With the emergence and long-term Impact of COVID-19, Global Mobile Wallet Market to reach USD 54.48 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Mobile Wallet Market points towards a potential rise to USD 54.48 billion by 2030. A mobile wallet, functioning as an electronic wallet, facilitates seamless payments using credit/debit cards or linked bank accounts, ensuring the security of user data. It functions as a virtual wallet, allowing users to link credit/debit cards or bank accounts for digital payments. Users leverage mobile wallets for various transactions, including mobile recharges, bill payments, booking movies/travel, and transferring money between bank accounts. The market is being propelled by the widespread adoption of smartphones, increased internet penetration, enhanced security features and the shift towards contactless payments.
Geographically, the global Mobile Wallet market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the growing population, widespread smartphone adoption, increasing internet subscribers, and the rapid expansion of the retail and e-commerce sectors in countries such as India and China. Furthermore, government initiatives such as Digital India and Make in India are anticipated to boost smartphone and smart device penetration, leading to a high demand for mobile wallets.
Whereas, Latin America is expected to grow at a significant CAGR over the forecast years. The supportive regulatory frameworks and infrastructure established by governments and financial institutions, coupled with the shift towards contactless payments and convenience and accessibility are significantly propelling the market demand across the region.
The global Mobile Wallet market is highly competitive owing to the presence of several key players such as Amazon Web Services, Inc. Visa Inc. American Express PayPal Holdings Inc. Apple Inc. Google LLC Airtel Mastercard Alipay Samsung Group, and others.
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Key findings of the study suggest:
- Global Mobile Wallet Market is anticipated to grow with a healthy growth rate of more than 28.3% over the forecast period 2023-2030.
- In the Technology segment, Remote emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to widespread smartphone adoption in the region.
- Asia Pacific is expected to grow at higher rate owing to supportive regulatory frameworks and infrastructure established by governments and financial institutions in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Technology:
- Remote
- Proximity
By Application:
- Retail & e-commerce
- Hospitality & transportation
- Banking
- Vending machine
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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