Worldwide mobile wallet market is anticipated to surpass US $270 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Changing consumer behaviour is causing fundamental changes and generational shifts in the way the consumers are interacting with their financial institutions. These financial establishments and tech players are developing mobile wallets to improve consumer experience and allow secure transactions.
Population aged between 16 to 34 years is becoming hyper connected and tech-savvy, hence are preferring to merge with banks which offer personal and meaningful engagement experiences to their consumers. This is inspiring the banks to invest in mobile wallet solutions, thereby augmenting the market growth.
The striking cashback offers and discounts by mobile wallet providers are boosting the mobile wallet market growth. Another factor aiding the industry is the growth of multiple e-commerce platforms.
According to the report, semi-closed mobile wallet market held more than 65% stake in 2018. This significant share is credited to the entry of tech players in the mobile banking landscape. The shifting consumer preference towards digital technologies is encouraging the tech players to invest in mobile wallet technology.
As per the ownership, mobile wallet market from tech companies segment held over 60% revenue share in 2018. Technology players, such as MakeMyTrip, Amazon, Ola and Uber are making their own e-wallets to offer an integrated buying experience to the consumers.
Based on technology spectrum, mobile wallet market from QR/optical code segment is anticipated to grow with a CAGR of 15% over the forecasted timeframe. The inexpensive nature of the QR/optical code technology is encouraging its use, mainly in the developing nations as the dealers in the region do not have POS systems.
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Based on the regional landscape, Asia Pacific lead the mobile wallet market with more than 50% stake in 2018. The regional growth is credited to the growing use of smart devices and expansion of e-commerce. Favourable government policies to encourage the use of digital payment networks will further boost the use of mobile wallets.
The prominent companies operating in mobile wallet market are Google, Mastercard, Apple, AT&T, Amazon, Samsung, American Express, Tencent, One97 Communications, Vodafone, Skrill, JP Morgan Chase, Ant Financial, Well Fargo, Sprint Corporation, and PayPal among others.