Press Release

Mobile Wallet Market to Grow with a CAGR of 19.19% through 2028

Increasing penetration of smartphones and expansion of e-commerce are likely to drive the market in the forecast period.


According to TechSci Research report, “Mobile Wallet Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Mobile Wallet Market stood at USD 102.08 billion in 2022 and is anticipated to grow with a CAGR of 19.19% in the forecast period, 2024-2028.

One of the primary drivers propelling the global mobile wallet market is the rapid increase in smartphone penetration worldwide. As smartphones become more affordable and accessible, a growing number of people are gaining access to these powerful devices. This proliferation of smartphones creates a fertile ground for the adoption of mobile wallet services. Smartphones serve as the primary conduit for mobile wallet usage, providing users with the necessary hardware and software to make secure and convenient digital payments. Whether for in-store purchases, online shopping, or peer-to-peer transfers, mobile wallets leverage the computing power, connectivity, and mobility of smartphones to offer seamless financial transactions. As smartphone ownership continues to rise, particularly in emerging markets, the potential user base for mobile wallets expands exponentially. This trend is particularly evident in regions where traditional banking infrastructure is limited, as mobile wallets offer a means of accessing financial services and conducting transactions without the need for physical bank branches. Furthermore, the availability of mobile wallet apps on popular operating systems like iOS and Android ensures compatibility with a wide range of devices, encouraging even more users to embrace digital payment methods. The increasing ubiquity of smartphones is, therefore, a fundamental driver underpinning the growth of the global mobile wallet market.

The global mobile wallet market is driven by a growing preference for contactless payment methods, which has been further accelerated by the COVID-19 pandemic. Contactless payments offer a convenient, hygienic, and efficient way to conduct transactions, and mobile wallets are at the forefront of this trend. Contactless payments involve tapping or waving a mobile device, often with a near-field communication (NFC) chip, near a point-of-sale terminal to complete a transaction. Mobile wallets enable users to make contactless payments using their smartphones, wearables, or even smartwatches. This technology eliminates the need for physical cash or card swiping, streamlining the payment process. The COVID-19 pandemic has amplified the demand for contactless payments as consumers seek safer ways to transact without physical contact with payment terminals or cash. Mobile wallets have become a trusted solution for contactless payments, as they offer robust security features, such as biometric authentication and tokenization, to protect user data and financial information. Moreover, the convenience of contactless payments extends beyond in-store transactions; mobile wallets are also used for online shopping, in-app purchases, and peer-to-peer transfers. This versatility makes mobile wallets an attractive choice for consumers looking to streamline their entire payment experience, whether they are shopping in a physical store, ordering food delivery, or transferring money to friends and family. As the preference for contactless payments continues to grow, mobile wallets are well-positioned to capitalize on this trend, driving their adoption and fueling the expansion of the global mobile wallet market.

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Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Mobile Wallet Market.” 


The Global Mobile Wallet Market is segmented into type, application and region.

Based on technology. The Quick Response (QR) code segment had the largest market share in 2022 & expected to maintain in the forecast period. Quick Response (QR) code technology has played a transformative role in the global mobile wallet market. It has become a ubiquitous tool for facilitating secure and convenient mobile payments, enhancing user experiences, and driving the adoption of digital wallets. QR codes simplify the process of making mobile payments. Users can scan a QR code displayed by a merchant or another user to initiate a payment or transaction, eliminating the need for manual data entry. This enhanced convenience encourages more people to adopt mobile wallets as their preferred payment method, particularly for everyday transactions like retail purchases or bill payments. QR codes offer a cost-effective solution for businesses and merchants to accept mobile payments. Unlike traditional point-of-sale (POS) terminals, which can be expensive to install and maintain, QR code payments can be facilitated with minimal investment. This affordability makes QR codes an attractive option for small businesses, street vendors, and emerging markets, expanding the accessibility of mobile wallet services.

Based on type, The Semi-closed segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period.  Semi-closed mobile wallets are often introduced to comply with regulatory requirements in various countries. These regulations are designed to ensure transparency, consumer protection, and financial stability. Regulatory bodies may impose restrictions on the usage of mobile wallets to prevent misuse, fraud, or money laundering. Semi-closed wallets are tailored to meet these regulatory requirements.


Major companies operating in Global Mobile Wallet Market are:

  • Alphabet Inc. (Google Pay),
  • Samsung Electronics Co., Ltd. (Samsung Pay),
  • Apple Inc. (Apple Pay),
  • Careem Networks FZ LLC,
  • Ant Group (Alipay)
  • WePay Inc.
  • PayPal
  • Paytm 
  • M-Pesa 
  • Vipps MobilePay AS


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“The Global Mobile Wallet market is expected to rise in the upcoming years and register a significant CAGR during the forecast period.  The number of smartphone users is growing rapidly around the world. This is creating a large and growing pool of potential users for mobile wallets. Contactless payments are becoming increasingly popular as they are more convenient and hygienic than traditional cash payments. Mobile wallets are well-suited for contactless payments as they can be used to make payments with a simple tap of the phone. Additionally, The e-commerce market is growing rapidly around the world. This is creating a need for convenient and secure payment methods, such as mobile wallets. Therefore, the market of Mobile Wallet is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Mobile Wallet Market Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Semi-Closed, Open, Closed), By Technology (Quick Response (QR) Codes, Near Field Communication (NFC), Magnetic Secure Transmission (MST), Others), By Ownership (Telecom Operators, Device Manufacturers, Tech Companies, Banks), By Application (Entertainment & Travel, Bill Payments, Food & Drinks, Groceries, Peer-to-Peer Transfer, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Mobile Wallet Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Mobile Wallet Market.


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