Mobile Wallet Market Growth Analysis & Forecast Report | 2023-2030

 As per a recent research report, Global Mobile Wallet Market share is likely to surpass USD 970 billion valuation by 2030

Global mobile wallet market has been growing at an appreciable pace over the past few years. The recent COVID-19 pandemic has encouraged people to opt for cashless alternatives. Emphasis on safe and contactless transactions has encouraged people to get more comfortable with using mobile wallet services for making payments and receiving funds.

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As per a recent report by CDC, contact with a contaminated surface is reported to have a 1 in 10,000 chance of causing an infection. By eliminating reliance on cash and providing a safer method to make transactions online, mobile wallets are an ideal tool for increasing financial inclusion. A study by Forbes revealed that over 76% of Americans use a mobile app for all their financial transactions.

Enlisted are some of the major incentives that are continuing to increase the popularity of these wallets across the globe:

Supportive government initiatives accelerate digital payments in India

With the idea of expanding digital payments beyond the urban areas, the Indian government has encouraged startups and fintech firms to build innovative solutions that will increase digital access to the rural sections of the country. In this context, in 2021, a Mastercard and Amazon-backed firm, ToneTag, revealed that it is working on enabling voice-based digital payments for around 50,000 villages and small towns in India.

Through this initiative, people will be able to use voice in their local dialect to complete a UPI transaction using smartphones. Such efforts undertaken by the governments are likely to encourage companies to come up with strategic business plans that offer creative solutions to the mobile wallet market.

Increasing penetration of smartphones supports mobile wallet uptake

With the boom of e-commerce, smartphones are becoming a go-to for customers to fulfill their shopping needs. To cater to these consumers, manufacturers such as Samsung and Apple are increasingly introducing a range of mobile wallets in these devices. As new wallets are introduced, various offers come along during the launch, attracting users to start utilizing digital wallets if they have not yet started.

Apple’s mobile wallet not only ensures user data security, but also offers them convenience. Users can organize their transit passes, credit and debit cards, boarding passes, identity cards, tickets, keys, rewards cards, and more, all in one place. The mobile wallet is accessible through iPhone and Apple Watch.

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Mobile wallets gain popularity across retail sector

The concept of mobile wallet is gaining traction in the retail market. By generating streams of actionable customer data that can be used to develop new services and tailored deals, digital mobile wallets can be a great deal of value to retailers.

Similar to the mobile wallet services offered by Apple to iPhone users, android smartphone users can access the Google wallet making it convenient for all types of device holders. Integrating with such platforms, retailers can offer better facilities to smartphone users, boost customer loyalty, and drive sales.

Some prominent mobile wallet companies include Ant Financial Services Group, Amazon.com, Inc., Apple Inc., Google LLC, PayPal Holdings, Inc., Mastercard Incorporated, and Samsung Electronics Co. Ltd.

The COVID-19 pandemic has been a crucial force accelerating the digital payments boom in the market. Industry leader PayPal Holdings Inc. added over 14.5 million net new active customers in the first quarter of 2021.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Aashit Tiwari
Corporate Sales, USA
Global Market Insights, Inc.
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