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Mobile Wallet Market- Competitive Analysis, Opportunity & Forecast, 2027

Global Mobile Wallet Market Size By Application [Money Transfer, Micropayments, Commercial (Shopping, Bill Payments, Hotel Booking and Payments, Entertainment and Event) and Ticket Payments (Air, Bus, Metro, Train tickets), Coupons], By Ownership [Tech Companies, Banks, Telecompanies, Others], By Technology [Optical/QR Code, Near Field Communication (NFC), Text-Based, Digital], By Region [North America, Europe, Asia Pacific, Middle East & Africa and Latin America], Forecast & Opportunities, 2020-2027

Market Overview

Global Mobile Wallet Market is expected to grow over US$ 280 Billion by 2027 due to rising e-commerce platforms. 

A mobile wallet refers to a virtual payment service operated on a mobile device. The digital wallets operate under financial regulation and offer a convenient way to transfer money digitally. The mobile wallet stores information about debit, credit card, and other bank account details. Instead of paying with cash or cards a consumer can use their smartphone to pay for a wide range of services. As a business- consumer relationships are becoming more digital, transactions between them are evolving more online-based.        

Increasing mobile phone users, internet penetration, rising e-commerce platforms, and consumers' preference to transact more conveniently are the key factors driving the mobile wallet market globally. Moreover, financial tech companies are emerging with many innovative digital platforms and solutions to expand their target audience.                

Fraudulent activities like identity theft, mobile theft, data privacy, cyber threats are some of the factors hindering the growth of the mobile wallet market globally. 

Market Segmentation

Global Mobile Wallet Market can be segmented into Application, Ownership, Technology, and Region.

By Application, Global Mobile Wallet Market can be segmented into Money Transfer, Micropayments, Commercial (Shopping, Bill Payments, Hotel Booking and Payments, Entertainment and Event) and Ticket Payments (Air, Bus, Metro, Train tickets), Coupons.  The commercial segment is leading the market with its largest market share and is expected to grow significantly during the forecasted period of 2020-27. Increasing smartphone users and changing consumers preference to pay online for services like booking, shopping are contributing to the growth of the market.                        

By Ownership, Global Mobile Wallet Market can be segmented into Tech Companies, Banks, Telecompanies, Others. Tech companies segment dominates the mobile wallet market with its largest market share. Amazon, Uber are increasingly interested in investing in mobile wallets to provide integrated banking experiences to consumers. 

By Technology, Global Mobile Wallet Market can be segmented into Optical/QR Code, Near Field Communication (NFC), Text-Based, Digital. The NFC segment dominates the global market with its largest market share. The NFC technology is widely adopted in smart devices which are inducing the mobile wallet market to grow. It is also majorly used in various industries like hospitals, retails, etc.,

By Region, Global Mobile Wallet Market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Regional Analysis

Regionally, Asia pacific mobile wallet market dominates the world market with its largest market share. The rising number of e-commerce platforms like Alibaba and Flipkart are the key drivers of the growth of this market. The increasing number of smartphone users, Internet penetration and technological advancement are also contributing to the growth of the mobile wallet market in this region.

The North American mobile wallet market is expected to grow highest during the forecasted period of 2020-27. Changing consumer preferences and increasing retail players providing mobile wallet services like Starbucks is inducing the market to grow in this region.

Competitor Analysis

The key competitors in Global Mobile Wallet Market are American Express Company, Amazon.com, Ant Financial Services Group, Apple Inc., Allied Wallet, AT&T Inc., Due Inc., Barclays plc, First Data Corporation, ICICI Bank Limited, Google LLC, J.P. Morgan Chase & Co., Mozido Inc., Mastercard Incorporated, One, Communications Limited, One Mobikwik System Pvt Ltd., PayPal Holdings, Inc., Skrill Ltd., Samsung Electronics Co. Ltd., Tencent Holdings Limited., Vodafone Group PLC, Visa Inc., Wells Fargo & Company, Sprint.

