Mobile Wallet Market to Hit $51.53 Billion by 2030

The mobile wallet market is expected to expand at a CAGR of 27.4% from 2022 to 2030. A mobile wallet is a technology that can carry cash in digital format.

In terms of technology, the proximity segment accounted for the largest revenue share of over 60.0% in 2021 and is expected to retain its dominance over the forecast period. Growing penetration of NFC and QR code-enabled smartphones across the world is boosting the segment growth.

The remote segment is anticipated to expand at the highest CAGR of 27.7% over the forecast period. The growth of this segment can be attributed to the increasing number of smartphone and internet users across the globe. In addition, surging demand for fast and secure payment solutions is improving the market growth.

In terms of application, the retail and e-commerce segment accounted for the largest revenue share of over 30.0% in 2021 and is expected to retain its dominance over the forecast period. Rapid growth in the global retail and e-commerce sector is creating more demand for mobile wallets.

The banking segment is expected to register the highest CAGR of 28.7% during the forecast period as numerous banks across the world are trying to set up mobile payments.

The hospitality and transportation segment is expected to witness significant growth over the forecast period. Due to ongoing concerns about sanitation and a desire to reduce contact between guests and staff members, mobile wallets are anticipated to create a notable impact on the hospitality or restaurant industry.