Mobile Wallet Market Size is Projected to Reach USD 7,580.1 Billion By 2027 - Valuates Reports

Growing awareness of mobile wallets and their applications, rising smartphone penetration and high affordability, are expected to drive the growth of mobile wallet market size.

The mobile wallet market size was valued at USD 1,043.1 Billion in 2019, and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027, according to new research.

The rise of various e-commerce platforms is driving the growth of the Mobile Wallet market size. The ways consumers pay for their goods have changed with the advent of e-commerce and Internet penetration across the globe. Consumers are more inclined to purchase products easily from their home.

Growing smartphone penetration is predicted to be one of the major drivers for the growth of the mobile wallet market size. As smartphone adoption increases, the trend towards the use of financial services on mobile devices is also gaining momentum due to convenience and cost-effectiveness. This encourages financial institutions and technology players to cater to mobile applications to provide payment services.