Mobile Wallet Will be $10,097 Billion Market by 2030, Says P&S Intelligence

NEW YORK, Oct. 13, 2022 /PRNewswire/ -- According to P&S Intelligence, in 2021, the global mobile wallet market accounted for $1,568 billion value, which is on track to hitting $10,097 billion by 2030, growing at a 23% CAGR. This is a result of the ease with which this technology allows customers to do transactions from any place.

Additionally, because there is no registration procedure, these wallets are easy to use and convenient. They are also easily accessible via debit or credit cards and internet banking.

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Rising Popularity of Proximity Payments with NFC

Due to the convenience the mobile wallet technology provides through mobile-proximity payment and near-field communication, the proximity category is expected to grow at around 24% CAGR in the coming years. For online purchasing and payment requirements, this technology offers customized services.

Favorable Attributes of QR-Based Mobile Wallet Payments

QR codes have a share of about 47% since they allow users to start transactions, take payments, and transfer funds, which is why they are widely utilized for cashless transactions worldwide. This real-time platform makes the exchange of critical information possible in a matter of seconds.

The increasing customer need for simplicity, attained by scanning the payment codes of vendors, along with the growth in smartphone penetration, is driving the use of QR codes.

Most Transactions Made by Retail and E-Commerce Companies

The biggest market share, of almost 33%, has been acquired by the retail and e-commerce division due to the increasing adoption of mobile wallets by online channels and retailers. Such firms are concentrating on contactless payment systems to obtain real-time data on customer purchasing activities.

Browse detailed report on Mobile Wallet Market Trends and Future Growth Study 2022-2030

APAC To Emerge as a Major Revenue Contributor

Due to the increasing use of smartphones and the internet, APAC dominates the industry. Additionally, 5G penetration is growing in the region, thus improving internet access and speed.

• Over half a billion individuals are expected to use mobile wallets in China this year, which now accounts for a significant global industry share. Large companies, including WeChat Pay and Alipay, the networks of which are frequently utilized by restaurants, retail stores, and e-commerce platforms, dominate the Chinese mobile wallet market.

The second-largest market worldwide is North America. Banks, IT companies, telecom providers, and device manufacturers in North America are the most-significant mobile wallet users. Moreover, regional banks are working to improve their customers' banking experiences by offering simple transactions.

This method of payment for online purchasing is becoming increasingly popular; thus, Europe is the third-largest stakeholder in the industry. The market is essentially growing because consumers are demanding safe and simple payment options.

Global Mobile Wallet Market Report Coverage

By Type

• Proximity
• Remote 

By Application

• Retail & E-commerce
• Hospitality & Transportation
• Banking
• Vending Machine

By Technology

• Near Field Communication
• QR Code
• Text based/ Short message service
• Digital Only

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Spain
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• South Africa
• Saudi Arabia

Browse More Reports Published by P&S

Digital Transaction Management Market Share Analysis by Solution, End Use, Organization Size – Industry Development and Demand Forecast to 2030

Payment Processing Solutions Market Size and Share Analysis by Payment Method, Deployment, End Use – Global Industry Demand Forecast to 2030

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SOURCE P&S Intelligence