Mobile Wallet Market Research Report - Global Forecast to 2032

Global Mobile Wallet Market Research Report Information By Mode of Payment (NFC and Remote Payment), By Type (Proximity and Remote), And By Region (North America, Europe, Asia-Pacific, And The Rest Of The World) –Market Forecast Till 2032.

ID: MRFR/ICT/1527-HCR | 100 Pages | Author: Aarti Dhapte | September 2023         

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Mobile Wallet Market Overview


Global Mobile Wallet Market Size valued at USD 1.8 Billion in 2022. The Mobile Wallet market industry is projected to grow from USD 2.32 Billion in 2023 to USD 17.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.7% during the forecast period (2023 - 2032).Increased acknowledgment of flexible wallet installments in different industrial verticals and increasing adoption of internet-connected devices are the key market drivers enhancing the growth of market.


Mobile Wallet Market Overview


Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review


Mobile Wallet Market Trends


The growing adoption of internet-connected devices is driving the market growth.


Market CAGR for mobile wallet market is being driven by the rising adoption of internet-connected devices. The adoption of internet-connected devices is the main factor facilitating fast-paced business transformation throughout smart organizations. An increase in fintech investments is encouraging banks to drive technological investments. E-commerce is booming globally and is anticipated to fuel market growth. Additionally, the increase in the utilization of smartphones also boost the market growth.


The e-commerce market is expanding at a fast rate due to the rising penetration of smartphones and the internet, compelling e-commerce companies to depend on strategic acquisitions and new product development to expand their market positions. The growing utilization of smartphones acts as a fueling factor for the growth of mobile wallets. The rapid adoption of the mobile wallet by bars, hotels, and restaurants also boosts the growth of the mobile wallet market globally. The mobile wallet provides a completely new dimension to retail sales for enhancing their business presence. also smartphones offer clients an easy way to make payments, acting as a new channel for merchants and financial institutions in order to connect with their customers. The mobile connection helps merchants and financial institutions to exchange information like promotional offers with their customers in such a way that information is useful, targeted, and more relevant to their interests. As the different shopping preferences and requirements of customers are tracked, making customer communication is greatly personalized.


The increase in the number of tech players in the fintech environment is benefitting the popularity of semi-closed mobile wallets. About one-third of the millennials are opting to depend mainly on bank-free digital payment solutions. This change in the preference of customers might encourage tech participants to introduce semi-closed mobile wallet offerings, thus boosting market growth. Further, the rising demand for improved customer experience is growing in the banking section. Thus, driving the Mobile Wallet market revenue.


In spite of the increasing adoption of digital payment services, the threat of cyber-attack can become roadblock to steady business growth. With the rapid deployment of new technologies and factors to address customer requirements by the fintech service providers, they are being exposed to different forms of cyber breaches, thus hampering the mobile wallet market growth.


Mobile Wallet Market Segment Insights


Mobile Wallet Mode of Payment Insights


The global Mobile Wallet market segmentation, based on the mode of payment, includes NFC and Remote Payment. The NFC segment dominates the market, accounting for the largest market revenue as this technology allows payments without swiping the credit or debit cards if the contactless symbol is present on the physical card. It provides consumers the convenience of making the payment by only tapping the card on the POS terminals. The NFC technology enhances operational efficiency via faster checkouts and low processing costs. It helps shops and e-commerce enterprises provide special discounts and track loyalty incentives for enhancing the relationships with customers with mobile phone usage.


Mobile Wallet Type Insights


The global Mobile Wallet market segmentation, based on type, includes Proximity and Remote. The proximity segment dominates the market and is anticipated to dominate throughout the forecast period. The proximity technology can help users to pay for goods and services along with their mobile phones or any smart devices at a physical point-of-sale (POS) terminal. Further, remote technology is anticipated to witness growth during the forecast years due to the increasing penetration of cashless payments through communication networks. The use of a remote technology-based mobile wallet can help users purchase goods through a mobile website or SMS text message with their mobile devices.


Figure 1: Global Mobile Wallet Market, by Type, 2022 & 2032 (USD Billion)


Global Mobile Wallet Market, by Type, 2022 & 2032


Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review


Mobile Wallet Regional Insights


By region, the study offers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Mobile Wallet market area dominates the market due to the fast developments in mobile wallet technology. The integration of high-level authentication methods like biometrics for the protection of banking credentials is expected to boost the demand for mobile wallets in this region. The US is the largest contributor to the market growth of mobile wallets in the North American region.


Further, the prime countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.


Figure 2: GLOBAL MOBILE WALLET MARKET SHARE BY REGION 2022 (USD Billion)


 GLOBAL MOBILE WALLET MARKET SHARE BY REGION 2022


Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review


The Asia-Pacific Mobile Wallet Market accounts for the second-largest market share due to the increasing smartphone use, rising population, growing internet subscription, and rapid growth in the e-commerce and retail sections in the countries of this region. Moreover, China’s Mobile Wallet market held the largest market share, and the Indian Mobile Wallet market was the rapid-growing market in the Asia-Pacific region.


