Mobile Wallet Market Size Worth $ 88.05 Billion By 2032 | CAGR: 28.0%

The global mobile wallet market size is expected to reach USD 88.05 billion by 2032, according to a new study by Polaris Market Research. The report “Mobile Wallet Market Share, Size, Trends, Industry Analysis Report, By Technology (Remote, Proximity), By Application (Retail & E-commerce, Vending Machine, Banking, Hospitality & Transportation, Others), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

As more people around the world adopt and use mobile phones, the potential user base for mobile wallets expands. This trend is reinforced by the growing accessibility and affordability of smartphones. Simultaneously, the increasing number of internet subscribers contributes significantly to the widespread adoption of digital services, including mobile wallets, which often rely on internet connectivity for transactions.

Moreover, government initiatives aimed at modernizing the transportation sector play a role in driving the growth of the mobile wallet market. This modernization effort often involves integrating digital payment solutions into transportation systems, making it more convenient for users to pay for services such as public transportation using their mobile wallets. This confluence of factors underscores the dynamic growth of the mobile wallet market, driven by the pervasive use of mobile technology, expanding internet connectivity, and supportive government initiatives.

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In the context of ongoing concerns related to sanitation and a heightened desire to minimize contact between guests and staff in the hospitality and restaurant industry, mobile wallets are expected to play a significant role. The impact of mobile wallets becomes particularly notable in creating a safer and more hygienic environment, addressing the evolving needs in the wake of the COVID-19 pandemic.

The pandemic has accelerated the adoption of online payments as people seek contactless alternatives to traditional payment methods. In this scenario, mobile wallets have gained prominence due to their ability to facilitate germ-free and contactless transactions. Unlike traditional methods that may involve physical contact with point-of-sale (POS) systems or exchange of cash, mobile wallets enable users to complete transactions without direct physical interaction with external systems.

By leveraging mobile wallets, customers can make payments seamlessly using their smartphones, eliminating the need for physical cards or cash. This not only aligns with the heightened hygiene standards necessitated by the pandemic but also caters to the increased demand for contactless payment options in various retail settings, including hospitality and restaurants. In essence, mobile wallets provide a technology-driven solution that enhances safety and convenience, addressing the evolving consumer expectations and industry requirements in the context of health and hygiene concern.

Mobile Wallet Market Report Highlights

• Proximity segment garnered the largest share, primarily due to advent of QR-enabled smartphones   
• Banking segment expected to grow at the fastest rate, on account of rising UPI based small payment transactions
• Asia Pacific held largest share, on account of presence of huge population seeking digital payment solutions
• The key market players include Airtel, Alipay, Amazon Web Services, American Express, Apple, AT&T, Google, Mastercard, PayPal Holdings, Samsung, and Visa.

Polaris Market Research has segmented the mobile wallet market report based on technology, application, and region:

Mobile Wallet, Technology Outlook (Revenue - USD Billion, 2023 - 2032)

• Remote
• Proximity

Mobile Wallet, Application Outlook (Revenue - USD Billion, 2023 - 2032)

• Retail & E-commerce
• Hospitality & Transportation
• Banking
• Vending Machine
• Others

Mobile Wallet, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Mobile Wallet Market Report Scope