PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1682820
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1682820
The global mobile wallet market is experiencing significant growth, driven by the increasing adoption of smartphones and the convenience of digital payments. In 2024, the market size is estimated at USD 15.9 billion and is projected to reach USD 113.1 billion by 2032, advancing at a compound annual growth rate (CAGR) of 28.5% during the forecast period.
This growth is primarily attributed to the convenience offered to consumers by this technology to make transactions from any location. It facilitates consumers with managing their payment accounts easily, with quick funds transfers.
Key Insights
The mobile wallet market is segmented by application into retail and e-commerce, hospitality and transportation, banking, and vending machines. The retail and e-commerce category holds the largest share, attributed to the widespread adoption of mobile wallets for online shopping and in-store purchases, enhancing customer convenience and transaction efficiency.
A growing trend in the mobile wallet market is biometric authentication, along with AI-based fraud detection. Fingerprint scanning, facial recognition, and voice verification are becoming common in most mobile wallets for smooth and secure transactions. Real-time transaction monitoring, using AI algorithms to track the patterns of transactions to pinpoint anomalies, decreases fraud potential.
The Asia-Pacific (APAC) region holds the largest market share and is also the fastest-growing region, driven by the high adoption rate of smartphones, increasing internet penetration, and a growing preference for digital payment methods. Countries like China and India are leading this growth due to supportive government initiatives promoting cashless economies and the proliferation of e-commerce platforms.
The mobile wallet market is fragmented, with numerous players offering a variety of products to cater to diverse consumer needs. Major companies in the market include PayPal Holdings Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., and Alipay. These companies are continually innovating and expanding their mobile wallet offerings to enhance user experience and security features.