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USD $ 4,500.00
Mobile Wallet Market- Competitive Analysis, Opportunity & Forecast, 2027
Report Snapshots

Global Mobile Wallet Market Size By Application [Money Transfer, Micropayments, Commercial (Shopping, Bill Payments, Hotel Booking and Payments, Entertainment and Event) and Ticket Payments (Air, Bus, Metro, Train tickets), Coupons], By Ownership [Tech Companies, Banks, Telecompanies, Others], By Technology [Optical/QR Code, Near Field Communication (NFC), Text-Based, Digital], By Region [North America, Europe, Asia Pacific, Middle East & Africa and Latin America], Forecast & Opportunities, 2020-2027

Market Overview

Global Mobile Wallet Market is expected to grow over US$ 280 Billion by 2027 due to rising e-commerce platforms. 

A mobile wallet refers to a virtual payment service operated on a mobile device. The digital wallets operate under financial regulation and offer a convenient way to transfer money digitally. The mobile wallet stores information about debit, credit card, and other bank account details. Instead of paying with cash or cards a consumer can use their smartphone to pay for a wide range of services. As a business- consumer relationships are becoming more digital, transactions between them are evolving more online-based.        

Increasing mobile phone users, internet penetration, rising e-commerce platforms, and consumers' preference to transact more conveniently are the key factors driving the mobile wallet market globally. Moreover, financial tech companies are emerging with many innovative digital platforms and solutions to expand their target audience.                

Fraudulent activities like identity theft, mobile theft, data privacy, cyber threats are some of the factors hindering the growth of the mobile wallet market globally. 

Market Segmentation

Global Mobile Wallet Market can be segmented into Application, Ownership, Technology, and Region.

By Application, Global Mobile Wallet Market can be segmented into Money Transfer, Micropayments, Commercial (Shopping, Bill Payments, Hotel Booking and Payments, Entertainment and Event) and Ticket Payments (Air, Bus, Metro, Train tickets), Coupons.  The commercial segment is leading the market with its largest market share and is expected to grow significantly during the forecasted period of 2020-27. Increasing smartphone users and changing consumers preference to pay online for services like booking, shopping are contributing to the growth of the market.                        

By Ownership, Global Mobile Wallet Market can be segmented into Tech Companies, Banks, Telecompanies, Others. Tech companies segment dominates the mobile wallet market with its largest market share. Amazon, Uber are increasingly interested in investing in mobile wallets to provide integrated banking experiences to consumers. 

By Technology, Global Mobile Wallet Market can be segmented into Optical/QR Code, Near Field Communication (NFC), Text-Based, Digital. The NFC segment dominates the global market with its largest market share. The NFC technology is widely adopted in smart devices which are inducing the mobile wallet market to grow. It is also majorly used in various industries like hospitals, retails, etc.,

By Region, Global Mobile Wallet Market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Regional Analysis

Regionally, Asia pacific mobile wallet market dominates the world market with its largest market share. The rising number of e-commerce platforms like Alibaba and Flipkart are the key drivers of the growth of this market. The increasing number of smartphone users, Internet penetration and technological advancement are also contributing to the growth of the mobile wallet market in this region.

The North American mobile wallet market is expected to grow highest during the forecasted period of 2020-27. Changing consumer preferences and increasing retail players providing mobile wallet services like Starbucks is inducing the market to grow in this region.

Competitor Analysis

The key competitors in Global Mobile Wallet Market are American Express Company, Amazon.com, Ant Financial Services Group, Apple Inc., Allied Wallet, AT&T Inc., Due Inc., Barclays plc, First Data Corporation, ICICI Bank Limited, Google LLC, J.P. Morgan Chase & Co., Mozido Inc., Mastercard Incorporated, One, Communications Limited, One Mobikwik System Pvt Ltd., PayPal Holdings, Inc., Skrill Ltd., Samsung Electronics Co. Ltd., Tencent Holdings Limited., Vodafone Group PLC, Visa Inc., Wells Fargo & Company, Sprint.

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