The Global Mobile Wallet Market size is expected to reach $30.2 billion by 2028, rising at a market growth of 27.0% CAGR during the forecast period

Customers can conduct transactions using a mobile wallet from any location at any time, including while travelling. It not only offers inexpensive transaction services but also makes it simple for customers to manage their accounts.

New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Global Mobile Wallet Market Size, Share & Industry Trends Analysis Report By Technology, By Application, By Regional Outlook and Forecast, 2022 – 2028" -
Despite the fact that these limitations are widespread, businesses in the telecommunications sector are working together to innovate new and better products and services that will better meet the demands of their customers.

A completely new dimension is provided by mobile wallets for retail sales to enhance their commercial presence. Mobile devices give clients a simple method to pay, but they also open up a new line of communication for businesses and financial institutions with their clientele. In addition, mobile devices make it simple to send and collect data; they may operate specialized programmes and keep track of their position.

The ability to interact with customers about special offers in a way that is focused, practical, and more appropriate to their interests is made possible by mobile connections for retailers and financial institutions. Companies may also create new branded apps which are available for free download. This feature has the potential to significantly personalize customer interactions by tracking each person’s specific buying habits and demands. A fresh opportunity and fierce competition are presented to marketers by such real-time, networked marketing.

COVID-19 Impact Analysis

The majority of key market participants experienced increases in revenues all through the pandemic, despite the fact that most of them acknowledged that the pandemic constituted a risk to their firm and were unsure of its impact. Mobile payments and digital transactions were propelled globally by the pandemic. It has sped up the e-commerce sector’s expansion into new markets, businesses, and product categories. Due to these constraints, mobile wallets have become a practical way to sustain cash flow and maintain the firm afloat.

Market Growth Factors

Growing investment in fintech industry would escalate the growth of mobile wallet

Over the past few years, the fintech sector has grown significantly, prompting banks to push forward with technological investments. For example, Xendit received USD 150 million in a Series C fundraising round in September 2021. The fintech business created cutting-edge digital payment value-added services for clients thanks to this financing. The growing fintech sector investment would open up attractive potential for the growth of the mobile wallet industry. There is an increase in the investments by various companies in the development of various fintech solutions and services.

Higher convenience of mobile wallet

The market is expanding because mobile wallets can conveniently and securely offer possibilities for online bill payments as well as other money transfer services. Additionally, more customers are choosing mobile wallets due to its user-friendly layout, which allows them to collect and make regular payments whenever it’s convenient for them. In addition, the user-friendly interface makes it simple to transact while travelling, which is a significant element anticipated to fuel the market’s growth.

Market Restraining Factors

Growing cases of cyber-attacks across the world

Despite the widespread use of digital payment systems, the threat of cyberattacks could put a stop to the continuous expansion of the industry. Fintech service providers are increasingly vulnerable to different types of cyber breaches as a result of their quick adoption of new technologies and features to meet client requests. This could have an adverse effect on the growth of the mobile wallet market.

Technology Outlook

On the basis of technology, the mobile wallet market is bifurcated into Remote and Proximity. The remote segment garnered a significant revenue share in the mobile wallet market in 2021. It is as a result of communication networks’ increasing adoption of cashless transactions. Customers can utilize their mobile devices to make purchases utilizing a mobile website or SMS text message by employing a remote technology-based mobile wallet.

Application Outlook

Based on application, the mobile wallet market is divided into Retail & E-commerce, Hospitality & Transportation, Banking, Vending Machine and Others. The retail & ecommerce segment recorded the maximum revenue share in the mobile wallet market in 2021. Retailers and online merchants are starting to recognize the potential benefits of taking payments received utilizing a mobile wallet. Retailers who use cashless or contactless payment methods with digital marketing want to increase customer loyalty and data opportunities.

Regional Outlook

Region-wise, the mobile wallet market is analyzed across North America, Europe, Asia Pacific and LAMEA. Asia Pacific emerged as the leading region in the mobile wallet market with the maximum revenue share in 2021. The industry is being driven by factors like increased e-commerce and retail activity in nations like China and India, as well as aspects like rising smartphone use and internet subscriber numbers. Additionally, it is anticipated that growing government efforts like Digital India and Make in India would increase the adoption of smartphones as well as other smart devices, driving up demand for mobile wallets.

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Apple, Inc. and Google LLC are the forerunners in the Mobile Wallet Market. Companies such as Amazon Web Services, Inc. (, Inc.), Samsung Electronics Co., Ltd. (Samsung Group), AT&T Intellectual Property are some of the key innovators in Mobile Wallet Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Amazon Web Services, Inc. (, Inc.), PayPal Holdings, Inc., Ant Group (Alipay) (Alibaba Holding), AT&T, Inc. (AT&T Intellectual Property), Mastercard, Inc., Visa, Inc., and American Express Company.

