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Mobile Wallet Market Size
- Report ID: GMI2653
- Published Date: Aug 2023
- Report Format: PDF
Mobile Wallet Market Size
Mobile Wallet Market size was valued at USD 318.5 billion in 2022 and is predicted to register at a CAGR of 18.5% between 2023 and 2032, driven by the widespread adoption of smartphones and internet connectivity. According to the International Telecommunication Union, in 2022, 73% of people worldwide who are ten years or older owned a mobile phone. As more people gain access to smartphones, they become increasingly inclined to use mobile wallets for a range of transactions, from everyday purchases to bill payments.
Mobile wallets provide a convenient and secure way for users to make digital payments for various goods and services. The ease of linking bank accounts, credit cards, and other payment methods to mobile wallets allows users to quickly and effortlessly complete transactions, reducing the need for physical cash or cards.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Mobile Wallet Market Size in 2022: | USD 318.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 18.5% |
| 2032 Value Projection: | USD 1.95 Trillion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 272 |
| Tables, Charts & Figures: | 313 |
| Segments covered: | Type, Ownership, Technology, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The COVID-19 pandemic accelerated the adoption of contactless payment methods, including mobile wallets, due to hygiene concerns associated with physical cash and payment cards. The BIS Committee on Payments and Market Infrastructures (CPMI)'s Red Book Statistics show that contactless transactions accounted for the majority of all card transactions in 2020, surpassing their level from 2015. Mobile wallets offer a touchless way to complete transactions, aligning with changing consumer preferences and safety measures, thus accelerating the mobile wallet market growth.
However, despite advancements in security measures, concerns about data breaches, identity theft, and unauthorized access to mobile wallets remain. Users are often cautious about storing sensitive financial information on their smartphones, fearing potential vulnerabilities and security lapses. In some regions, particularly in rural or less-developed areas, there may be inadequate technological infrastructure and limited internet connectivity. This can hinder the widespread adoption of mobile wallets, as users require reliable connectivity to make transactions and access their digital wallets.
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Mobile Wallet Market Scope
