Mobile Wallet and Payment Market Skyrockets to $71.28 Billion by 2031 Dominated by Tech Giants - Paytm E-Commerce Pvt Ltd, Telefonaktiebolaget LM Ericsson and Early Warning Services, LLC | The Insight Partners
07.08.2025 - 18:04:55Increasing Government Initiatives for Adoption of Mobile Wallet and Payment Solutions: Mobile wallet and payment solutions are critical for consumers and businesses, as they increase accessibility, improve security, reduce transactional costs, and make payments faster. Increasing technological advancements, rising consumer demand for two-factor authentication (2FA) security, and other factors are boosting the demand for mobile wallets and payment solutions. This also encourages government bodies to take initiatives to support the adoption of mobile wallets and payment solutions in order to secure their business from financial risks. For instance, the DigiDhan Mission, established under the Ministry of Electronics and Information Technology (MeitY) in India, aims to promote a cashless economy and provide a smooth digital payment experience for all citizens.
Expansion of E-Commerce Industry: The rise in the e-commerce business and consumers' preference for online shopping has increased the adoption of mobile wallets and payment solutions for making quick payments. In May 2024, The Census Bureau of the Department of Commerce revealed that the estimate of the US retail e-commerce sales for the first quarter of 2024 was US$ 289.2 billion due to the seasonal variation adjustments and not price change. This represents a 2.1% (±0.7%) rise from the fourth quarter of 2023. Retail sales in the first quarter of 2024 stood at US$ 1,820.0 billion, with a fall of 0.1 % (±0.4%) from the fourth quarter of 2023. In the first quarter of 2024, e-commerce expanded by 8.6% (±1.1%) compared with the first quarter of 2023. Total retail sales were increased by 1.5% (±0.5%). In the first quarter of 2024, e-commerce sales made up 15.9% of the total sales.
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Emergence of Real-Time Payments in Developing Nations: Efficient and secure ways to make transactions are increasing the demand for real-time payments (RTPs). These technologies have made payments more convenient, quick, and secure, as well as eliminating the need for cash or cheques. The acceptance of RTPs has enabled rapid payment between businesses and organizations. Users can initiate payments at a minimal or no cost using a mobile number or QR code, eliminating the necessity for bank account details. Countries, including Kenya, Mexico, Brazil, and Sweden, are increasingly demanding mobile wallets and payment solutions to conduct transactions in real-time. The usage of mobile devices has been one of the most significant advances in real-time payment systems. With the growth of smartphones and mobile payments, consumers can easily send and receive payments on the go, eliminating the need for a computer or physical card reader.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by APAC and Europe. APAC is expected to register the highest CAGR during the forecast period.
Mobile Wallet and Payment Market Segmentation, Applications, Geographical Insights:
Based on type, the mobile wallet and payment market is bifurcated into remote and proximity. The proximity segment held the largest share of the Mobile Wallet and Payment market in 2023In terms of technology, the market is divided into near-field communication, QR code, text-based, and others. The QR code segment held the largest share of the Mobile Wallet and Payment market in 2023.By end user, the mobile wallet and payment market is segmented into personal and business. The personal segment held the largest share of the Mobile Wallet and Payment market in 2023.The mobile wallet and payment market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.Purchase Premium Copy of Global Mobile Wallet and Payment Market Size and Growth Report (2023-2031) at: https://www.theinsightpartners.com/buy/TIPTE100000231/
Key Players and Competitive Landscape:
The Mobile Wallet and Payment Market is characterized by the presence of several major players, including:
Paytm E-Commerce Pvt LtdTelefonaktiebolaget LM EricssonEarly Warning Services, LLCPayUOne MobiKwik Systems LimitedApple IncAlphabet IncAT&T IncPaypal Holdings IncSamsung Electronics Co LtdMastercard IncFitbit LLCAmerican ExpressVisa IncFIS GlobalAlipayBharti AirtelSoftwareGroupPhonePeACI Worldwide Inc.These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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Mobile Wallet and Payment Market Recent Developments and Innovations:
"PhonePe announced that it has enabled UPI payment acceptance in collaboration with LankaPay across LankaQR merchant points at a grand event held in Colombo.""Zeepay, the fastest-growing wholly Ghanaian-owned fintech in Ghana, introduced new digital financial solutions in partnership with Software Group, a global financial technology provider, to scale its business and accelerate financial inclusion.""Mobily (a leading digital partner of the international technical conference LEAP 23) announced the launch of Mobily Pay during LEAP 23 in partnership with Ericsson in the Kingdom of Saudi Arabia (KSA). Mobile Pay is a mobile financial service that is available to all the users in the Kingdom to conduct personalized financial services such as contactless payments, money transfers, international remittance, digital card payments, cash-back, bill payments, mobile top-up, and more, secure and at their convenience."Mobile Wallet and Payment Market Drivers, Challenges, Future Outlook and Opportunities:
According to Primer, debit card usage in the UK exceeds the usage levels in any other European country; ~90% of the population in the country owns Visa or Mastercard cards, which are instrumental in enabling digital transactions. Alternative payment methods also hold considerable importance in the country. Merchants in the UK are required to provide mobile wallet options, particularly Apple Pay and Google Pay, to manage their widespread operations. BNPL services are also well-received, with 36% of adults utilizing BNPL at least once in one year. While open banking payments are gaining traction, they currently represent a small portion of overall payment volumes.
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Mobile wallets are the second most favored online payment option among consumers in France. Global companies such as Google Pay, Apple Pay, and PayPal operate alongside France-based service providers such as Lyf, Lydia, and PayLib. PayLib is one of the most popular digital wallets in the country because of its integration with Cartes Bancaires. According to Pay.com, approximately 38% of online purchases made in France were paid for using a digital gadget in 2023. Various options available for French consumers for making payments using phones and watches include Amazon Pay, digital wallet brands such as Lyf, bank-specific apps, and mobile-only payment solutions such as Revolut and Monese.
Conclusion:
Multi-currency wallets provide enhanced security features and multiple authentication methods to protect account information and funds. It helps make secured overseas transfers and currency exchange. Consumers can switch currencies, pay bills, and create transactions in multiple currencies without managing multiple accounts. Multi-currency wallet allows consumers to make smooth cross-border payments with one tap. Multi-currency wallets allow consumers to swap currencies without the stress of foreign exchange. This enables consumers to carry any currency for all their foreign transactions without difficulties. Multi-currency wallets help in reducing international transaction expenses by eliminating currency translation fees. Furthermore, foreign transfers with banks incur additional prices and hidden fees; however, with a multi-currency wallet, consumers no longer have to bother with these unneeded costs. Therefore, multi-currency mobile wallets allow businesses to ensure that there are no issues with promoting and distributing products and services worldwide. They also support businesses in enhancing customer experiences.
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With projected growth to $71.28 Billion by 2031, the Mobile Wallet and Payment Market represents a significant opportunity for component providers, system technology integrators, system manufacturers, investors, industry stakeholders, end users and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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Mobile Wallet Market Size Forecast and Report Analysis by 2031Digital Payment Market Size, Share, Trends, Report 2028E-commerce Payment Market Share, Size & Forecast to 2025Asset and Wealth Management Market Size and Share by 2031Real Time Payments Market Forecast - Global and Regional Share 2031About Us:
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