The global mobile wallet market will reach $7,580.1bn by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
The drivers behind this growth are threefold:
- soar in number of mobile subscribers across the globe;
- surge in the adoption of mobile wallet as digital payment-based business model among digital applications;
- increase in government initiatives to encourage cashless economy drive the growth of the global mobile wallet market.
A potential brake on the growth are concerns associated with fraudulent transactions and data security hamper the market growth. Yet this will be mitigated by an increase in mobile POS devices and NFC-enabled handsets. What’s more, mobile banking and inventive mobile payment applications are expected to create lucrative opportunities for the market players in the coming years.
As for COVID-19 and its impact, the key takeaway is that the pandemic has positively affected the global mobile wallet industry.
The outbreak has increased the demand for contactless payment and payments through the use of chip and pin machines.
In terms of regions, Asia-Pacific, followed by North America, dominates the market.
The market across Asia-Pacific held the largest share in 2019, contributing to more than two-fifths of the market. What’s more, the region is expected to register the highest CAGR of 30.5% during the forecast period, owing to the drastic shift to digitalization and internet capabilities in the region.
Major market players:
Amazon Web Services
American Express Banking
The report was put together by Allied Market Research.