Europe's Mobile Wallet market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rising popularity of this payment mode for online shopping and the preference for hassle-free and secure payment methods in this region. Further, the German Mobile Wallet market held the largest market share, and the UK Mobile Wallet market was the rapid-growing market in the European region.


Mobile Wallet Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Mobile Wallet market grow even more. Market players are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, larger investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Mobile Wallet industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Mobile Wallet industry to benefit clients and increase the market sector. In recent years, the Mobile Wallet industry has offered some of the most significant advantages to payment methods. Major players in the Mobile Wallet market, including Google Inc., Apple Inc., MasterCard Incorporated, Mobily, Alipay Co Ltd., Samsung Electronics Co Ltd., American Express, Blackberry Ltd., Sprint Corporation, Visa Inc., AT&T Inc., and others, are trying to increase market demand by investing in research and development operations.


Alipay Co Ltd operates as a third-party payment platform. The company offers account transfer, repayment, payment, small-amount loans, money management, and other services. Launched in 2004, the company works with over 200 domestic financial intuition partners and has progressed from a digital wallet to the lifestyle enabler. Customers can hail a taxi, buy movie tickets, book a hotel, pay utility bills, and make appointments with doctors directly from within the app. In September 2022, Alipay, run by Thunes and Ant Group, a global cross-border payments company, joined forces to help the former's European users and merchants to accept payments through Asian companies' mobile wallets. KakaoPay in South Korea, Touch 'n Go in Malaysia, Boost in the Philippines, and Alipay in China are the Asian mobile wallet that would be supported by the partnership.


Mobile, established in the year 2004, is a Saudi-based company that offers integrated services for three main sections; businesses, individuals, and carriers. The company has one of the largest wireless networks by coverage in Saudi Arabia, also the region, and one of the broad FTTH networks in addition to one of the leading data center systems globally. In July 2022, a collaboration between Mobily, a leading Saudi-based telecommunication and digital service provider, and MoneyGram International Inc., a global company of digital P2P payments, announced the launch of MoneyGram's industry-leading international money transfer capabilities on Mobily Pay. With this partnership, a million of of consumers in Saudi Arabia will instantly send money internationally with the use of the Mobily Pay mobile wallet.


Key Companies in the Mobile Wallet market include




  • Google Inc.




  • Apple Inc.




  • MasterCard Incorporated




  • Mobile




  • Alipay Co Ltd.




  • Samsung Electronics Co Ltd.




  • American Express




  • Blackberry Ltd.




  • Sprint Corporation




  • Visa Inc.




  • AT&T Inc.




Mobile Wallet Industry Developments


July 2022: A multifunctional digital wallet has been launched by Google, which will allow users to store and use digital credentials like identity cards and health permits, transit and event tickets, payment cards, and hotel keys.


February 2022: The plans in order to implement Tap to Pay on iPhone were announced by Apple. A large number of merchants in the US, from small shops to large retailers, would be able to utilize their iPhones for accepting contactless debit and credit cards and several other digital wallets with convenient taps, without any additional hardware or payment terminal requirement.


July 2017: MasterCard and KFH announced the launch of an innovative Mobile Wallet Payment Service. This is an outstanding platform that will assist in transforming any associated device into a commerce device to easily receive and make payments.


Mobile Wallet Market Segmentation


Mobile Wallet Mode of Payment Outlook




  • NFC




  • Remote Payment




Mobile Wallet Type Outlook




  • Proximity




  • Remote




Mobile Wallet Regional Outlook




  • North America






  • US




  • Canada






  • Europe






  • Germany




  • France




  • UK




  • Italy




  • Spain




  • Rest of Europe






  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America







Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 1.8 Billion
Market Size 2023 USD 2.32 Billion
Market Size 2032 USD 17.7 Billion
Compound Annual Growth Rate (CAGR) 17.7% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Mode of Payment, Type, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil
Key Companies Profiled Google Inc., Apple Inc., MasterCard Incorporated, Mobily, Alipay Co Ltd., Samsung Electronics Co Ltd., American Express, Blackberry Ltd., Sprint Corporation, Visa Inc., AT&T Inc.  
Key Market Opportunities Rising utilization of smartphones.
Key Market Dynamics Increase demand for internet-connected devices.


Frequently Asked Questions (FAQ) :

The global Mobile Wallet market size valued at USD 1.8 Billion in 2022.

The global market is foreseen to grow at a CAGR of 17.7% throughout the forecast period, 2023-2032.

North America had the largest share of the global market

The key players in market are Google Inc., Apple Inc., MasterCard Incorporated, Mobily, Alipay Co Ltd., Samsung Electronics Co Ltd., American Express, Blackberry Ltd., Sprint Corporation, Visa Inc., and AT&T Inc.

The NFC category dominated the market in 2022.

The proximity had the largest share in the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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