Recent Strategies Deployed in Mobile Wallet Market

Partnerships, Collaborations and Agreements:

Aug-2022: Alipay came into a partnership with Thunes, a B2B cross-border payments network. This partnership aimed to allow merchants in Europe to accept mobile wallets, which are most popular among Asian clients.

Aug-2022: Alipay formed a partnership with Agoda, a Singapore online travel agency. This partnership aimed to use Alipay+ solutions on the Agoda platform for better customer advantages and rewards.

Aug-2022: Samsung formed a partnership with Paytm, a Digital financial services firm. This partnership aimed to facilitate smart payments and its loan service Paytm Postpaid via the implementation of point-of-sale devices.

Jul-2022: American Express signed an agreement with Cardless, a financial technology firm. This agreement aimed to empower certain countries’ most recognized brands incorporating travel providers and retailers to effortlessly introduce digital-first cards using the Cardless platform, backed by the advantages, offers, and safety of the American Express network.

Jul-2022: Samsung came into a collaboration with ING and NXP Semiconductors. This collaboration aimed to develop a payment method, which includes pointing their mobile phone in the direction of the person who is paying.

Jul-2022: AliPay joined hands with Qatar National Bank (QNB). This partnership aimed to allow millions of consumers to complete their transactions safely, and securely with QNB’s wide merchant network.

Jul-2022: Visa entered into a partnership with Pecunpay, a mobile payments platform. This partnership aimed to introduce the latest solution Visa Direct, which enables consumers to receive and spend money quickly.

Jun-2022: Alipay entered into a partnership with ComfortDelGro Taxi, a leading taxi company in Singapore. This partnership aimed to enable mobile payments from Malaysia and South Korea, named as the Touch ‘n Go eWallet and Kakao Pay.

Jun-2022: Mastercard came into a partnership with PayQuicker, an innovative financial technology leader in the global payouts market. This partnership aimed to provide user-branded virtual and physical cards, involving secured bank accounts and mobile wallet functionality, via a single integration point.

May-2022: Visa came into a partnership with Fundbox, an embedded working capital platform for small businesses. This partnership aimed to strengthen Fundbox’s platform with the capabilities of digital payments.

May-2022: Mastercard entered into a partnership with One Global and i2c. This partnership aimed to offer customized financial solutions, which would allow the issuance of digital mobile wallets in the region. Through this partnership, banks, merchants, fintech, and wallet providers could provide consumers in the region with better access to cutting-edge, digital-first payment solutions and services.

May-2022: Mastercard formed a partnership with HyperPay, an e-commerce payment services provider. This partnership aimed to accelerate the adoption of digital payment solutions in the Middle East and North Africa (MENA). In addition, the companies aimed to assist businesses, governments, and SMEs in the region move from cash to digital.

May-2022: Amazon Web Services (AWS) teamed up with RBL Bank and Amazon Pay. This collaboration aimed to provide UPI payments, which would enable the bank to tap Amazon Pay’s customer base and transaction volumes. In addition, the collaboration aimed at the bank’s presence in the UPI segment with its payment processing platform hosted on AWS.

Apr-2022: PayPal partnered with Ratepay, a part of Nexi Group. Under this partnership, the white label payment by invoice from Ratepay would be provided by any German merchant who operates with PayPal and has been checked accordingly.

Dec-2021: Paypal joined hands with PACE Telematics, a Germany-based software company. This collaboration aimed to allow mobile payment directly at the pump with Apple Watches, smartphones, and Android Smartwatches.

Nov-2021: Amazon Pay entered into a partnership with MakeMyTrip India, a fully owned subsidiary of MakeMyTrip Limited, India’s leading travel group. This partnership aimed to provide travel services on that involves its portfolio of mobile apps and websites. In addition, the partnership aimed to assist Amazon Pay to develop a convenient experience and provide more value for its users with access to MakeMyTrip’s best-in-class travel portfolios.

Aug-2021: PayPal entered into a collaboration with ACI Worldwide, a leading global provider of real-time digital payment software and solutions. This collaboration aimed to bring digital wallet payment options to ACI’s biller customers such as Monroe County Water Authority (MCWA).

Jun-2021: Visa formed a partnership with Saudi Payments, owned by the Saudi Central Bank (SAMA). This partnership aimed at introducing a low-cost mobile acceptance solution. The latest ‘Tap to Phone’ solution would operate via mada, Saudi Arabia’s national payments network, to allow merchants, especially small and micro businesses (SMBs) in Saudi Arabia, to accept contactless payments through their smartphone devices utilizing Near-Field-Communication (NFC) technology without investing in a distinct physical device.

