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Mobile Wallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A3885
Market Overview:
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 18.43% during 2023-2028.
A mobile wallet refers to a virtual wallet that stores credit card, debit card, loyalty card, coupons and reward card information on a mobile device. It is a convenient way for users to make in-store payments and pay merchants listed with the mobile wallet service providers. Google Pay, Apple Pay, and Amazon Pay are commonly used mobile wallets across the world. Mobile wallets are accessible through applications that are built-in or installed on smartphones and tablets. They store the payment information of the user by linking a personal identification format, including a key, QR code, or an image of the user. In recent years, mobile wallets have gained traction as they are a convenient mode of payment that can be used at any location and time.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Mobile Wallet Market Trends:
The global mobile wallet market is primarily driven by the rising smartphone adoption and the increasing penetration of the internet. Besides this, the expanding e-commerce platforms are providing transaction facilities through mobile wallets, thereby propelling the market growth. They are also offering a new dimension to retail sales to improve their business presence by connecting merchants and financial institutions to communicate promotional schemes and other relevant interests. Besides this, key players are collaborating with banks, vendors, and payment service providers to develop the payment infrastructure for enhancing the user experience. For instance, market players are offering features like mobile vouchers, digital loyalty schemes, digital charity boxes, and dynamic currency conversion to promote cashless payments via mobile wallets.
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.
Breakup by Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Proximity
- Remote
Breakup by Application:
- Retail
- Hospitality and Transportation
- Telecommunication
- Healthcare
- Others
Breakup by Region:
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- 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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and Visa Inc.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Type, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| 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. and Visa Inc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report
The global mobile wallet market was valued at US$ 142.2 Billion in 2022.
We expect the global mobile wallet market to exhibit a CAGR of 18.43% during 2023-2028.
The expanding e-commerce platforms, growing availability of high-speed internet connectivity, and rising adoption of smartphones, are currently driving the global mobile wallet market.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of mobile wallets and digital payment methods, as a convenient alternative to manual transactions.
Based on the type, the global mobile wallet market has been segmented into proximity and remote. Currently, remote type represents the largest market share.
Based on the application, the global mobile wallet market can be bifurcated into retail, hospitality and transportation, telecommunication, healthcare, and others. Among these, the retail sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.
Some of the major players in the global mobile wallet market include 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., and Visa Inc.
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