Mobile Wallet Market to Generate Revenue Worth $10,097 Billion by 2030

The global mobile wallet market generated revenue of $1,568 billion in 2021, and the market size will advance at a CAGR of 23% during 2021–2030, to reach $10,097 billion by 2030. With the growth in internet penetration across the globe, the widening population of smartphone holders is propelling the market growth.

Numerous digital payment applications, such as Paytm, Google Pay, and MobiKwiK, are available for free downloads. This feature has the potential to significantly personalize customer communications, by tracking each person's specific shopping preferences and needs. A fresh opportunity and the ability to fiercely compete are presented to marketers by such real-time data analyses.

Remote Category Holds Larger Share

The remote category holds the major share, of more than 50%, in the market. In contrast to the proximity category, remote wallets do not require the physical presence of the parties involved in the transaction for authorization. This has made remote mobile wallets extremely popular for shopping online from mobile phones and other smart devices.

Typically, the private information is kept online on cloud servers. Remote wallets can also be linked to additional value-added services and loyalty programs. A centralized stored-value account, which is a feature of many remote wallets, enables users to send and receive payments via the supported payment methods.

The proximity category also holds a significant share due to the growing application of proximity mobile wallets among retailers and businesses for receiving payments without any hassle. These variants work via a proximity interaction between the mobile wallet and the control or acceptance entity. Through this, payments can be made using QR codes, textual codes, and other forms of credentials. Thus, the convenience of transaction offered by this technology is making it popular.

Asia-Pacific Expected To Witness Fastest Growth

Asia-Pacific is set to grow the fastest during the forecast period owing to the growing adoption of online payment applications across Japan, India, and China.

Furthermore, by recording locations and purchase histories in the cloud and using sophisticated location tracking capabilities, mobile wallets give their users simple and customized purchasing experiences. Additionally, they give vendors and retailers the possibility to market their goods and services successfully and boost customer loyalty, both of which have encouraged their use by shops all over the world.

India, which is a developing nation, is focusing on the digital transaction space. The government has implemented various initiatives to promote a cashless economy. A variety of digital wallets are now available to consumer in the country, including UPI, Aadhaar Pay, BHIM, and Payment Banks, which are revolutionizing the payment process.

Moreover, the flourishing e-commerce sector is paying the way for the mobile wallet market revenue rise. Various e-commerce websites, such as Amazon and Flipkart, have their own mobile wallets, through which they offer attractive deals and hassle-free payments.

Some of the major players with lucrative mobile wallet market growth prospects are Amazon Web Services Inc., PayPal Holdings Inc., Mastercard Incorporated, Visa Inc., Samsung Electronics Co. Ltd., Google Inc., and Alipay.