December 7th, 2022
Mobile Wallet Market accounted for US$ 1,043.1 billion in 2019 and is estimated to be 7,580.1 billion by 2027 and is anticipated to register a CAGR of 28.1%.Mobile wallet, also recognized as m-payment, mobile money transfer, mobile money, or mobile payments, are transactions made using mobile devices. It is the transactions made using mobile device rather than paying through cash, physical credit cards or checks. Mobile wallet payment can be used as a substitute to credit cards as it is more secure and convenient.
The report. "Global Mobile Wallet Market, By Mode of Payment (Remote Payment and Near-field Communication Payment (NFC)), By Application (M-commerce, Mobile Tracking, Mobile Coupon, Mobile Transfer, and Micropayments), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In February 2019, America Express and Bill.com signed an agreement for vendor pay service, which enables streamlined bill payment on corporate or virtual cards
· In May 2019, America Express signed an agreement to acquired Resy Networks, Inc., which offers management platform and digital restaurants reservation booking for accessing travel and lodging, exclusive events, airport lounge, and dinning access and experiences to card members
Rising penetration of smartphones is promoting the growth of the mobile wallet market globally. Rapid growth in the adoption of smart devices have been witnessed, over the past decade. There were above 2.26 billion smartphones in 2017 worldwide. It is predicted that by 2025, smartphones will estimate for about 77% internet-enabled devices. As smartphones adoption is growing, the trend of using financial services on mobile devices is also witnessing momentum due to cost-effectiveness and convenience. This has encouraged technology players and financial establishments to meet the rising demand for mobile applications to deliver payment services.
Growth in various e-commerce platforms is also propelling the e-wallet market growth. As per 2018, above 1.5 billion customers shopped online. By 2020, the number of online customers is projected to account for about 2.5 billion. With the increase in internet coverage and evolution of global e-commerce worldwide, the ways of payment have also evolved. Consumers focus to buy the goods they like from anywhere across the globe in an effective, fast, and simple manner. This is driving the application of mobile wallets across various e-commerce platforms.
Key Market Insights from the report:
The global mobile wallet market accounted for US$ 1,043.1 billion in 2019 and is estimated to be 7,580.1 billion by 2027 and is anticipated to register a CAGR of 28.1%. The market report has been segmented on mode of payment, application, and region.
· By mode of payment, the remote payment segment is projected to lead the target market in terms of revenue share and is accounted to continue its dominance in the coming years
· By application, M-commerce is projected to lead the target market, due to increasing adoption of smartphones across the globe. Additionally, introducing multi-channel strategies by merchants due to growing competition from internet vendors is also promoting growth of this segment.
· By region, Asia Pacific led the mobile wallet market with a 60% share of the overall market in 2018, owing to growing number of e-commerce platforms including Alibaba and Flipkart. Promising initiatives undertaken by the government to encourage the use of digital payment channels are also boosting the growth of the market.
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The prominent player operating in the global mobile wallet market includes Amazon Web Services Inc., American Express Banking Corp., PayPal Holdings, Inc., Apple Inc., Google Inc., Mastercard Incorporated, Alipay.com, AT&T Inc., Samsung Electronics Co., Ltd., and VISA Inc.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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