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The Global Mobile Wallet Market Anticipated to Generate a Revenue of $46,006.0 Million, Growing at a CAGR of 18.9% from 2021 to 2028

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The global mobile wallet market size is estimated to be valued at $46,006.0 million by 2028, surging from $11,176.5 million in 2020, at a CAGR of 18.9%. 

COVID-19 Impact on the Mobile Wallet Market

During the COVID-19 pandemic, the global mobile wallet market share is projected to be positively impacted. The mobile wallet market has risen dramatically in recent years, and it is anticipated to continue its growth after the pandemic. E-commerce, digital payments (including contactless), quick payments, and cash displacement have all increased significantly in recent months. During the Covid-19 outbreak, the mobile wallet market is expected to progressively develop as customers choose mobile wallets like PhonePe and Google Pay for financial transactions to avoid physical contact with others and prevent the spread of the corona virus. 

Global Mobile Wallet Market Analysis

Some of the primary reasons influencing market growth are the emergence of payment-enabled mobile phones, connected and real-time marketing, and the social media influence. Mobile commerce and mobile ticketing are the top markets with the highest revenue and growth rates. The rise in smart phone penetration, as well as enterprises' attempts to improve mobile commerce platforms, services, and apps as a result of high usage, are important market drivers for the mobile wallet market prediction. In the case of mobile ticketing, the predicted widespread use of NFC-based ticketing solutions for transit reasons is likely to fuel growth. However, the mobile wallet industry is projected to be hampered by fierce competition. 

In the future years, low trust in mobile wallets might be a major stumbling point for the industry. According to a study conducted by yourgov, 43% of mobile users do not trust mobile wallets, and 38% have insufficient security confidence. Similarly, most consumers are cautious to use mobile wallets since contactless payment carries a considerable risk of fraud, such as data leakage, hacking, and e-wallet flaws. Furthermore, there is a misunderstanding about the benefits of using mobile wallets for online payment and purchasing expensive items over cash, credit cards, and debit cards.

The expansion of the worldwide mobile wallet market in emerging economies was fueled by the unbanked population, internet shopping, and person-to-person money transfers. Low- and middle-income countries, such as Africa, have the largest unbanked populations, providing tremendous opportunities for mobile wallet companies like M-Pesa. The global mobile wallet has grown rapidly in low-middle income nations such as Africa and Nigeria, thanks to the rigidity of banks and strict government restrictions and policies. Emerging markets like India, China, and Brazil are likely to play a big role in the global mobile wallet market's expansion. A growing number of start-ups and banks are joining the mobile wallet sector, creating more opportunities.

Global Mobile Wallet Market, Segmentation

The global mobile wallet market is segmented based on wallet type, payment type, technology, and region.

Wallet Type:

The wallet type sub-segment is further classified into open, closed, and semi-closed of which the open wallet type sub-segment is projected to generate the maximum revenue during the forecast period. The open wallet sub-segment is predicted to have a dominating market share in the global market and register a revenue of $16,553.8 million during the forecast period. 

Unlike other wallet kinds, these open mobile wallets allow users to buy goods and services, transfer money, and withdraw money without any restrictions. Customers can use their digital wallet funds to make payments or use open wallets to withdraw money transferred to their account in cash. The openness of open platforms, according to DT's James Duthie, has allowed them to rapidly grow capability and, as a result, value for end users in every instance where they have outperformed closed systems.

Payment Type:

The payment type segment is further bifurcated into point of sale and remote sub-segments of which the point of sale sub-segment is projected to generate highest revenue during the forecast period. It is predicted that, the point of sale sub-segment shall generate a revenue of $29,359.5 million by 2028, growing from $7,181.7 million in 2020, with a CAGR of 18.8%.

To take advantage of the many functions offered by point-of-sale systems, small enterprises use them. Effective POS systems allow business owners to spend less time on store/business management by giving relevant reports that aid in quick decision-making. Through proper inventory management, streamlined POS systems can help increase store profitability. Based on client data gathered during sales transactions, solutions deliver targeted and personalized marketing activities. As a result, POS has become increasingly popular, and it is expected to generate the most revenue in the next years.


The technology segment is further divided into NFC, QR code, mobile apps, and others (MST, BLE, and sound waves based). Among these, QR code sub-segment is expected to be the fastest growing. The QR code sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $15,866.3 million by 2028, growing from $3,595.2 million in 2020, with a CAGR of 20.0%.

Payments via QR codes are incredibly secure. It's because a QR code is nothing more than a tool for transmitting data. Any information sent by QR codes is encrypted, guaranteeing that the transaction is completely safe. One of the most important benefits of QR codes is that they enable fast payment. When compared to other payment options, QR codes are extremely quick.


The market for mobile wallet in Asia-Pacific is anticipated to be the fastest growing market and reach $18,025.2 million by 2028, with a CAGR of 19.7%.

Customers in APAC demand similar amounts of seamlessness and security in all elements of their digital payment transactions. The increasing retail business in the region has pushed global payment processing solution providers to focus their efforts in e-wallet industry in order to give better services. With a large number of daily mobile transactions, China, India, Indonesia, and Malaysia are some of the region's fastest-growing economies. As a result, national governments have been driven to place a larger emphasis on consumer-friendly payment options.

Key Players in the Global Mobile Wallet Market

Some of the leading global mobile wallet market players are 

  1. Amazon Web Services Inc.
  2. American Express Banking Corp.
  3. Apple Inc.
  5. AT&T Inc.
  6. Google Inc.
  7. Mastercard Incorporated
  8. PayPal Holdings, Inc.
  9. Samsung Electronics Co., Ltd
  10. Vodafone Group PLC.

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

Porter’s Five Forces Analysis for the Global Mobile Wallet Market:

  • Bargaining Power of Suppliers: Mobile Wallet market contains huge concentration of distributors and suppliers and hence, the distributors and supplier control are expected to be moderate, resulting in moderate bargaining power of dealers.
    Hence, the bargaining power of the supplier is moderate.
  • Bargaining Power of Buyers: Buyers will have high bargaining power, significantly because of high players operating in the mobile wallet market.
    Hence, the bargaining power of the buyer is high.
  • Threat of New Entrants: In the modern world, new entrants may face multiple new barriers, like legal and government policies.
    Hence, the threat of the new entrants is moderate.
  • Threat of Substitutes: There are few alternate products for mobile wallet.
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: Robust presence of key players such as Apple Inc.,, and AT&T Inc. is creating massive rivalry in the local as well as international market. Also, high spending on business expansion and strategic tie-ups are some of the main factors rising competitive rivalry among the companies.
    Thus, the competitive rivalry in the market is high.
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