New York, USA, Oct. 12, 2022 (GLOBE NEWSWIRE) — Research Dive has published a new report on the global mobile wallet market. According to the report, the global market is projected to surpass $46,006.0 million and grow with a CAGR of 18.9% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the mobile wallet market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the necessary and vital market statistics to help new players obtain an insight into the status of the global market.
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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 in their homes to prevent the spread of the virus. Hence, people started using mobile wallets such as Google Pay and PhonePe for making payments to prevent physical contact with others, and thus curb the spread of the virus. These factors significantly boosted market growth amid the pandemic.
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Factors Impacting the Mobile Wallet Market Growth
The key factor boosting the growth of the global mobile wallet market is a significant rise in the adoption of mobile wallet payments in numerous industrial sectors. In addition, the increasing advancements in mobile wallet technology and rising digitization across the globe are estimated to unlock lucrative opportunities for the market’s growth in the forecast period. However, a lack of awareness about the benefits of using mobile wallets for online payments and buying expensive things over credit cards, cash, and debit cards is anticipated to deter the market’s growth.
The report segments the global mobile wallet market into wallet type, payment type, technology, and region.
Open Wallet Sub-Segment to Grab a Foremost Share of the Market
The open wallet sub-segment of the wallet type segment is predicted to grow massively by garnering $16,553.8 million in the forecast period. This growth is mainly owed to the increasing demand for open wallets as they offer users the convenience to transfer money, purchase goods and services, and withdraw money without any limitations unlike other types of wallets.
Point of Sale (POS) Sub-Segment to Observe Significant Growth
The point of sale (POS) sub-segment of the payment type segment is expected to hit $29,359.5 million in the forecast period. This is primarily due to the growing demand for point of sale systems by small enterprises owing to the various benefits they offer.
QR Code Sub-Segment to Witness Rapid Growth
The QR code sub-segment of the technology segment is predicted to grow enormously by garnering $15,866.3 million in the forecast period. This growth is mainly owed to the increasing use of QR codes for making payments owing to their high security and quick transaction process.
Asia-Pacific Mobile Wallet Market to Perceive Maximum Growth
The report analyzes the global mobile wallet market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to hit $18,025.2 million in the estimated period. This growth is mostly due to the growing use of mobile transaction methods in emerging countries like Indonesia, China, India, and Malaysia and rising government initiatives to promote consumer-friendly payment alternatives in this region.
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Key Players of the Mobile Wallet Market
The report states including some of the foremost players operating in the global mobile wallet market
- Amazon Web Services Inc.
- American Express Banking Corp.
- Vodafone Group PLC
- Apple Inc.
- Alipay.com
- AT&T Inc.
- Mastercard Incorporated
- PayPal Holdings, Inc.
- Google Inc.
- Samsung Electronics Co., Ltd, and others.
These players are taking various initiatives such as investing in new product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market. – Inquire here to get a Full Report
For instance, in December 2021, Vibesa technology company offering mobile marketing products and services, launched a mobile wallet as a channel for businesses to deliver dynamic experiences through a persistent presence on the mobile devices of consumers.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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