mobile wallet market share in 2019 propelled by rising investments made by tech companies in mobile wallet technology. With increasing smartphone penetration and rising online engagement, tech companies are driving consumers toward mobile payments.

According to the estimates, around 24 million users in Japan will use mobile wallets by the end of 2020, which will be a 20% rise from 2019. Major technology players, such as Alibaba, Tencent, Google, and Facebook have developed wallets creating new market opportunities for the segment.

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

In Brazil mobile wallet market, the NFC segment is projected to register over 20% growth rate during 2020 to 2026 impelled by the increasing use of contactless payments by subscribers in the region due to simplicity of the technology. The NFC-enabled mobile wallets have an additional layer of security, which is a major factor driving the market revenue.

NFC employs message authentication safeguards and establishes a secure channel of communication between the POS and end-user devices. The technology is improving customer satisfaction and business profits.

Widespread usage of digital payment channels to augment APAC industry expansion

APAC held above 50% of the global mobile wallet market share in 2019 owing to the widespread adoption of mobile technology in emerging markets. This has offered market players a new way to reach unbanked & underserved customers in remote areas.

The market is also driven by favorable government initiatives. For instance, the Government of India has set a target of 40 billion digital transactions in FY2020 and has also launched a mobile application (Bharat Interface for Money – BHIM) for promoting mobile based transactions. This is another major factor contributing to the expanding market presence of mobile wallet services across the region.

Increased focus on securing investments by fintech companies to gain a competitive edge

The global mobile wallet industry is characterized by large-scale investments by fintech players as mobile wallets and digital payments become mainstream. For instance, in November 2019, Paytm, a major fintech company in India, raised USD 1 billion in investor funding led by Alipay and Softbank. The company utilized these funds in strengthening its payments and e-commerce business along with expanding in new South Asian markets.

The mobile wallet market has also witnessed several strategic alliances between key players to launch new products with robust functionalities and garner a wider customer base. For instance, in March 2020, TransferWise partnered with Alipay to introduce international mobile payments via the mobile wallet. The new feature allows TransferWise’s users to make payments in Chinese yuan to Alipay users from 17 currencies supported by TransferWise mobile wallet.

Some of the key players operating in the market are, 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 2015 to 2026 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
    • 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) :

The global mobile wallet industry revenue surpassed USD 100 billion in 2019 and is anticipated to grow at over 15% CAGR through 2026.
The French mobile wallet industry size is poised to grow at around 20% CAGR through 2026 owing to the rising number of investments by the e-commerce players to introduce their product offerings
The Japan mobile wallet market captured over 65% share in 2019 and impelled by the rising investment by tech companies in mobile wallets, the region is poised to witness considerable growth.
The NFC segment in the Brazil mobile wallet industry size is anticipated to grow at over 20% rate through 2026 driven by the surging use of contactless payments by subscribers due to technology’s simplicity.

Premium Report Details

  • Published Date: Nov 2020
  • Pages: 240
  • Tables: 381
  • Charts / Figures: 32
  • Companies covered: 23
  • Countries covered: 24

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