Mobile Wallet Market Size and Share
Market Overview
| Study Period | 2019 - 2030 |
|---|---|
| Market Size (2025) | USD 266.85 Billion |
| Market Size (2030) | USD 638.54 Billion |
| Growth Rate (2025 - 2030) | 19.06% CAGR |
| Fastest Growing Market | Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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Mobile Wallet Market Analysis by Mordor Intelligence
The mobile wallet market size stood at USD 266.85 billion in 2025 and is projected to reach USD 638.54 billion by 2030, reflecting a 19.06% CAGR for 2025-2030. Growth is powered by surging smartphone ownership, government mandates for real-time payment rails, and banks’ strategic pivot toward contactless models. In 2024 Brazil’s Pix processed 64 billion transactions, a 53% year-over-year jump, while India’s UPI handled more than 120 billion transactions, confirming account-to-account systems as the principal accelerant of the mobile wallet market.[1]Anirban Nag, “India’s UPI Hits 120 Billion Transactions in 2024,” reuters.comSuper-app ecosystems continue to deepen engagement, especially in Asia-Pacific, where mobile wallets are embedded across e-commerce, ride-hailing, and micro-lending journeys.[2]“Tencent Q1 2025 Earnings Call,” cnbc.com Meanwhile, QR code rails lower merchant entry costs in emerging economies, helping small retailers bypass expensive POS terminals. Regulatory pressure on interchange fees, notably in the EU, is prompting providers to diversify into value-added services such as loyalty, lending, and insurance, reshaping monetization strategies.
Key Report Takeaways
- By mode of payment, proximity transactions held 64.5% of the mobile wallet market share in 2024, while remote payments are forecast to grow at a 23.42% CAGR to 2030.
- By wallet type, closed wallets led with a 45.8% revenue share in 2024; open wallets are poised for the fastest expansion at a 25.31% CAGR through 2030.
- By application, retail and in-store payments commanded 33.9% share of the mobile wallet market size in 2024, whereas transit and toll payments will advance at a 25.63% CAGR between 2025-2030.
- By end-user, personal users accounted for 82% of the mobile wallet market size in 2024, yet business adoption is projected to rise at a 24.04% CAGR.
- By geography, Asia-Pacific dominated with 49% of the mobile wallet market share in 2024, while Africa is expected to register the highest 26.91% CAGR through 2030.
Global Mobile Wallet Market Trends and Insights
Drivers Impact Analysis
| Driver | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Rapid merchant adoption of QR-code wallets across Southeast Asia | +3.2% | APAC core, spill-over to LATAM | Medium term (2-4 years) |
| Growth in super-app ecosystems integrating payments | +4.1% | Global, with concentration in China, India, Southeast Asia | Long term (≥ 4 years) |
| Government-mandated real-time payment rails | +5.8% | Global, early gains in Brazil, India, EU | Short term (≤ 2 years) |
| Transit authorities shifting to contactless fare collection | +2.3% | North America, EU, APAC urban centers | Medium term (2-4 years) |
| Card-network tokenization APIs lowering fraud | +1.9% | Global | Short term (≤ 2 years) |
| Source: Mordor Intelligence | |||
Government-Mandated Real-Time Payment Rails Drive Market Transformation
Central bank initiatives are redefining competitive dynamics by offering instant, low-cost alternatives to card networks. Brazil’s Pix processed R$ 26.5 trillion (USD 4.7 trillion) in 2024 and is on track to capture 58% of domestic e-commerce transactions within five years. Similar momentum is evident in India, where UPI growth has turned the platform into a public-private benchmark for interoperable payments. Cross-border experiments are under way, including Brazil’s planned Pix corridor with other Latin American nations and the Japan-ASEAN QR partnership slated for fiscal 2025. [3]Nikkei Staff, “Japan and ASEAN to Launch Joint QR System by 2025,” asia.nikkei.com Governments view these infrastructures as catalysts for financial sovereignty and more effective monetary policy transmission.
Super-App Ecosystems Reshape Consumer Payment Behavior
Embedding payments inside multi-service apps boosts engagement and lowers acquisition costs. Tencent reported 13% Q1 2025 revenue growth as WeChat Pay monetized its 1.4 billion monthly users. In Southeast Asia, Vietnam is projected to reach 50 million digital wallet users by end-2024, up 40% year over year. Western players such as PayPal are moving toward quasi-super-app roadmaps by fusing shopping, rewards, and credit, though data-privacy regimes slow full convergence. Competitive advantages stem from data-driven personalization, enabling tailored lending and insurance offers beyond straightforward payments.
QR Code Infrastructure Accelerates Merchant Adoption in Emerging Markets
QR rails provide a low-capex path for SMEs to join the digital economy. Indonesia’s QRIS handled transactions that grew 217% year over year by August 2024 and now serves 31.86 million merchants. Interoperability efforts, such as PayNow-PromptPay links and upcoming ASEAN QR unification, reduce cross-border frictions. The model advances financial inclusion by allowing basic smartphones to emulate POS functionality, particularly relevant where 60% of adults remain unbanked.
Transit Digitization Creates High-Volume Use-Case Anchors
Public transport upgrades generate habitual wallet usage. The US infrastructure program allocated USD 39 million for contactless modernization, and 90% of commuters expect tap-and-go options. Case studies such as Sacramento’s Tap2Ride report cost savings above 30% and faster boarding times, enhancing customer experience. Open-loop schemes let riders use the same wallet for retail purchases, strengthening network effects and retention.
