Frequently asked questions
In 2022, the mobile wallets and payments market was estimated to be worth USD 4515.9 billion.
The mobile wallet and payment market is anticipated to increase at a CAGR of 24.50% from 2023 to 2030, reaching USD 26067.48 billion in 2030.
Mobile wallets are the most popular mobile payment solution category.
QR code-based, by technology platform, is the notable segment.
The remote payment category is anticipated to exhibit the highest CAGR during the projection period.
The mobile wallet and payment market was ruled by Asia Pacific.
The top players include American Express Co., Apple Inc., Mastercard Inc., AT&T Inc., Samsung Electronics Co., Ltd., Google LLC, First Data Corporation, Sprint Corporation, and others.
The factors impacting the growth of the mobile wallet and payment market include increased consumer demand for online payment, growing smartphone incidence and usage, growing e- and m-commerce appeal, and developing QR code technology.
The mobile wallet and payment market faces challenges such as a lack of infrastructure, internet literacy and accessibility issues, legislative barriers, and security problems.
Boosting peer-to-peer payment, expanding digital currencies and the blockchain, expanding transactions across borders, and promoting financial inclusion all present significant mobile wallet and payment market opportunities.