The Global Mobile Wallet Market- Trends, COVID-19 impact and Forecast (2021-2025)
The Mobile Wallet Market is segmented by Type (Remote and Proximity); Technology (Near Field Communication(NFC), QR code, Text-based, Digital only); End-users (Personal and Business); Geography (North America, Europe, APAC and ROW).
Introduction
A mobile wallet is also known as mWallet, or eWallet, is a virtual wallet that stores payment card information on a mobile device. It is a digital form of a debit card, credit card, or prepaid card information used to send or receive payment and to make an online money transaction.
Factors such as shifting trends towards digitalization, growing cashless payments, and online transactions are driving the market demand. However, data security and privacy concerns as well as lack of technical expertise, are some of the factors that are hampering the market growth.
The COVID-19 pandemic has severely impacted the importance of mobile wallet as it is widely used for smooth and contactless transactions. Moreover, the need for this wallet is also increased due to rising purchases through E-commerce websites during this pandemic situation.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Growing adoption of digital-based business model
10.2 Increasing penetration of smartphones and internet accessibility
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 Amazon Web Services
15.2 American Express Banking
15.3 Apple
15.4 Alipay
15.5 AT&T
15.6 Google
15.7 Mastercard
15.8 PayPal
15.9 VISA
15.10 Samsung Electronics
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The Global mobile wallet market is expected to grow to $4,310.40 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 28.72% CAGR.
Based on mobile wallet type, the remote segment dominated the market and is expected to fuel the market growth near future.
APAC is expected to project highest growth rate during the forecast period owing to changing consumer needs and disposable income.
Key Trends
Widespread smartphone adoption and implementation of multi-channel strategies by merchants are likely to create opportunities in the near future.
The rising initiatives by governments for the development of smart cities in various countries is anticipated to drive the market during the forecast period.
Key Market Players
Some of the key players in the market are Amazon Web Services, American Express Banking, Apple, Alipay, AT&T, Google.
In recent years, the key market players are adopting various strategic initiatives such as new product launches and focus on continuous technology innovations, M&A to increase their market share.
Growth Drivers and Challenges
Rise in the adoption of mobile wallet as digital payment-based business models among digital applications is driving the market demand.
The increasing penetration of smartphones and internet access is also one of the key drivers of the market.