Asia-Pacific Leads the Mobile Wallet Revolution, with India at the Forefront

According to the latest market research study published by P&S Intelligence, the mobile wallet market is projected to reach USD 10,097 billion by 2030.
 
NEW YORK - Jan. 7, 2025 - PRLog -- The mobile wallet market is projected to reach USD 10,097 billion by 2030, growing at an impressive compound annual growth rate (CAGR) of 23%. This growth is driven by the unparalleled convenience mobile wallets offer, allowing users to perform transactions anytime and anywhere. These wallets simplify financial management with features like instant money transfers and easy account access.

Mobile wallets are user-friendly, eliminating the need for complex registration processes. They are accessible through internet banking and debit or credit cards, further enhancing their appeal. Additionally, their ability to provide real-time data on funds and transactions has attracted businesses and retailers looking to streamline their financial processes. The proliferation of smartphones and improved internet access globally also fuels the continuous advancement of the industry.

The proximity-based mobile wallet category, defined by type, is anticipated to grow at a CAGR of around 24% in the coming years. This technology offers tailored solutions for online shopping and payment needs. Among technologies, the QR code segment emerged as the largest contributor to the mobile wallet market. QR codes are widely adopted for cashless transactions worldwide, enabling swift and secure payment transfers. The near-field communication (NFC) segment accounted for the second-largest share, allowing users to make payments effortlessly by tapping their card on a point-of-sale (POS) terminal, eliminating the need for swiping.

In terms of application, the retail and e-commerce category has dominated the market in recent years. This is due to the growing adoption of mobile wallets by online retailers and physical stores, with a focus on contactless payment methods to gather real-time customer purchasing data.

Browse detailed report analysis on "Mobile Wallet Market Growth and Future Analysis (https://www.psmarketresearch.com/market-analysis/mobile-w...)"

Regionally, Asia-Pacific (APAC) leads the market, driven by the increasing adoption of smartphones and internet connectivity. The penetration of 5G in the region is further boosting internet speed and reliability. India is set to be the fastest-growing market within APAC, propelled by government initiatives promoting digital transactions.

North America holds the second-largest share of the industry. Key users in the region include device manufacturers, telecom providers, technology companies, and banks, all striving to enhance user experiences through convenient transaction options.

With its unparalleled convenience and utility, the mobile wallet market is poised for sustained growth in the coming years.

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