BANKING, FINANCIAL SERVICES & INSURANCE
Global Mobile Wallet Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Mobile Wallet Market, By Type (Open, Semi-closed, Closed), Ownership (Banks, Telecom Operators, Device Manufacturers, Tech Companies), Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-based), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global mobile wallet market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
A mobile wallet, also known as a digital wallet, is a software application that enables users to securely store and manage payment information on their mobile devices. It allows users to conduct transactions such as payments, money transfers, and receipts via their smartphones or tablets. Mobile wallets use encryption to protect sensitive data and frequently use Near Field Communication (NFC) and biometric verification to ensure secure transactions. The mobile wallet market includes a wide range of technologies and services that enable digital financial transactions. It entails creating and implementing mobile wallet apps, integrating them with payment gateways, and offering security measures. Growing smartphone adoption, consumer desire for digital payments, and financial technology developments are driving the market.
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Market Dynamics
DRIVERS
- Rising adoption of mobile payments for convenience.
- Increased security and fraud prevention measures.
RESTRAINTS
- Concerns over data privacy and security breaches.
- Limited acceptance among certain merchants or regions.
OPPORTUNITIES
- Expansion into underbanked and emerging markets.
- Integration with emerging technologies like AI and blockchain.
CHALLENGES
- Maintaining user trust and managing security risks.
- Navigating diverse regulatory environments globally.
SEGMENTATION
- Type
- Open
- Semi-closed
- Closed
- Ownership
- Banks
- Telecom Operators
- Device Manufacturers
- Tech Companies
- Technology
- Near Field Communication (NFC)
- Optical/QR Code
- Digital Only
- Text-based
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, segments, and key players as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- PayPal Holdings Inc
- Barclays Plc
- Google LLC
- American Express Company
- Allied Wallet
- Inc J.P. Morgan Chase &Co
- Vodafone Group PLC
- Ant Financial Services Group
- Skrill Ltd
- First Data Corporation (Fiserv)
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Mobile Wallet Market, by Type
- 3.2 Global Mobile Wallet Market, by Ownership
- 3.3 Global Mobile Wallet Market, by Technology
- 3.4 Global Mobile Wallet Market, by Geography
- 3.5 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.6 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Increasing smartphone penetration and internet connectivity.
- 5.1.2 Growth in contactless payments and digital transactions.
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Rising adoption of mobile payments for convenience.
- 5.2.2 Increased security and fraud prevention measures.
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 Concerns over data privacy and security breaches.
- 5.3.2 Limited acceptance among certain merchants or regions.
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Expansion into underbanked and emerging markets.
- 5.4.2 Integration with emerging technologies like AI and blockchain.
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Maintaining user trust and managing security risks.
- 5.5.2 Navigating diverse regulatory environments globally.
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL MOBILE WALLET MARKET, BY TYPE
- 6.1 Type Summary
- 6.2 Market Attractive Index
- 6.3 Global Mobile Wallet Market, by Type (2019-2032)
- SECTION 7 - GLOBAL MOBILE WALLET MARKET, BY OWNERSHIP
- 7.1 Ownership Summary
- 7.2 Market Attractive Index
- 7.3 Global Mobile Wallet Market, by Ownership (2019-2032)
- SECTION 8 - GLOBAL MOBILE WALLET MARKET, BY TECHNOLOGY
- 8.1 Technology Summary
- 8.2 Market Attractive Index
- 8.3 Global Mobile Wallet Market, by Technology (2019-2032)
- SECTION 9 - GLOBAL MOBILE WALLET MARKET, BY GEOGRAPHY
- 9.1 Regional Summary
- 9.2 Market Attractive Index
- 9.3 Global Mobile Wallet Market, by Geography (2019-2032)
- SECTION 10 - NORTH AMERICA MOBILE WALLET MARKET
- 10.1 North America Summary
- 10.2 Market Attractive Index
- 10.3 North America Mobile Wallet Market, by Type (2019-2032)
- 10.4 North America Mobile Wallet Market, by Ownership (2019-2032)
- 10.5 North America Mobile Wallet Market, by Technology (2019-2032)
- 10.6 North America Mobile Wallet Market, by Country (2019-2032)
- 10.6.1 U.S.
- 10.6.2 Canada
- 10.6.3 Mexico
- 10.6.4 Rest of North America
- SECTION 11 - EUROPE MOBILE WALLET MARKET
- 11.1 Europe Summary
- 11.2 Market Attractive Index
- 11.3 Europe Mobile Wallet Market, by Type (2019-2032)
- 11.4 Europe Mobile Wallet Market, by Ownership (2019-2032)
- 11.5 Europe Mobile Wallet Market, by Technology (2019-2032)
- 11.6 Europe Mobile Wallet Market, by Country (2019-2032)
- 11.6.1 Germany
- 11.6.2 U.K.
