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Report
Mobile Wallet Market Report by Type (Proximity, Remote), Application (Retail, Hospitality and Transportation, Telecommunication, Healthcare, and Others), and Region 2023-2028
Market Report I 2023-11-02 I 143 Pages I IMARC Group
The global mobile wallet market size reached US$ 142.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 387.8 Billion by 2028, exhibiting a growth rate (CAGR) of 18.2% during 2022-2028. The increasing penetration of smartphones, the decreasing cost of mobile data plans, and the widespread adoption of contactless payments represent some of the key factors driving the market.
A mobile wallet is a digital platform that allows users to store, manage and use their money through a smartphone or other mobile devices. It functions as a virtual wallet, enabling users to make payments, transfer money, and perform other financial transactions without the need for cash or physical credit cards. The concept of mobile wallets has emerged as a result of the growing trend of digitization, where most of the daily activities are now carried out online. It allows users to link their bank accounts, debit or credit cards, and other payment methods to the app, making transactions more convenient and efficient. It uses a variety of technologies to secure and protect user data, including encryption and tokenization. It also offers numerous features, such as biometric authentication, which allows users to log in using their fingerprint or facial recognition technology, adding an extra layer of security. Several mobile wallets also offer loyalty programs, discounts, and cashback incentives to encourage users to use their platform for transactions.
Mobile Wallet Market Trends:
The escalating smartphone penetration majorly drives the global market. With the rising popularity of smartphones and the decreasing cost of mobile data plans, consumers are accessing the internet through their mobile devices. This is leading to an increasing number of mobile payments as consumers seek more convenient ways to pay for goods and services. Along with this, the widespread adoption of contactless payments to minimize contact with surfaces and consumers on account of the rapid outbreak of coronavirus disease is significantly supporting the demand. Since mobile wallets offer a contactless payment solution, allowing consumers to make payments without physically handling cash or credit cards, further impacting the market. In addition, mobile wallets offer high security, with encryption and authentication protocols that protect user data and prevent fraud is positively influencing the demand. Apart from this, several government agencies are promoting the use of digital payments, as they offer greater transparency and can help reduce the use of cash, which can be prone to fraud and counterfeiting, which is also contributing to the market. Furthermore, the introduction of rewards and loyalty programs, which incentivize users to make more transactions and build customer loyalty, is creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and extensive research and development (R&D) activities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global mobile wallet market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and application.
Type Insights:
Proximity
Remote
The report has provided a detailed breakup and analysis of the mobile wallet market based on the type. This includes proximity and remote. According to the report, remote represented the largest segment.
Application Insights:
Retail
Hospitality and Transportation
Telecommunication
Healthcare
Others
A detailed breakup and analysis of the mobile wallet market based on the application has also been provided in the report. This includes retail, hospitality and transportation, telecommunication, healthcare, and others. At present, retail represents the most preferred application worldwide.
Regional Insights:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (United States, Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific was the largest market for mobile wallet. Some of the factors driving Asia-Pacific mobile wallet market included rapid urbanization, favorable government regulations and continual technological advancements.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global mobile wallet market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered Alipay.com (Alibaba Group Holding Limited), Amazon Web Services Inc. (Amazon.com Inc), American Express Company, Apple Inc., Google LLC (Alphabet Inc.), Mastercard Incorporated, Paypal Holdings Inc., Samsung Electronics Co. Ltd., Squareup Pte. Ltd, Visa Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report
