Global Mobile Wallet Market to Grow at 15.09% During 2025-2033, Impelled by Increasing Preference for Cashless Payment Method

November 13, 2024 | Technology & Media

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According to the latest report by IMARC Group, titled "Mobile Wallet Market Report by Type (Proximity, Remote), Application (Retail, Hospitality and Transportation, Telecommunication, Healthcare, and Others), and Region 2025-2033," the global mobile wallet market size reached USD 195.6 Billion in 2024. Mobile wallet is an online application and software program that aids individuals in making digital payments via the internet. Additionally, it involves the utilization of near-field communication (NFC) chip and QR codes technologies that facilitate the exchange of digital contents while securing the transaction process. It is generally accessible through installed or built-in applications that enable users to store debit and credit cards details. As a result, it offers enhanced convenience, a safer shopping experience, a wide range of uses, and an easy access as well as cashback and discounts coupons, due to which it is gaining widespread prominence among the masses.

Global Mobile Wallet Market Trends:

The global market is primarily driven by the increasing penetration of high-speed internet connectivity. Coupled with the rising adoption rates of tablets and smartphones among the masses, this is creating a positive outlook for the market. Along with this, continual improvements in the information technology (IT) and financial sectors are also providing a boost to the market growth. Furthermore, the sudden outbreak of coronavirus disease (COVID-19) has facilitated the adoption of digital payment methods in an attempt to maintain social distancing and minimize the spread of the virus, thereby positively influencing the market growth across the globe. In line with this, increasing government initiatives to promote cashless payments via mobile wallets is also driving the growth of the market. Other factors, including rapid digitization, the rising investments by key players to develop robust marketing strategies and celebrity endorsements, along with improvements in e-commerce infrastructure, are also projected to drive the market further. Looking forward, IMARC Group expects the market to reach USD 701.0 Billion by 2033, exhibiting a growth rate (CAGR) of 15.09% during 2025-2033.

Market Summary:

On the basis of the type, the market has been bifurcated into proximity and remote.
Based on the application, the market has been segmented into retail, hospitality and transportation, telecommunication, healthcare and others.
On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Alipay.com (Alibaba Group Holding Limited), Amazon Web Services Inc. (Amazon.com Inc), American Express Company, Apple Inc., Google LLC (Alphabet Inc.), Mastercard Incorporated, Paypal Holdings Inc., Samsung Electronics Co. Ltd., Squareup Pte. Ltd. and Visa Inc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Alipay.com (Alibaba Group Holding Limited), Amazon Web Services Inc. (Amazon.com Inc), American Express Company, Apple Inc., Google LLC (Alphabet Inc.), Mastercard Incorporated, Paypal Holdings Inc., Samsung Electronics Co. Ltd., Squareup Pte. Ltd. and Visa Inc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Mobile Wallet Market to Grow at 15.09% During 2025-2033, Impelled by Increasing Preference for Cashless Payment Method

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