Mobile Wallet Market , by Technology (Remote, Proximity), Application (Retail & E commerce, Banking, Hospitality & Transportation), and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits - Forecast 2024-2032

Industry : Information Technology | Pages : 187 Pages | Published On : May 2024

The Mobile Wallet Market is Valued USD 10.2 billion in 2024 and projected to reach USD 52.3 billion by 2030, growing at a CAGR of CAGR of 26.3% During the Forecast period of 2024-2032.

Market Overview

The Mobile Wallet market has emerged as a transformative force in the financial landscape, providing users with a convenient and secure means of conducting transactions using their mobile devices. A Mobile Wallet, also known as a digital wallet, is a virtual platform that allows users to store, manage, and utilize various payment methods, including credit/debit cards, digital currencies, and loyalty cards, all within a single application on their smartphones. This technology has gained immense popularity due to its convenience, offering users the ability to make payments, transfer funds, and even store identification documents seamlessly, reducing the reliance on physical wallets and cash. The market for Mobile Wallets has experienced rapid growth in recent years, driven by the increasing penetration of smartphones, rising internet connectivity, and a shift towards digital payment preferences globally. With the growing emphasis on contactless transactions and the ongoing digitalization of financial services, Mobile Wallets have become an integral part of the modern payment ecosystem. The market is characterized by a diverse range of providers, including technology giants, financial institutions, and fintech startups, all vying for a share in this burgeoning space.

Mobile Wallet Market Size

Market Size ValueUSD 10.2 billion in 2024
Market Size ValueUSD 52.3 billion by 2030
CAGRCAGR of 26.3%
Forecast Period2024-2032
Base Year 2023
Historic Data2020
Segments CoveredTechnology, Application and Region
Geographics CoveredNorth America, Europe, Asia Pacific, and RoW

Major vendors in the global Mobile Wallet Market are 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, Skrill Ltd, First Data Corporation (Fiserv), Inc., ICICI Bank Limited, Apple Inc., Visa Inc., One97 Communications Limited, AT&T Inc., Tencent Holdings Limited, MasterCard Incorporated and Others.

Shift in consumer preferences towards digital payments

The Global Mobile Wallet Market is driven by a fundamental shift in consumer preferences towards digital payments, driven by the convenience, security, and efficiency offered by mobile wallet solutions. As users increasingly seek contactless and hassle-free payment methods, mobile wallets have become a preferred choice for transactions ranging from everyday purchases to peer-to-peer transfers. The COVID-19 pandemic has accelerated this trend, with a heightened emphasis on hygiene and the avoidance of physical cash. The ability to store multiple payment methods, loyalty cards, and even identification documents within a single mobile app adds to the appeal, making mobile wallets an integral part of the modern payment ecosystem.

Market Dynamics


  • Rising smartphone penetration and internet connectivity
  • Shift in consumer preferences towards digital payments
  • Strategic partnerships and integration of additional services


  • Integration with decentralized finance (DeFi)
  • Central bank digital currencies (CBDCS) integration
  • Financial inclusion in emerging markets

Central bank digital currencies (CBDCS) integration

The evolving landscape of Central Bank Digital Currencies (CBDCs) presents a strategic opportunity for the Global Mobile Wallet Market. As central banks globally explore and implement CBDCs, mobile wallet providers can position themselves as key facilitators for the adoption and usage of these digital currencies. By integrating CBDCs within their platforms, mobile wallet providers can offer users a seamless transition from traditional currencies to digital alternatives, fostering broader acceptance and usage of CBDCs. This opportunity extends to collaboration with central banks, governments, and regulatory bodies to ensure compliance and security in CBDC transactions. The integration of CBDCs into mobile wallets can contribute to the mainstream acceptance of digital currencies, acting as a catalyst for the next phase of the digital payment revolution.

The market for mobile wallet is dominated by North America.

In 2023, The Asia-Pacific region stands as a powerhouse in the Global Mobile Wallet Market, driven by countries such as China, India, and Southeast Asian nations. High smartphone penetration, increasing internet accessibility, and a robust digital ecosystem contribute to the widespread adoption of mobile wallets. China, in particular, has witnessed a rapid shift towards a cashless society, with leading mobile payment platforms like Alipay and WeChat Pay dominating the market. In India, the government's push for digital transactions, coupled with a burgeoning fintech landscape, has fueled the adoption of mobile wallets. The region's diverse market includes mature markets with advanced mobile payment infrastructures and emerging markets with significant growth potential.

