Mobile Wallet Market Report 2025

The mobile wallet market size has grown exponentially in recent years. It will grow from $2.1 trillion in 2024 to $2.76 trillion in 2025 at a compound annual growth rate (CAGR) of 31.1%. The growth in the historic period can be attributed to convenience and accessibility, security concerns, changing consumer behavior, government initiatives, partnerships and collaborations.

The mobile wallet market size is expected to see exponential growth in the next few years. It will grow to $8.4 trillion in 2029 at a compound annual growth rate (CAGR) of 32%. The growth in the forecast period can be attributed to contactless payments, financial inclusion, rise of digital banking, cross-border transactions, advancements in payment technology. Major trends in the forecast period include blockchain and cryptocurrency integration, loyalty programs and rewards integration, offline mobile payments, mobile wallets for public transportation, collaborations with retailers and merchants.

The rise in smartphone penetration is driving the growth of the mobile wallet market. Smartphones are mobile devices that offer a range of functionalities beyond just calling and texting. As the number of smartphones increases and governments promote digital and cashless payments, more individuals are installing mobile wallets on their devices. For example, in February 2023, Uswitch Limited, a UK-based financial conduct authority, reported that as of 2022, there were 71.8 million smartphones in the UK, reflecting a 3.8% increase (approximately 2.6 million) from 2021. Furthermore, by 2025, the UK population is projected to reach 68.3 million, with 95% (around 65 million people) expected to own smartphones. Consequently, the growing smartphone penetration is driving the expansion of the mobile wallet market.

The rise in contactless payments is expected to drive the growth of the mobile wallet market in the future. Contactless payments involve transactions made by tapping, waving, or placing a contactless-enabled payment card, mobile device, or wearable near a contactless-enabled point-of-sale terminal. This method allows for quick and secure electronic payments without the need for physical contact or insertion into a card reader. Mobile wallets utilize contactless payment technology to provide consumers with a convenient, secure, and efficient way to make transactions. For instance, in January 2024, the European Central Bank, based in Germany, reported that the number of contactless card payments in the first half of 2023 increased by 24.3%, rising from 20.9 billion in the same period in 2022, with the total value growing by 25.9% to €0.5 trillion (approximately $545.27 billion). Therefore, the increasing prevalence of contactless payments is driving the growth of the mobile wallet market.

Product innovation is a key trend gaining traction in the mobile wallet market. Major companies in this sector are continually developing and introducing new offerings to maintain their competitive edge. For example, in January 2024, Revolut, a UK-based financial technology company, launched Revolut Mobile Wallets. This innovative feature simplifies international money transfers for expats and international students by requiring only essential recipient details, such as a name and a phone number or email address. Currently, it supports transfers to Kenya (M-Pesa) and Bangladesh (bKash), with transactions processed instantly and typically arriving within 30 minutes at standard international rates. This feature enhances affordability and convenience, particularly for significant immigrant communities, including the growing number of Bangladeshi students in the UK.

Prominent companies within the mobile wallet market are intensifying their efforts towards implementing customer engagement and loyalty solutions as part of their competitive strategy. These solutions encompass a range of tactics, technologies, and programs geared toward enticing, retaining, and fortifying relationships between businesses and their clientele. For instance, in December 2023, SAP Emarsys, a software company headquartered in Austria, rolled out a mobile wallet solution specifically tailored to offer a personalized customer loyalty experience. This innovative mobile wallet offering empowers users to securely and conveniently store, access, and utilize electronic bank cards, identification, mobile passes, and various other items. The solution's primary objective is to seamlessly integrate digital and in-store experiences, perfectly aligning with the evolving landscape of mobile wallets.

In September 2024, Tabby, a Saudi Arabia-based shopping and financial services app operating in the MENA region, acquired Tweeq for an undisclosed amount. This acquisition supports Tabby's strategy to expand its financial services portfolio by leveraging Tweeq's expertise in digital banking and payment solutions. The deal enhances Tabby's presence in the rapidly evolving Middle Eastern fintech sector, improving its capacity to provide innovative financial and shopping services. Tweeq is a Saudi-based financial technology platform that offers a digital wallet solution.

Major companies operating in the mobile wallet market include Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co Ltd., Alibaba Group Holding Limited, AT&T Inc., Tencent Holdings Limited, Barclays plc, Wells Fargo & Company, American Express Banking Corporation, VISA Inc., PayPal Holdings Inc., Mastercard Incorporated, Square Inc., MercadoLibre Inc., Skrill Ltd., Revolut Ltd., Ant Financial Services Group, Circle Internet Financial Ltd., One Mobikwik System Pvt Ltd., Mozido Inc., TRM Labs Inc., BitPay Inc., Dwolla Inc., Zerion Inc., Bitski Inc., Blockstream Corporation, Alipay.com, Zelle Inc., Jerry Technologies Inc.

Asia-Pacific was the largest region in the mobile wallet market in 2024. The regions covered in the mobile wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mobile wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A mobile wallet refers to a digital or virtual wallet that is connected to a user's bank account, allowing convenient access to conduct financial transactions. These wallets enable users to make payments and accept funds by accessing their linked bank accounts. Mobile wallets are commonly utilized for everyday shopping and facilitate seamless payment transactions.

Mobile wallets are typically categorized into three main types such as open, semi-closed, and closed. An open mobile wallet permits both in-store and online payments through its platform. Ownership of these wallets can belong to various entities such as banks, telecom operators, device manufacturers, and tech companies. The technology behind these wallets encompasses near-field communication (NFC), optical/QR code systems, digital and text-based platforms, among others. These wallets find applications across a wide array of industries including hospitality, transportation, media and entertainment, retail, healthcare, energy and utilities, telecommunications, and several others.

The mobile wallets market research report is one of a series of new reports that provides mobile wallets market statistics, including mobile wallets industry global market size, regional shares, competitors with a mobile wallets market share, detailed mobile wallets market segments, market trends and opportunities, and any further data you may need to thrive in the mobile wallets industry. This mobile wallet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mobile wallet market includes revenues earned by entities by providing crypto wallet and IoT wallet services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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