The worldwide mobile wallet and payment sector was valued at approximately US$ 10.28 billion in 2023, with projections indicating it could grow to US$ 71.28 billion by 2031. This market is anticipated to experience a compound annual growth rate (CAGR) of 27.4% from 2023 through 2031.
The Mobile Wallet and Payment market in Europe is categorized into several regions, including Germany, France, the UK, Italy, Russia, and the remaining European countries. In France, mobile wallets rank as the second most preferred online payment method among consumers. Major global players like Google Pay, Apple Pay, and PayPal compete with local French services such as Lyf, Lydia, and PayLib. PayLib stands out as a leading digital wallet in France, largely due to its compatibility with Cartes Bancaires. According to Pay.com, around 38% of online transactions in France were conducted using digital devices in 2023. French consumers have a variety of payment options available through their smartphones and smartwatches, including Amazon Pay, various digital wallet brands like Lyf, dedicated banking apps, and mobile-only payment services such as Revolut and Monese.
In 2023, Italy witnessed a remarkable increase in mobile payments made in physical stores, with Nexi reporting an 88% rise in the value of transactions conducted via smartphones and smartwatches. Data from the Innovative Payments Observatory at the Polytechnic of Milan indicated that mobile payments overall surged by 78% in Italy in 2022, reaching a total value of EUR 29 billion. Specifically, the volume of payments processed by Nexi through smartphones and wearables soared by 103% in 2023. Additionally, the number of Nexi cards registered on apps that allow card virtualization on smartphones?such as Google Pay, Samsung Pay, and Apple Pay?grew by 41% during the same timeframe. These figures underscore the increasing acceptance and use of mobile wallet payments in Italy.
The market is segmented by technology into categories such as near field communication, QR code, text-based, and others. In 2023, the QR code segment captured the largest share of the global mobile wallet and payment market. QR codes, which are two-dimensional barcodes, can store various types of information, including payment details, website links, and contact information. To make payments, customers simply scan these codes with their smartphones. This technology allows businesses to process payments without the need for additional hardware investments. Both individuals and businesses can generate QR codes on their smartphones to facilitate smooth financial transactions. Furthermore, QR codes enable users to create and settle invoices and share essential information rapidly. The built-in QR code scanners in Apple devices enhance the efficiency of information transfer and online payments. QR codes have emerged as one of the fastest-growing payment methods globally.
Key players in the global mobile wallet and payment market include Paytm E-Commerce Pvt Ltd, Telefonaktiebolaget LM Ericsson, Early Warning Services, LLC, PayU, One MobiKwik Systems Limited, Apple Inc, Alphabet Inc, AT&T Inc, Paypal Holdings Inc, Samsung Electronics Co Ltd, Mastercard Inc, Fitbit LLC, American Express, Visa Inc, FIS Global, Alipay, Bharti Airtel, SoftwareGroup, PhonePe, and ACI Worldwide Inc. The market report emphasizes new product launches, strategies for expansion and diversification, and acquisition tactics that enable these companies to capitalize on existing business opportunities.
The overall size of the global mobile wallet and payment market has been determined through a combination of primary and secondary research methods. Extensive secondary research has been performed using both internal and external sources to gather qualitative and quantitative data regarding the market size. This approach also aids in providing a comprehensive overview and forecast of the market across all segments. Additionally, numerous primary interviews have been conducted with industry stakeholders to validate the findings and obtain analytical insights. This process includes discussions with industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the mobile wallet and payment sector.