The Mobile Wallet market is experiencing robust growth worldwide, with North America emerging as the fastest-growing region after the dominant Asia pacific. In North America, the Mobile Wallet Market is characterized by a strong emphasis on technology and a gradual shift in consumer preferences towards digital payments. The United States and Canada have witnessed widespread adoption of mobile wallets, with platforms like Apple Pay, Google Pay, and various banking apps gaining traction. The market is influenced by a tech-savvy population, robust financial infrastructure, and an increasing aversion to physical cash. Strategic partnerships between mobile wallet providers, financial institutions, and merchants contribute to the market's growth. Additionally, advancements in contactless payment technologies and the integration of mobile wallets into everyday transactions further solidify their position in the North American payment landscape.

The retail & E commerce segment is anticipated to hold the largest market share during the forecast period

The retail and e-commerce industries are experiencing a notable surge in the utilization of mobile wallets, driven by the ease and security they provide to consumers. The capability of completing online and in-store transactions swiftly by simply tapping a smartphone has become a significant convenience factor. Enhanced security features, such as biometric authentication and tokenization, contribute to a heightened level of confidence among users, making mobile wallets a preferred choice for making secure digital payments. Beyond the streamlined payment process, mobile wallets offer additional benefits that contribute to their popularity in the retail and e-commerce landscapes. The easy integration with loyalty programs allows businesses to provide personalized incentives and discounts to customers. This not only enhances the overall shopping experience but also fosters customer loyalty by encouraging repeat transactions. The efficiency, security, and added advantages of loyalty program integration position mobile wallets as a versatile and indispensable tool in the retail and e-commerce sectors.

Major Segmentations Are Distributed as follows:

  • By Technology:
    • Remote
    • Proximity
  • By Application:
    • Retail & E commerce
    • Banking
    • Hospitality & Transportation
  • By Region
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • Germany
      • France
      • Italy
      • Spain
      • U.K.
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Indonesia
    • Malaysia
    • Vietnam
    • Australia & New Zealand
    • Rest of Asia Pacific
    • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Nigeria
    • Egypt
    • Israel
    • Turkey
    • Rest of MEA

Recent Developments

  • In June 2023, Google has revealed the extension of Google Wallet into five additional countries, namely Albania, Argentina, Bosnia and Herzegovina, North Macedonia, and Montenegro. In a forum post, a representative from the company disclosed this expansion, highlighting that the application had already been introduced to 12 countries across Asia, Europe, and North America in November of the previous year.
  • In June 2023, Alipay, the Chinese mobile payment platform, and Mastercard, a global payments network, have collaborated to offer international tourists a convenient option for making cashless payments in China. Through this partnership, international tourists can link any Mastercard card to their Alipay digital wallet, streamlining the process of making electronic payments in China. This collaborative effort aims to enhance the ease and accessibility of cashless transactions for visitors, providing them with a seamless and efficient way to utilize digital payments during their time in the country.  

Answers to Following Key Questions:

  • What will be the Mobile Wallet Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the Mobile Wallet Market?
  • What are the main forces behind worldwide Mobile Wallet Market? Which companies dominate Mobile Wallet Market?
  • Which companies dominate Mobile Wallet Market? Which business possibilities, dangers, and tactics did they embrace in the market?
  • What are the global Mobile Wallet industry's suppliers' opportunities and dangers in Mobile Wallet Market?
  • What is the Mobile Wallet industry's regional sales, income, and pricing analysis? In the Mobile Wallet Market, who are the distributors, traders, and resellers?
  • What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Mobile Wallet Market?
  • What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Mobile Wallet Market?
  • What are the dominant revenue-generating regions for Mobile Wallet Market, as well as regional growth trends?
  • By the end of the forecast period, what will the market size and growth rate be?
  • What are the main Mobile Wallet Market trends that are influencing the market's expansion?
  • Which key product categories dominate Mobile Wallet Market? What is Mobile Wallet Market’s main applications?
  • In the coming years, which Mobile Wallet Market technology will dominate the market?

Reason to purchase this Mobile Wallet Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Mobile Wallet Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Mobile Wallet Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Mobile Wallet Market , providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Mobile Wallet Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Mobile Wallet Market  providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.



Table and Figures


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