Mobile Wallet Market Insights, Segment Analysis and Forecast Report, 2030

Posted by Aryan on March 12th, 2024

The mobile wallet market will grow at a compound annual growth rate of 23% by the end of this decade, to touch a value of USD 10,097 billion by 2030. This is credited to the suitability presented to consumers by this tech to make transactions from any place. It enables consumers with handling their payment accounts effortlessly, with fast funds transfer.

QR code scanners are more and more used for cashless transactions all over the world, as QR codes let people to begin transactions and receive and transfer payments. This instantaneous platform enables the exchange of essential info in seconds, which is why it has a share of about 47%.

The acceptance of the QR code tech is improved by the increase in smartphone use and surge in the customer requirement for the simplicity, which can be attained by scanning the exclusive payment code of sellers. The extensive acceptance of QR codes is facilitated by their rising incorporation into POS.

The retail and e-commerce category led the industry, with about 33%, in the past. This was majorly as a result of the mounting acceptance of mobile wallets amongst online channels and retailers. Retailers are concentrating on contactless payment technologies for gaining consumer purchase action data in the real time.

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Retailers who make use of contactless or cashless payment methods for digital marketing can surge customer loyalty and suitability. Moreover, the NFC tech advances operational competence through faster checkouts and low costs of processing.

The tech aids shops and e-commerce enterprises provide distinct discounts and track loyalty incentives, for refining relationships with customers with the use of mobile phones. These days, even street vendors, particularly those stationed in key business hubs, have QR codes, for allowing customers to go cashless.

In the mobile wallet market in the APAC region, India will have the fastest growth in the years to come as well, majorly as a result of the Indian government’s emphasis on digital transactions.

Moreover, the industry for mobile wallets is presented with wonderful projections by the development of the e-commerce industry in emerging economies. For providing their customers a unified payment experience, e-commerce companies, such as Ola, Uber, Flipkart, and MakeMyTrip, are working to provide novel services and making substantial fundings for creating their own mobile wallets. Moreover, the fierce rivalry and rising digitization rate are driving economic service providers in order to create client-focused products.

It has a lot to do with the convenience associated with mobile wallets all over the world, the demand for the same will be on the rise. This trend will also continue in the years to come.