Payment Wallet Market Report 2026

The payment wallet market size has grown exponentially in recent years. It will grow from $157.33 billion in 2025 to $192.06 billion in 2026 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to increasing smartphone penetration, expansion of digital payment ecosystems, rising consumer preference for cashless transactions, growth of mobile commerce, availability of secure mobile applications.

The payment wallet market size is expected to see exponential growth in the next few years. It will grow to $404.99 billion in 2030 at a compound annual growth rate (CAGR) of 20.5%. The growth in the forecast period can be attributed to growing adoption of cryptocurrency wallets, increasing focus on super-app payment ecosystems, expansion of wearable payment devices, rising investments in wallet security enhancements, increasing demand for interoperable wallet platforms. Major trends in the forecast period include increasing adoption of contactless payment solutions, growing integration of multi-asset wallets, rising demand for seamless cross-platform wallet access, expansion of biometric authentication features, enhanced focus on user experience optimization.

The increasing digitalization is expected to propel the growth of the payment wallet market going forward. Digitalization refers to converting information, processes, or objects into digital formats that computer systems can use, store, and manipulate. The demand for digitalization is due to increased efficiency, convenience, economic growth, and the ability to meet modern consumer expectations and connectivity demands. Payment wallets play a crucial role in digitalization by transforming how financial transactions are conducted, managed, and recorded. They leverage digital technologies to streamline payment processes, enhance security, and provide greater convenience for users. For instance, in 2024, according to the Global System for Mobile Communications Association (GSMA), a UK-based global mobile ecosystem body, in 2023, registered mobile money accounts reached 1.75 billion, up 12% year on year, while active 30 day accounts rose to 435 million. Therefore, increasing digitalization is driving growth in the payment wallet market.

Major companies operating in the payment wallet market focus on developing innovative solutions, such as digital wallets for digital identity and global finance, to enhance security, expand functionality, and improve user experience. Digital wallets designed for digital identity and global finance are electronic platforms that securely store personal identification and financial details. For instance, in May 2023, Worldcoin Inc., a US-based digital currency company, launched the World App. It is designed to expand the availability of digital identity and global financial services. This innovative digital wallet is designed to help users create a decentralized identity and access financial services. The World App uses iris scanning to verify users' identities. This process is more secure than traditional identification methods, such as passwords and social security numbers. Additionally, it offers such technical features as decentralized identity, secure iris scanning for identity verification, support for multiple cryptocurrencies, peer-to-peer payments, and cryptocurrency storage.

In April 2023, Fobi AI Inc., a Canada-based software company, acquired Passworks S.A. for approximately $5.47 million. Through this acquisition, Fobi AI Inc. aims to expand its global reach, gain access to new customers, develop new technology, and strengthen its position in the digital payment wallet segment. Passworks S.A. is a Portugal-based digital wallet company that provides digital mobile wallet solutions for its consumers.

Major companies operating in the payment wallet market are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Alibaba Group Holding Limited, Tencent Holdings Limited, PayPal Holdings Inc., Visa Inc., Mastercard Incorporated, American Express Company, Block Inc., Paytm, Alipay, WeChat Pay, Venmo, Mercado Libre Inc., Amazon Payments Inc., Dwolla Inc., MoneyGram International Inc., kakaopay Corp., National Payments Corporation of India, Swish Maintenance Limited, TruPay.

North America was the largest region in the payment wallet market in 2025. Africa is expected to be the fastest-growing region in the market going forward. The regions covered in the payment wallet market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the payment wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The payment wallet market includes revenues earned by entities through peer-to-peer transfers, bill payments, digital wallet recharge, and cashback. 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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