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Mobile Wallet Market 2023-2030; Growth Forecast & Industry Share Report

Global mobile wallet market has been growing at an appreciable pace over the past few years. The recent COVID-19 pandemic has encouraged people to opt for cashless alternatives. Emphasis on safe and contactless transactions has encouraged people to get more comfortable with using mobile wallet services for making payments and receiving funds.

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Mobile Wallet Market 2023-2030; Growth Forecast & Industry Share Report

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  1. Mobile Wallet Market: Regional Trend & Growth Forecast To 2030

  2. Industry Insights • As per a recent research report, Global Mobile Wallet Market share is likely to surpass USD 970 billion valuation by 2030 • Global mobile wallet market has been growing at an appreciable pace over the past few years. The recent COVID-19 pandemic has encouraged people to opt for cashless alternatives. Emphasis on safe and contactless transactions has encouraged people to get more comfortable with using mobile wallet services for making payments and receiving funds. • As per a recent report by CDC, contact with a contaminated surface is reported to have a 1 in 10,000 chance of causing an infection. By eliminating reliance on cash and providing a safer method to make transactions online, mobile wallets are an ideal tool for increasing financial inclusion. A study by Forbes revealed that over 76% of Americans use a mobile app for all their financial transactions.

  3. Supportive government initiatives accelerate digital payments in India • With the idea of expanding digital payments beyond the urban areas, the Indian government has encouraged startups and fintech firms to build innovative solutions that will increase digital access to the rural sections of the country. In this context, in 2021, a Mastercard and Amazon-backed firm, ToneTag, revealed that it is working on enabling voice-based digital payments for around 50,000 villages and small towns in India. • Through this initiative, people will be able to use voice in their local dialect to complete a UPI transaction using smartphones. Such efforts undertaken by the governments are likely to encourage companies to come up with strategic business plans that offer creative solutions to the mobile wallet market. • Increasing penetration of smartphones supports mobile wallet uptake • With the boom of e-commerce, smartphones are becoming a go-to for customers to fulfill their shopping needs. To cater to these consumers, manufacturers such as Samsung and Apple are increasingly introducing a range of mobile wallets in these devices. As new wallets are introduced, various offers come along during the launch, attracting users to start utilizing digital wallets if they have not yet started.

  4. Regional Analysis Mobile wallets gain popularity across retail sector The concept of mobile wallet is gaining traction in the retail market. By generating streams of actionable customer data that can be used to develop new services and tailored deals, digital mobile wallets can be a great deal of value to retailers. Similar to the mobile wallet services offered by Apple to iPhone users, android smartphone users can access the Google wallet making it convenient for all types of device holders. Integrating with such platforms, retailers can offer better facilities to smartphone users, boost customer loyalty, and drive sales. • Competitive Analysis • Amazon.com, Inc., Skrill Ltd., Apple Inc., PayPal Holdings, Inc., Google LLC, Mastercard Incorporated, Samsung Electronics Co. Ltd., Tencent Holdings Limited

  5. Mobile Wallet Market@ https://www.gminsights.com/industry-analysis/mobile-wallet-market Request for sample of this research report @ https://www.gminsights.com/request-sample/detail/2653 Request for customization: https://www.gminsights.com/roc/2653

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  7. THANK YOU www.gminsights.com

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