Mobile Wallet Market to value USD 970 Bn by 2030, Says Global Market Insights Inc.

Major mobile wallet market participants include Amazon.com, Inc., Ant Financial Services Group, Apple Inc., PayPal Holdings, Inc., Google LLC, Mastercard Incorporated, and Samsung Electronics Co. Ltd.

SELBYVILLE, Del., Sept. 15, 2022 /PRNewswire/ -- The mobile wallet market is expected to record a valuation of USD 970 billion by 2030, as reported in a research study by Global Market Insights Inc. Supportive government initiatives to accelerate digital payments will be a major driver for mobile wallet industry growth. For instance, in June 2021, the European Union developed digital mobile wallet payment solutions across 27 European nations. As a result of such developments, consumer transactions made over the Internet and smartphones at point-of-sale reached USD 5.4 trillion in 2020, based on the Center for Strategic and International Studies. These factors will, in turn, influence businesses to leverage mobile wallets to provide improved customer experiences, fueling industry expansion.

Lack of regulatory framework will hamper industry growth

The mobile wallet market is highly dependent on technology, leading to a greater need for regulatory compliance. Online financial transactions are also prone to security risks since payment methods such as virtual wallets may process payment data that criminal organizations can abuse to perform fraudulent activities. Since mobile wallets are at high risk for abuse and fraud, the lack of clear regulatory frameworks can create a hindrance to industry development.

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Rise in smartphone payments to augment market development from device manufacturers segment

Smartphones are becoming a primary device for customers to purchase goods and services. To cater to these customers, manufacturers such as Samsung and Apple are increasingly introducing a range of mobile wallets in these devices. These factors are projected to increase industry share from the device manufacturers segment, which is recorded a revenue of over USD 35 million in 2021.

Investment efforts from banking and telecom firms will promote open mobile wallet adoption

The open wallet segment held approximately 12% of the mobile wallet market share in 2021, driven by the growing investments from banking and telecom industries in this wallet type. The banking industry is also observing continual change due to rapid digitalization and the launch of innovative closed mobile money wallets. Furthermore, with the proliferation of fintech startup networks, the demand for such offerings will witness a major upsurge.

Growing reliance on digital platforms to define the APAC industry

The Asia Pacific mobile wallet market accounted for more than 50% of the revenue share in 2021, due to the rapid adoption of omnichannel strategies by banks to meet varying customer needs. The penetration of mobile banking channels in the region is high, with a vast individual and corporate customer population. In countries such as India, customers are also increasingly relying on digital channels for payment activities. The mounting deployment of mobile technology has also helped fintech companies and banks expand their reach to underserved customers in remote areas, promoting regional industry growth.

Text-based mobile wallet services to gain massive momentum

The text-based segment is poised to depict a CAGR of around 5% through 2030. This type of mobile wallet provides SMS-based payment functionality, with the mobile device functioning as the POS terminal and the sending device. The report also indicates that the widespread adoption of text-based digital wallets for B2B (business-to-business), C2B (consumer-to-business) physical world purchases, and P2P (peer-to-peer) fund transfer will further amplify segmental growth.

New functionality launches to proliferate the industry dynamics

The competitive landscape of the mobile wallet market comprises companies including Amazon.com, Inc., Ant Financial Services Group, Apple Inc., PayPal Holdings, Inc., Google LLC, Mastercard Incorporated, and Samsung Electronics Co. Ltd. These industry participants are focusing on new service and feature launches to expand their business in the global market.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Mobile wallet industry 360⁰ synopsis, 2018 - 2030

2.2  Business trends

2.2.1  Total addressable market trends

2.3  Regional trends

2.4  Type trends

2.5  Ownership trends

2.6  Technology trends

Chapter 3 Mobile Wallet Industry Insights

3.1  Introduction

3.2  Impact of the COVID-19 outbreak

3.3  Impact of the Russia-Ukraine War

3.4  Industry statistics

3.5  Industry ecosystem analysis

3.6  Mobile wallet evolution

3.7  Investment portfolio

3.8  Patent analysis

3.9  Technological and innovation landscape

3.10  Regulatory landscape

3.11  Industry impact forces

3.11.1  Growth drivers

3.11.2  Industry pitfalls and challenges

3.12  Growth potential analysis

3.13  Porter's analysis

3.14  PESTEL analysis

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.