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Banking industry

Mobile Wallet Market to Register 22.5% CAGR Over 2021-2026

Strategic Insights

— 1 min read

The global mobile wallet market is poised for significant growth, driven by advancements in proximity payments, government initiatives, and the proliferation of smartphones. Key players, including Apple, Google, and Samsung, are leveraging Near Field Communication (NFC) technology to enable seamless contactless payments. The Asia-Pacific region, particularly China and Southeast Asia, is expected to witness the fastest market growth due to favorable economic conditions and increasing smartphone penetration.

Key Takeaways:

  • The mobile wallet market is projected to register a Compound Annual Growth Rate (CAGR) of 22.5% over the forecast period (2021-2026).
  • Proximity payments, enabled by technologies such as NFC, QR, and Magnetic Secure Transmission (MST), are driving the market growth.
  • NFC solutions offer convenience, assured security, and low processing fees, making them a preferred choice for retailers.
  • Developed regions like North America have a substantial market for NFC-powered devices, while emerging markets like India rely on QR code-based solutions.
  • The Asia-Pacific region, particularly China and Southeast Asia, is expected to witness the fastest market growth due to robust economic growth, smartphone penetration, and government initiatives.
  • Global players are collaborating with local vendors and investing in e-wallets to capture market share in the region.
  • The digital payment industry in Southeast Asia is projected to grow from USD 600 billion in 2019 to USD 1.1 trillion by 2025, with e-wallets sharing USD 22 billion in 2019 and USD 114 billion in 2025.

Statistics:

  • The mobile wallet market is expected to register a CAGR of 22.5% over 2021-2026.
  • The digital payment industry in Southeast Asia is projected to grow from USD 600 billion in 2019 to USD 1.1 trillion by 2025.
  • E-wallets will share USD 22 billion in 2019 and USD 114 billion in 2025.
  • 95% of internet users in Indonesia are reported as mobile users (Forbes).
  • Global players are partnering with local vendors and investing in e-wallets to capture market share in the region.

Sources:

  • "Mobile Wallet Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report by ResearchAndMarkets.com
  • Forbes: "Indonesia is One of the Mobile-First Countries in the World"
  • Google, Temasek, and Bain & Company: "Southeast Asia digital payment industry report"

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