1. What was the size of the global mobile wallet market in 2022?
2. What is the expected growth rate of the global mobile wallet market during 2023-2028?
3. What are the key factors driving the global mobile wallet market?
4. What has been the impact of COVID-19 on the global mobile wallet market?
5. What is the breakup of the global mobile wallet market based on the type?
6. What is the breakup of the global mobile wallet market based on the application?
7. What are the key regions in the global mobile wallet market?
8. Who are the key players/companies in the global mobile wallet market?
1 Preface
2 Scope and Methodology
2.1Objectives of the Study
2.2Stakeholders
2.3Data Sources
2.3.1Primary Sources
2.3.2Secondary Sources
2.4Market Estimation
2.4.1Bottom-Up Approach
2.4.2Top-Down Approach
2.5Forecasting Methodology
3 Executive Summary
4 Introduction
4.1Overview
4.2Key Industry Trends
5 Global Mobile Wallet Market
5.1Market Overview
5.2Market Performance
5.3Impact of COVID-19
5.4Market Forecast
6 Market Breakup by Type
6.1Proximity
6.1.1 Market Trends
6.1.2 Market Forecast
6.2Remote
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Application
7.1Retail
7.1.1 Market Trends
7.1.2 Market Forecast
7.2Hospitality and Transportation
7.2.1 Market Trends
7.2.2 Market Forecast
7.3Telecommunication
7.3.1 Market Trends
7.3.2 Market Forecast
7.4Healthcare
7.4.1 Market Trends
7.4.2 Market Forecast
7.5Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Region
8.1North America
8.1.1 United States
8.1.1.1 Market Trends
8.1.1.2 Market Forecast
8.1.2 Canada
8.1.2.1 Market Trends
8.1.2.2 Market Forecast
8.2Asia-Pacific
8.2.1 China
8.2.1.1 Market Trends
8.2.1.2 Market Forecast
8.2.2 Japan
8.2.2.1 Market Trends
8.2.2.2 Market Forecast
8.2.3 India
8.2.3.1 Market Trends
8.2.3.2 Market Forecast
8.2.4 South Korea
8.2.4.1 Market Trends
8.2.4.2 Market Forecast
8.2.5 Australia
8.2.5.1 Market Trends
8.2.5.2 Market Forecast
8.2.6 Indonesia
8.2.6.1 Market Trends
8.2.6.2 Market Forecast
8.2.7 Others
8.2.7.1 Market Trends
8.2.7.2 Market Forecast
8.3Europe
8.3.1 Germany
8.3.1.1 Market Trends
8.3.1.2 Market Forecast
8.3.2 France
8.3.2.1 Market Trends
8.3.2.2 Market Forecast
8.3.3 United Kingdom
8.3.3.1 Market Trends
8.3.3.2 Market Forecast
8.3.4 Italy
8.3.4.1 Market Trends
8.3.4.2 Market Forecast
8.3.5 Spain
8.3.5.1 Market Trends
8.3.5.2 Market Forecast
8.3.6 Russia
8.3.6.1 Market Trends
8.3.6.2 Market Forecast
8.3.7 Others
8.3.7.1 Market Trends
8.3.7.2 Market Forecast
8.4Latin America
8.4.1 Brazil
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 Mexico
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Breakup by Country
8.5.3 Market Forecast
9 SWOT Analysis
9.1Overview
9.2Strengths
9.3Weaknesses
9.4Opportunities
9.5Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
11.1Overview
11.2Bargaining Power of Buyers
11.3Bargaining Power of Suppliers
11.4Degree of Competition
11.5Threat of New Entrants
11.6Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
13.1Market Structure
13.2Key Players
13.3Profiles of Key Players
13.3.1Alipay.com (Alibaba Group Holding Limited)
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.2Amazon Web Services Inc. (Amazon.com Inc)
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.2.3 SWOT Analysis
13.3.3American Express Company
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.3.3 Financials
13.3.3.4 SWOT Analysis
13.3.4Apple Inc.
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.4.3 Financials
13.3.4.4 SWOT Analysis
13.3.5Google LLC (Alphabet Inc.)
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.5.3 SWOT Analysis
13.3.6Mastercard Incorporated
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.6.3 Financials
13.3.6.4 SWOT Analysis
13.3.7Paypal Holdings Inc.
13.3.7.1 Company Overview
13.3.7.2 Product Portfolio
13.3.7.3 Financials
13.3.7.4 SWOT Analysis
13.3.8Samsung Electronics Co. Ltd.
13.3.8.1 Company Overview
13.3.8.2 Product Portfolio
13.3.8.3 Financials
13.3.8.4 SWOT Analysis
13.3.9Squareup Pte. Ltd.
13.3.9.1 Company Overview
13.3.9.2 Product Portfolio
13.3.9.3 Financials
13.3.10Visa Inc.
13.3.10.1 Company Overview
13.3.10.2 Product Portfolio
13.3.10.3 Financials
13.3.10.4 SWOT Analysis
Figure 1: Global: Mobile Wallet Market: Major Drivers and Challenges
Figure 2: Global: Mobile Wallet Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Mobile Wallet Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Mobile Wallet Market: Breakup by Type (in %), 2022
Figure 5: Global: Mobile Wallet Market: Breakup by Application (in %), 2022
Figure 6: Global: Mobile Wallet Market: Breakup by Region (in %), 2022
Figure 7: Global: Mobile Wallet (Proximity) Market: Sales Value (in Million US$), 2017 & 2022
Figure 8: Global: Mobile Wallet (Proximity) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 9: Global: Mobile Wallet (Remote) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Mobile Wallet (Remote) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Mobile Wallet (Retail) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Mobile Wallet (Retail) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Mobile Wallet (Hospitality and Transportation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Mobile Wallet (Hospitality and Transportation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Mobile Wallet (Telecommunication) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Mobile Wallet (Telecommunication) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Mobile Wallet (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Mobile Wallet (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Mobile Wallet (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Mobile Wallet (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: North America: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: North America: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: United States: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: United States: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Canada: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Canada: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Asia-Pacific: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Asia-Pacific: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: China: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: China: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Japan: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Japan: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: India: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: India: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: South Korea: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: South Korea: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Australia: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Australia: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Indonesia: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Indonesia: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Others: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Others: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Europe: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Europe: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Germany: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Germany: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: France: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: France: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: United Kingdom: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: United Kingdom: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Italy: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Italy: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Spain: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Spain: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Russia: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Russia: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Others: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Others: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Latin America: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Latin America: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Brazil: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Brazil: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Mexico: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Mexico: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Others: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Others: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Middle East and Africa: Mobile Wallet Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Middle East and Africa: Mobile Wallet Market: Breakup by Country (in %), 2022
Figure 69: Middle East and Africa: Mobile Wallet Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Global: Mobile Wallet Industry: SWOT Analysis
Figure 71: Global: Mobile Wallet Industry: Value Chain Analysis
Figure 72: Global: Mobile Wallet Industry: Porter's Five Forces Analysis
Table 1: Global: Mobile Wallet Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Mobile Wallet Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Mobile Wallet Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Mobile Wallet Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Mobile Wallet Market: Competitive Structure
Table 6: Global: Mobile Wallet Market: Key Players
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