Global Mobile Wallet Market Anticipated to Garner $46,006.0

NEW YORK, Oct. 12, 2022 (GLOBE NEWSWIRE) — Research Dive has released a new report on the global market for mobile wallets. According to the report, the global market is forecast Exceed $46,006.0 million and grow with a CAGR of 18.9% in the estimated period 2021-2028. This comprehensive report provides a thorough overview of the current and future situation of the Mobile Wallet market by detailing its key features like growth drivers, growth opportunities, restraints and developments during the forecast period. The report also provides all required and important market statistics to help new players to gain an insight into global market status.

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Impact of the COVID-19 Pandemic on the Mobile Wallet Market

The outbreak of the COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global mobile wallet market. The implementation of lockdown restrictions and social distancing norms forced people to stay indoors to stave off the spread of the virus. Therefore, people started using mobile wallets such as Google Pay and PhonePe for payments to avoid physical contact with others, thus curbing the spread of the virus. These factors have significantly boosted market growth amid the pandemic.

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Factors influencing the growth of the Mobile Wallet market

The key factor behind the growth of the global mobile wallet market is a significant increase in acceptance of mobile wallet payments across numerous industry sectors. Furthermore, the increasing advancements in mobile wallet technology and increasing digitalization across the globe are estimated to bring lucrative opportunities for the growth of the market over the forecast period. However, a lack of awareness of the benefits of using mobile wallets for online payments and buying expensive things over credit cards, cash and debit cards is expected to restrain the growth of the market.

The report segments the global mobile wallet market based on wallet type, payment type, technology and region.
Open the wallet sub-segment to capture the largest market share

The open wallet sub-segment of the wallet type segment is expected to grow massively, raising $16,553.8 million during the forecast period. This growth is mainly due to the increasing demand for open wallets, as they offer users the convenience of transferring money, buying goods and services, and withdrawing funds without restrictions, unlike other types of wallets.

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Sub-segment Point of Sale (POS) with significant growth

The Point of Sale (POS) sub-segment of the Payment Methods segment is expected to reach US$29,359.5 million during the forecast period. This is mainly due to the increasing demand from small businesses for point-of-sale systems due to their multiple benefits.

Rapidly growing QR code sub-segment

The QR code sub-segment of the technology segment is expected to grow tremendously by raising US$15,866.3 million during the forecast period. This growth is mainly due to the increasing use of QR codes for payments due to their high level of security and fast transaction process.

Asia-Pacific mobile wallet market to see maximum growth

The report analyzes the global mobile wallet market in several regions such as Asia Pacific, North America, Europe and LAMEA. Among these, the Asia-Pacific market is expected to reach US$18,025.2 million in the estimated period. This growth is mainly due to the increasing use of mobile transaction methods in emerging countries such as Indonesia, China, India and Malaysia, as well as increasing government initiatives to promote consumer-friendly payment alternatives in this region.

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Major Players of Mobile Wallet Market

The report names some of the leading players operating in the global mobile wallet market including

  1. Amazon Web Services Inc.
  2. American Express Banking Corp.
  3. Vodafone Group PLC
  4. apple inc
  6. AT&T Inc.
  7. MasterCard Incorporated
  8. PayPal Holdings, Inc.
  9. Google Inc.
  10. Samsung Electronics Co.,Ltd and others.

These actors take various initiatives, such as B. Investing in novel product launches, strategic alliances and collaborations, etc. to gain an edge in the global market. Inquire here for a full report

For example, in december 2021, vibesA technology company that offers mobile marketing products and services has launched a mobile wallet as a channel for businesses to deliver dynamic experiences through a persistent presence on consumers’ mobile devices.

Additionally, the report provides numerous industry insights such as key strategic initiatives and developments, new product launches, business performance, Porter’s Five Forces Analysis and SWOT analysis of the major players operating in the global market.

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