- 11.6.3 France
- 11.6.4 Italy
- 11.6.5 Spain
- 11.6.6 Russia
- 11.6.7 The Netherlands
- 11.6.8 Belgium
- 11.6.9 Turkey
- 11.6.10 Rest of Europe
- SECTION 12 - ASIA-PACIFIC MOBILE WALLET MARKET
- 12.1 Asia-Pacific Summary
- 12.2 Market Attractive Index
- 12.3 Asia-Pacific Mobile Wallet Market, by Type (2019-2032)
- 12.4 Asia-Pacific Mobile Wallet Market, by Ownership (2019-2032)
- 12.5 Asia-Pacific Mobile Wallet Market, by Technology (2019-2032)
- 12.6 Asia-Pacific Mobile Wallet Market, by Country (2019-2032)
- 12.6.1 China
- 12.6.2 India
- 12.6.3 Japan
- 12.6.4 South Korea
- 12.6.5 Singapore
- 12.6.6 Malaysia
- 12.6.7 Australia
- 12.6.8 Thailand
- 12.6.9 Philippines
- 12.6.10 Rest of Asia-Pacific
- SECTION 13 - SOUTH AMERICA MOBILE WALLET MARKET
- 13.1 South America Summary
- 13.2 Market Attractive Index
- 13.3 South America Mobile Wallet Market, by Type (2019-2032)
- 13.4 South America Mobile Wallet Market, by Ownership (2019-2032)
- 13.5 South America Mobile Wallet Market, by Technology (2019-2032)
- 13.6 South America Mobile Wallet Market, by Country (2019-2032)
- 13.6.1 Brazil
- 13.6.2 Argentina
- 13.6.3 Chile
- 13.6.4 Colombia
- 13.6.5 Rest of South America
- SECTION 14 - MIDDLE EAST AND AFRICA MOBILE WALLET MARKET
- 14.1 Middle East and Africa Summary
- 14.2 Market Attractive Index
- 14.3 Middle East and Africa Mobile Wallet Market, by Type (2019-2032)
- 14.4 Middle East and Africa Mobile Wallet Market, by Ownership (2019-2032)
- 14.5 Middle East and Africa Mobile Wallet Market, by Technology (2019-2032)
- 14.6 Middle East and Africa Mobile Wallet Market, by Country (2019-2032)
- 14.6.1 Kingdom of Saudi Arabia
- 14.6.2 South Africa
- 14.6.3 U.A.E.
- 14.6.4 Egypt
- 14.6.5 Rest of Middle East and Africa
- SECTION 15 - COMPANY SHARE ANALYSIS
- 15.1 Global Mobile Wallet Market, Company Share Analysis
- 15.2 North America Mobile Wallet Market, Company Share Analysis
- 15.3 Europe Mobile Wallet Market, Company Share Analysis
- 15.4 Asia-Pacific Mobile Wallet Market, Company Share Analysis
- SECTION 16 - COMPANY PROFILES
- 16.1 PayPal Holdings Inc
- 16.1.1 Company Snapshot
- 16.1.2 Financial Overview
- 16.1.3 Product Portfolio
- 16.1.4 Recent Developments
- 16.2 Barclays Plc
- 16.2.1 Company Snapshot
- 16.2.2 Financial Overview
- 16.2.3 Product Portfolio
- 16.2.4 Recent Developments
- 16.3 Google LLC
- 16.3.1 Company Snapshot
- 16.3.2 Financial Overview
- 16.3.3 Product Portfolio
- 16.3.4 Recent Developments
- 16.4 American Express Company
- 16.4.1 Company Snapshot
- 16.4.2 Financial Overview
- 16.4.3 Product Portfolio
- 16.4.4 Recent Developments
- 16.5 Allied Wallet
- 16.5.1 Company Snapshot
- 16.5.2 Financial Overview
- 16.5.3 Product Portfolio
- 16.5.4 Recent Developments
- 16.6 Inc J.P. Morgan Chase &Co
- 16.6.1 Company Snapshot
- 16.6.2 Financial Overview
- 16.6.3 Product Portfolio
- 16.6.4 Recent Developments
- 16.7 Vodafone Group PLC
- 16.7.1 Company Snapshot
- 16.7.2 Financial Overview
- 16.7.3 Product Portfolio
- 16.7.4 Recent Developments
- 16.8 Ant Financial Services Group
- 16.8.1 Company Snapshot
- 16.8.2 Financial Overview
- 16.8.3 Product Portfolio
- 16.8.4 Recent Developments
- 16.9 Skrill Ltd
- 16.9.1 Company Snapshot
- 16.9.2 Financial Overview
- 16.9.3 Product Portfolio
- 16.9.4 Recent Developments
- 16.10 First Data Corporation (Fiserv)
- 16.10.1 Company Snapshot
- 16.10.2 Financial Overview
- 16.10.3 Product Portfolio
- 16.10.4 Recent Developments
- SECTION 17 - RELATED REPORTS
- SECTION 18 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.