The global mobile wallet market is expected to grow from $232.9 billion in 2014, and reach $3155.1 billion in 2020, growing with a CAGR of 52.0%. The growth in smartphone and mobile internet users, and convenience and accessibility are some of the factors, driving the growth of the global mobile wallet market. The growing preference for reward and loyalty programs is expected to give a major boost to the growth of the global mobile wallet market in future.
Mobile wallets provide increased accessibility and convenience over physical wallets, as users no longer need to carry their physical cards, including other confidential information such as passports and boarding passes. The increased use of mobile commerce is a trend witnessed in the global mobile wallet industry. The buying and selling of services and goods through wireless handheld devices, such as personal digital assistants (PDAs) and cellular telephone is known as mobile commerce or m-commerce. The mobile wallet market is witnessing strong growth globally, with the increasing adoption of mobile payment services.
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The research offers mobile wallet market size and market forecast for the period 2011 to 2020. The market size breakdown is as follows:
Global Mobile Wallet Market Breakdown
- By Application – includes global market size of merchant purchases, money transfers, bill payments, and others.
- By Mode of Payment – includes global market size of SMS, NFC, WAP, and others.
- By Age Group – includes global market size of 18-29 years, 30-44 years, 45-59 years, and 60 years and above age group.
- By Region – includes market size of North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa
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