New Delhi, May 05, 2022 (GLOBE NEWSWIRE) — The global mobile wallets market is growing at a high CAGR owing to the growing number of smartphones and growing consumer awareness of convenient payment options via mobile wallets…
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global mobile wallet market is expected to grow at a CAGR of 25% during the forecast period 2022-2028. The Global mobile wallet market is booming due to increasing smartphone penetration and internet accessibility. Rising adoption of mobile wallets by small and medium enterprises as well as local businesses is also expected to drive the market growth over the forecast period. Additionally, the growing number of mobile wallet launches by banks, tech companies, etc. that offer lucrative rebates and cash back are expected to provide growth opportunities to the market in the coming years.
Booming e-commerce industry and cross-border trade drive mobile wallet market
The expansion of the e-commerce industry is significantly propelling the growth of the mobile wallet market. Online shopping apps automatically record user payment data, allowing customers to easily make subsequent payments. Popular e-commerce platforms like Amazon, Walmart, etc. are launching their in-app mobile wallets that offer steep discounts on online transactions. Additionally, other platforms partner with banks and other vendors to offer deals and discounts. All these factors are driving the growth of the market significantly.
The launch of new features and additions is planned to propel the growth of the market
With the increasing number of mobile wallet platforms and increasing competitiveness, platforms are investing heavily in research and development activities to launch new features to attract customers. They also constantly focus on updating their interface to make it as user-friendly as possible. For example, Vibes, a mobile engagement platform, recently launched Mobile Wallet as a Channel, a platform designed to help retailers use native mobile wallet apps and offers features like instant messaging. real via mobile wallets.
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Mobile Wallet Market – By Technology
Based on technology, the global mobile wallet market is categorized into near field communication (NFC), optical/QR code, digital and text. Near Field Communication (NFC) holds the largest market share. This technology is widely used during in-store payments to communicate between devices. Popular mobile wallets such as Google pay are the platforms that use NFC technology to boost contactless payment in smartphones or tap-to-pay credit and debit cards. Near field communication is also effective in supporting encrypted and highly secure payments, which plays a crucial role in propelling the growth of the mobile wallet market.
Mobile Wallet Market – Regional Overviews
Geographically, the global mobile wallet market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America dominates the mobile wallet, followed by Europe and Asia-Pacific. However, Middle Eastern countries such as Saudi Arabia, Israel, Turkey, Iran, etc. are also showing substantial growth. According to a report in Arab News, mobile wall usage in Egypt grew by 160% in 2021 alone, with a total of 227 million transactions completed. The booming e-commerce industry is expected to become a driving force for the mobile wallet in the Middle East.
Please find the press release of the Mobile wallet market: https://www.blueweaveconsulting.com/press-release/mobile-wallet-market-to-grow-at-a-cagr-of-25-through-2028
Impact of COVID-19 on the Mobile Wallet Market
The unprecedented spread of COVID-19 has resulted in significant growth opportunities for the mobile wallet market. The lockdown imposed by various countries to mitigate the spread of the virus has had a negative impact on businesses by hampering their operations. For this, mobile wallets have emerged as an effective solution to maintain cash flow and keep the business floating amid restrictions. Additionally, the skyrocketing reliance on e-commerce platforms for daily necessities has become a driving factor for the mobile wallet market. The market is also expected to flourish over the forecast period as it facilitates contactless payment which helps to ensure social distancing norms.
The major players in the mobile wallet market are Amazon Web Services Inc., VISA Inc., American Express Banking Corp., PayPal Holdings, Inc., Apple Inc., Mastercard Incorporated, Samsung Electronics Co., Ltd., Alipay.com, Google Inc., AT&T Inc., Ant Financial Services Group, Wells Fargo & Company, Tencent Holdings Limited, Barclays plc, Skrill Ltd., Due Inc., One Communications Limited, First Data Corporation, JP Morgan Chase & Co., ICICI Bank Limited and other leading players.
The market is highly concentrated and dominated by a handful of players such as PayPal, Google Pay, Amazon Pay, etc. The presence of global industry players makes the market dense for new entrants. Companies offer discounts to attract customers’ attention and invest significantly in R&D activities to launch attractive features. They also prominently adopt organic market strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead of the competition.
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The report’s in-depth analysis provides insights into the Mobile Wallet market’s growth potential, upcoming trends, and statistics. It also highlights the factors driving the forecast of the total market size. The report promises to provide recent Mobile Wallet market technology trends and industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
- In January 2022, EMQ, a Hong Kong-based financial technology company, announced the expansion of its global payment capabilities by enabling real-time payments to major mobile wallets in Indonesia.
- In January 2022, HUMBL, Inc., a US-based merchant services software company, announced the addition of BLOCKS to its HUMBL Pay mobile wallet that will allow customers to purchase BLOCKS through gasless peer-to-peer transactions. .
|Years considered||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in billions of dollars|
|Market coverage||United States, Canada, Germany, United Kingdom, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, United Arab Emirates, South Africa, Saudi Arabia|
|Product Service/Segmentation||By type, by property, by technology, by region|
|Key players||Amazon Web Services Inc., VISA Inc., American Express Banking Corp., PayPal Holdings, Inc., Apple Inc., Mastercard Incorporated, Samsung Electronics Co., Ltd., Alipay.com, Google Inc., AT&T Inc., Ant Financial Services Group, Wells Fargo & Company, Tencent Holdings Limited, Barclays plc, Skrill Ltd., Due Inc., One Communications Limited, First Data Corporation, JP Morgan Chase & Co., ICICI Bank Limited and other leading players .|
- Telecom operators
- Device manufacturers
- Technology companies
- Near Field Communication (NFC)
- Optical/QR code
- North America
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
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