Sep-2020: Visa entered into a partnership with Vipps, the leading digital wallet in Norway. This partnership aimed to boost mobile payments in Europe. Visa’s customers and partners would be capable to take benefits of the Vipps platform to develop their own digital wallets and deliver clients better ways to pay, be paid, and maintain their money.

Product Launches and Product Expansions:

Aug-2022: American Express unveiled American Express Global Pay, a new digital solution. This solution aimed to allow U.S. companies to safely make domestic as well as international business-to-business (B2B) payments.

Jul-2022: Amazon introduced Amazon Seller Wallet, a solution focused on offering the e-tail giant’s selling partners more capability. The tool would allow third-party Amazon sellers to view, hold, and shift Amazon store proceeds to their bank account on their schedule.

Jun-2022: Apple introduced the latest features for the iPhone’s Wallet app. These features are developed to attract more people to Apple Pay and uptake clients locked into the iOS ecosystem.

Jun-2022: Samsung unveiled Samsung Wallet. This wallet aimed to allow customers to store choose digital keys, boarding passes, identification cards, and more all in one location. In addition, Samsung Wallet would provide customers better access to their payment, loyalty and memberships cards, and more.

May-2022: Google launched a new Google Wallet. This wallet is developed to standardize how customers access and save payment cards, transit as well as event tickets, and vaccine passports.

Mar-2022: Google Pay introduced Tap to Pay for UPI in collaboration with Pine labs. Through these latest features, the customer could just tap their phone on the POS terminal and give authentication to transactions on their phone utilizing their UPI PIN.

Feb-2022: Apple unveiled Tap to Pay on iPhone. The latest capability would empower millions of merchants around the US, from small companies to large retailers, to utilize their iPhone to effortlessly and safely accept Apple Pay, contactless credit & debit cards, and other digital wallets via a simple tap their iPhone, with no additional hardware or payment terminal requirement.

Sep-2021: PayPal launched the new PayPal app, an all-in-one, personalized app. This app provides customers with the best place to operate their financial lives. The latest PayPal app would launch new features incorporating PayPal Savings, a new high-yield savings account, along with new in-app shopping tools that would allow users to earn rewards redeemable for cash back or PayPal shopping credit and deals with hundreds of merchants.

Feb-2021: AT&T México introduced an e-wallet, AT&T ReMo. This product enables customers to initiate online transactions, request a loan, and even withdraw cash. These services would be accessible to customers instead of their phone service carrier.

Acquisitions and Mergers:

Dec-2021: Visa acquired Currencycloud, a global platform. This platform would allow banks and fintech to offer advanced foreign exchange solutions for cross-border payments. The acquisition aimed to empower Visa and Currencycloud customers and partners to deliver more flexibility, transparency, and control for consumers and companies when making international payments or doing business in numerous currencies.

Nov-2021: Mastercard took over Aiia, a leading European open banking technology provider. Under this acquisition, Open banking would empower the customer and small businesses to utilize their financial data to expand access to financial services, like showcasing their financial wellness to expand access to credit, accumulating financial data to enhance personal financial management, and more effortlessly establishing and managing payments.

Aug-2020: American Express took over Kabbage, a financial technology company. This acquisition aimed to support American Express’ objective of being an important partner to small businesses via a wide range of payment, cash flow, and financial management tools.

Aug-2020: Apple acquired Mobeewave, a Canadian-based startup. Through this acquisition, Apple incorporated Apple Pay into its iPhone, which would enable payment with just a tap in retail stores utilizing the phones, and the tech giant introduced its Apple Card, a credit card.

Geographical Expansions:

Aug-2022: Google Wallet expanded its geographical footprint by launching its product in Africa. This expansion aimed to make it easy for customers to save and safely access their payment cards, loyalty cards and boarding passes.

Dec-2020: Amazon unveiled Amazon Payment Services in the Middle East and North Africa (MENA) region. The payment processing service aims to empower businesses with simple, inexpensive, and trusted online payment experiences.

Scope of the Study

Market Segments covered in the Report:

By Technology

• Proximity

• Remote

By Application

• Retail & E-commerce

• Hospitality & Transportation

• Banking

• Vending Machine

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific


o Brazil

o Argentina


o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Apple, Inc.

• Samsung Electronics Co., Ltd. (Samsung Group)

• Google LLC

• Amazon Web Services, Inc. (, Inc.)

• PayPal Holdings, Inc.

• Ant Group (Alipay) (Alibaba Holding)

• AT&T, Inc. (AT&T Intellectual Property)

• Mastercard, Inc.

• Visa, Inc.

• American Express Company

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