The global mobile wallet market is estimated to register growth at a CAGR of 22.2% during the forecast period, 2022-2031, according to a research report by Transparency Market Research (TMR).
Mobile wallet modules are gaining traction among banks and financial institutions across the globe. The application assists these organizations to connect with their customers from across the globe, specifically in the rural areas. This, in turn, helps financial organizations to expand and reach their end-users in a cost-effective manner, notes a TMR study on the global mobile wallet market. Furthermore, these digital wallets help in delivering transparency in commercial transactions across remote areas of the globe. These factors are expected to boost the growth and the digital wallet market share is prognosticated to be valued at over US$ 16.2 Trn by 2031.
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Mobile Wallet Market: Key Findings
Mobile wallets are attracting immense popularity across the globe owing to their ability to allow for online bill payments and other money transfer services with ease. Moreover, the use of these latest tools allows for secure and rapid transactions, according to analysts at TMR. Due to these benefits of using a mobile wallet, there has been a surge in the adoption of these tools. This factor is expected to generate profitable prospects in the global mobile wallet market during the forecast period.
The user-friendly UI of mobile wallets offers customers an ability to send and receive money effortlessly. Due to the comprehensible interface of mobile wallets, users can complete their transactions even during traveling. Such features are expected to help in the rapid adoption of such apps, which in turn, is resulting into revenue-generation opportunities in the global mobile wallet market, notes a report by TMR.
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Mobile Wallet Market: Growth Boosters
Mobile wallet security and safety are some of the key features driving their adoption, which in turn, is fueling the market expansion
Increased penetration of mobile phones and the Internet in rural regions of the globe is expected to boost the mobile wallet usage statistics in the forthcoming years
Rising use of mobile wallets owing to their user-friendly UI is resulting into revenue-generation opportunities in the market
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Mobile Wallet Market: Regional Analysis
The mobile wallet market in North America is estimated to maintain its key position during the forecast period owing to rising inclination among the regional customers toward opting for convenience, deals, savings, and improved customer experience. Besides, the U.S. mobile wallet market share in North America is approximately one-third of the total regional market.
The Asia Pacific mobile wallet market is projected to expand at a higher CAGR during the forecast period due to several factors including study economic growth of several regional nations including Australia, Japan, India, and China. Moreover, the Asia Pacific market is expected to be driven by increasing adoption of technological advancements in the region and presence of a stable environment for the expansion of the mobile payment sector in these nations.
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