South Africa Mobile Wallet Market Size, Share, Trends and Forecast by Type, Application, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A42378

South Africa Mobile Wallet Market Overview:

The South Africa mobile wallet market size reached USD 1.37 Billion in 2024. The market is projected to reach USD 4.86 Billion by 2033, exhibiting a growth rate (CAGR) of 13.51% during 2025-2033. The market is driven by increasing smartphone penetration, the growing internet connectivity, rising adoption of contactless payments, and the shift towards cashless transactions accelerated by digital transformation across various sectors. Besides this, the adoption of artificial intelligence (AI) is fueling the South Africa mobile wallet market share.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 1.37 Billion
Market Forecast in 2033	USD 4.86 Billion
Market Growth Rate 2025-2033	13.51%

South Africa Mobile Wallet Market Trends:

Rising Digital Payment Adoption

The South Africa mobile wallet market is experiencing substantial growth, driven by the country's accelerating shift towards digital payment solutions and enhanced financial inclusion initiatives. The market transformation is particularly evident in both urban and rural areas, where mobile technology serves as a gateway to formal financial services for previously unbanked populations. According to industry reports, as of April 2024, more than 60% of South Africans favored digital wallets for their convenience, removing the necessity for physical wallets and providing effortless payment tracking features. The government's dedication to advancing digital financial inclusion has produced a regulatory climate that is favorable to fintech advancements and mobile payment systems. By providing integrated services that include banking, mobile money, and e-commerce features, traditional banks are working with fintech firms and mobile network operators to grow their digital payment ecosystems. Peer-to-peer transfers, bill payments, merchant transactions, and microfinance services are a few of the advanced mobile wallet capabilities that users may access because of the growing popularity of smartphones and the development of internet connectivity infrastructure. Due to the ability to take digital payments without having to make large infrastructure investments, small and medium-sized businesses have benefited greatly from this digital transition. This has allowed them to increase their clientele and enhance cash flow management.

Infrastructure Development and Technology Integration

The rapid advancement in mobile network infrastructure and the integration of emerging technologies are bolstering the South Africa mobile wallet market growth. The ongoing expansion of 4G and 5G networks is enhancing transaction speeds, security, and overall user experience across digital payment platforms. Omdia anticipated that South Africa's 5G subscriptions will increase ten times from 2024 to 2029, reaching 51.9 Million and representing 36.2% of the overall subscriptions. Mobile wallet providers are incorporating advanced technologies, such as AI and biometric authentication, to improve fraud detection, refine security measures, and personalize user experiences. The integration of near field communication (NFC) technology and quick response (QR) code-based payment systems has made mobile wallets more versatile and user-friendly, enabling seamless point-of-sale transactions and reducing dependency on traditional payment cards. Financial institutions and fintech companies are investing heavily in developing interoperable payment systems that allow cross-platform transactions and improve overall ecosystem connectivity. Super apps that integrate several financial services on a single platform are becoming more popular and creating comprehensive digital ecosystems that serve diverse user needs, ranging from basic payments to insurance products.

South Africa Mobile Wallet Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. 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 market by type. This includes proximity and remote.

Application Insights:

Retail
Hospitality and Transportation
Telecommunication
Healthcare
Others

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes retail, hospitality and transportation, telecommunication, healthcare, and others.

Regional Insights:

Gauteng
KwaZulu-Natal
Western Cape
Mpumalanga
Eastern Cape
Others

The report has also provided a comprehensive analysis of all the major regional markets, which include Gauteng, KwaZulu-Natal, Western Cape, Mpumalanga, Eastern Cape, and others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key 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.

South Africa Mobile Wallet Market News:

In February 2025, Visa introduced its ‘Tap to Add Card’ feature in Ukraine, Georgia, and South Africa, allowing cardholders to link their bank card to their mobile wallet through NFC by merely tapping their card on their NFC-enabled phone. Offering improved security and convenience, Tap to Add Card removed the tedious task of manual input, a frequent source of mistakes and a weakness targeted by fraudsters attempting to access sensitive card details.
In February 2024, Absa Bank of South Africa launched ChatWallet, a new wallet enabling direct banking services via WhatsApp. Individuals without a bank account could handle their finances through the ChatWallet. It sought to enhance financial inclusion and boost access to basic banking services in South Africa.

South Africa Mobile Wallet Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Application Region
Types Covered	Proximity, Remote
Applications Covered	Retail, Hospitality and Transportation, Telecommunication, Healthcare, Others
Regions Covered	Gauteng, KwaZulu-Natal, Western Cape, Mpumalanga, Eastern Cape, Others
Customization Scope	10% Free Customization
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:

How has the South Africa mobile wallet market performed so far and how will it perform in the coming years?
What is the breakup of the South Africa mobile wallet market on the basis of type?
What is the breakup of the South Africa mobile wallet market on the basis of application?
What is the breakup of the South Africa mobile wallet market on the basis of region?
What are the various stages in the value chain of the South Africa mobile wallet market?
What are the key driving factors and challenges in the South Africa mobile wallet market?
What is the structure of the South Africa mobile wallet market and who are the key players?
What is the degree of competition in the South Africa mobile wallet market?

Key Benefits for Stakeholders:

IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Africa mobile wallet market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the South Africa mobile wallet market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Africa mobile wallet industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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South Africa Mobile Wallet Market