Home > Media & Technology > Next Generation Technologies > Fintech > Mobile Wallet Market

Mobile Wallet Market Analysis

Report ID: GMI2653
Published Date: Aug 2023
Report Format: PDF

Download Free Sample

Mobile Wallet Market Analysis

Mobile Wallet Market Revenue, By Ownership,

The mobile wallet market from tech companies segment is set to grow at a CAGR of 18% between 2023 and 2032. Mobile wallet ownership is on the rise among tech companies due to the convergence of digital innovation and the need for streamlined transactions. Tech giants like Apple, Google, and Samsung have integrated mobile wallet features into their ecosystems, capitalizing on their vast user bases.

For instance, Apple's Apple Pay leverages its user-friendly interface and biometric security measures to enhance the digital payment experience. Moreover, the trend toward "super apps," where multiple services are consolidated into one platform, is pushing tech companies to offer comprehensive mobile wallet solutions, driving their ownership within the industry.

Learn more about the key segments shaping this market

Download Free Sample

The mobile wallet market from optical/QR code segment held around USD 200 billion in revenue in 2022, led by its simplicity, speed, and compatibility. QR codes offer an efficient way to transmit payment information, eliminating the need for manual entry and reducing errors. Companies like PayPal's Venmo and China's Alipay have successfully integrated QR code scanning for person-to-person payments, enabling users to quickly exchange funds by scanning codes. Additionally, QR codes are versatile and applicable in various contexts beyond payments, such as ticketing, loyalty programs, and product information retrieval, making them a versatile and user-friendly choice for mobile wallet interactions.

Asia Pacific Mobile Wallet Market Revenue

Looking for region specific data?

Download Free Sample

Asia Pacific mobile wallet market accounted for 55% of the revenue share in 2022, due to a combination of factors. High smartphone penetration and increasing digital literacy are driving the adoption of mobile wallets for convenient and secure transactions. Notably, countries like China and India have witnessed substantial growth, with platforms like WeChat Pay, Alipay, and Paytm becoming integral to daily life, encompassing payments, e-commerce, and financial services. Additionally, government initiatives promoting cashless economies and the availability of diverse services within mobile wallet ecosystems further contribute to the industry's flourishing growth in the region.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of mobile wallet reached USD 318.5 billion in 2022 and is set to grow at over 18.5% CAGR from 2023 to 2032, due to the widespread adoption of smartphones and internet connectivity worldwide.

The optical/QR code segment was valued at USD 200 billion revenue in 2022, on account of its simplicity, speed, and compatibility.

Asia-Pacific market recorded over 55% of revenue share in 2022, owing to the growing smartphone penetration and increasing digital literacy in the region.

PayPal Holdings Inc., Barclays Plc, Google LLC, American Express Company, Allied Wallet, Inc., J.P. Morgan Chase &Co., Vodafone Group PLC, Ant Financial Services Group, and Skrill Ltd. are some of the major mobile wallet companies worldwide.