The global mobile wallet market is forecasted to expand at a stupendous CAGR of 22% from 2023 to 2033, according to the latest data provided by Fact.MR, a provider of market research and competitive intelligence. As such, global demand for mobile wallets is estimated to reach a market value of US$ 1965 billion by the end of 2033. Increasing adoption of intelligent devices and growing penetration of the Internet are key factors projected to bolster the demand for mobile wallets.
Increasing government initiatives for the development of smart cities across various countries are predicted to drive the demand for mobile wallets for online payments. The emergence of numerous e-Commerce platforms along with rapid urbanization is also expected to contribute to market opportunities owing to increasing adoption of mobile payments.
A mobile wallet is basically a virtual wallet that can be operated easily through a smartphone to augment cost-effectiveness and operational efficiency by reducing processing fees. Easy payments are ensured by these wallets with the security of users’ data. Different transactions, including money transfers, travel/movie bookings, bill payments, and mobile recharge can be easily completed through mobile wallets.
Key Takeaways from Market Study
· The global mobile wallet market stands at a valuation of US$ 269 billion in 2023.
· Worldwide demand for mobile wallets is estimated to surge at a CAGR of 22% from 2023 to 2033.
· The global industry is forecasted to reach US$ 1965 billion by the end of 2033.
· Asia Pacific held around 30% share of the global market in the year 2022.
· Sales of proximity mobile wallets are predicted to rise at a high-value CAGR of 25% from 2023 to 2033.
· The retail & e-Commerce segment held 31% of global revenue share in 2022.
Cashback Services by Mobile Wallet Companies
The mobile wallet companies are offering various provocations to customers through cashback and discounts to attract them. Amazon Pay offers cashback to trade activities, which are conducted through this platform. These kinds of encouragements and offers are estimated to fast breed the requirements for mobile wallets.
Banking and other payment application players are pushed by government to encourage cashless payments through mobile wallets at merchant channels. These initiatives by government to promote cashless and digital programs are expected to improve cybersecurity across the globe, which will stimulate adoption of different mobile wallets.
Winning Strategy
Industry players are involved in mergers, acquisitions, etc., to offer more effective services and expand their footprints globally.
