The mobile wallet market transaction value is expected to reach $72.95 trillion in 2026, according to a new report by GlobalData Plc. Increasing smartphone penetration coupled with growing internet adoption across the globe is anticipated to drive the mobile wallet market growth over the forecast period. Additionally, ease of transaction offered by mobile wallets makes them a preferred choice amongst customers.
Mobile Wallet Market Share By Region, 2019 – 2026
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Mobile Wallet Market FAQs
The mobile wallet market transaction value globally is estimated to be valued at $54.01 Trillion in 2023.
The global mobile wallet market is expected to grow at a CAGR of 10.6% over the forecast period (2023-2026).
Factors such as inclination towards convenience, growing e-commerce transactions, and growing adoption contactless payments are some of the major factors driving the market growth.
The leading mobile wallet companies are Alibaba Group Holding Ltd, Apple Inc, Google LLC, Huawei Technologies Co Ltd, Kakao Pay Corp, Mercado Libre Inc, PayPal Holdings Inc, and Samsung Electronics Co Ltd.
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Mobile Wallet Market Dynamics
Over the past five years, with further acceleration due to the COVID-19 pandemic, mobile wallets have become a preferred mode of payment worldwide. Consumers have been able to derive numerous benefits from mobile payments, such as convenience, eliminating the need to carry cards/cash, and contactless payments, thereby making day-to-day transactions easier.
However, fear around security of wallet transactions is widespread and act as a significant barrier to the pervasive adoption of mobile wallets. Fueled by fear of data breaches, individuals are concerned about the possibility of payment frauds. However, as more companies offer services that provide protection to consumer’s personal data, the adoption of mobile wallets is anticipated to grow in the coming years.
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Mobile Wallet Market Report Highlights
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Mobile Wallet Market Scope
GlobalData Plc has segmented the mobile wallet market report by region:
Global Mobile Wallet Regional Outlook (Transaction Value, $ Billion; Transaction Volume, Billion, 2019-2026)
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