Restraints Impact Analysis
| Restraint | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Interchange-fee caps in EU squeeze wallet revenue models | -2.1% | EU, with spillover effects to other developed markets | Long term (≥ 4 years) |
| Patchy NFC handset penetration in LATAM mid-tier Android base | -1.8% | LATAM, with secondary impact in Africa and parts of Asia | Medium term (2-4 years) |
| Fragmented KYC rules delaying onboarding in MENA | -1.3% | MENA, with implications for cross-border expansion | Short term (≤ 2 years) |
| Rising account-to-account fraud via social-engineering drains trust | -2.7% | Global, with highest impact in markets with high A2A adoption | Short term (≤ 2 years) |
| Source: Mordor Intelligence | |||
EU Interchange-Fee Regulations Pressure Revenue Models
The EU extension of interchange caps through 2029 limits card-based wallet margins. Visa and Mastercard responded by introducing mobile virtual cards and expanding B2B wallets to compensate for retail fee compression. European initiatives such as the Wero wallet bypass card rails entirely, signaling a strategic pivot toward account-to-account architecture. Smaller providers lacking scale face consolidation pressure as monetization migrates to lending, data, and insurance.
Social-Engineering Fraud Undermines Consumer Trust
Real-time transfers appeal to fraudsters because transactions are irrevocable and instant. Brazil predicts Pix scam losses of R$ 11 billion (USD 1.937 billion) by 2028. The UK confirmed 3.31 million APP fraud cases in 2024, prompting tougher reimbursement rules under the new Payment Systems Regulator framework. Providers invest in AI-driven behavioral analytics to balance security with frictionless user experience, but liability shifts increase compliance costs.
Segment Analysis
By Mode of Payment: Remote Transactions Drive Future Growth
Remote payments will expand at a 23.42% CAGR to 2030, overtaking growth in proximity transactions. E-commerce platforms increasingly favor wallets because they minimize checkout friction and enable instant refunds. Digital wallets captured 53% of global online spending in 2024. Cross-border functionality is a critical edge, letting consumers pay without legacy correspondent banking networks. Proximity payments nonetheless anchor daily activity in transit systems and retail. NFC tokens, shipped on 2.5 billion cards during 2024, remain relevant for high-frequency in-store transactions.
Proximity currently holds 64.5% of the mobile wallet market share in 2024, illustrating entrenched consumer habits in physical environments. Merchants invest in tap-and-go hardware to speed checkout and integrate loyalty. NFC and QR convergence inside single wallet apps blurs traditional mode distinctions, positioning omnichannel acceptance as the long-term differentiator.
By Wallet Type: Open Architecture Gains Regulatory Momentum
Open wallets are projected to grow at a 25.31% CAGR on the back of regulatory demands for interoperability. Apple’s decision to unlock iOS NFC to third parties in Europe signals a broader shift toward platform neutrality. Closed ecosystems still controlled 45.8% of revenue in 2024 due to superior user experience and tight hardware integration. Yet antitrust scrutiny and merchant pushback against platform fees temper their future pace.
Tokenization underpins secure interoperability. Visa has issued 10 billion tokens since 2014, avoiding USD 650 million in fraud. As open wallets compete on service layers rather than rails, differentiated onboarding, embedded credit, and contextual offers will shape adoption trajectories.
By Application: Transit and Toll Payments Lead Growth Acceleration
Retail and in-store retained 33.9% of the mobile wallet market size in 2024, but transit and tolls will log the highest 25.63% CAGR to 2030. Daily commutes foster habitual wallet usage and expand addressable transaction counts. Public-sector deployments deliver high user volumes quickly, creating anchor use cases for later retail spend. Remittance flows also benefit as wallets bypass costly correspondent banks, particularly in diaspora-heavy corridors.
QR ticketing and open-loop EMV systems lower fare-collection overheads for transport operators, reinforcing business cases for adoption. Wallet providers that integrate transit, parking, and micromobility achieve higher retention and cross-sell rates compared with single-purpose solutions.
Note: Segment shares of all individual segments available upon report purchase
By End-User: Business Adoption Accelerates Digital Transformation
Although personal users generated 82% of transaction value in 2024, corporate adoption is accelerating at a 24.04% CAGR as enterprises seek real-time reconciliation and better cash management. The Federal Reserve notes growing appetite for digital wallets in accounts payable and receivable cycles. Visa reports that 50% of North American corporates now employ commercial cards within wallet environments for working-capital optimization.
Small-business wallets embedded in marketplaces help entrepreneurs accept payments, manage inventory, and access working-capital advances. Personal and business features increasingly coexist inside unified apps, supported by role-based access and layered security controls.
Geography Analysis
Asia-Pacific controlled 49% of 2024 transaction value, led by China’s WeChat Pay and Alipay, which together handle over 90% of domestic mobile spending. India’s UPI processed approximately 120 billion transfers in 2024, cementing the country’s leadership in open payment infrastructure. Southeast Asian growth remains robust: Vietnam targets 50 million active wallets by end-2024, while Indonesia’s QRIS transactions climbed 217% in one year. Japan’s alliance with ASEAN to launch joint QR payment services by 2025 will deepen regional interoperability.
Africa is projected to post a 26.91% CAGR through 2030, anchored by mobile money solutions addressing gaps where 60% of adults are unbanked. Nigeria’s burgeoning fintech scene and Kenya’s mature M-Pesa ecosystem signal strong upside. Central banks are exploring digital currencies to further improve inclusion and payment efficiency.
Latin America demonstrates leapfrog dynamics. Brazil’s Pix processed R$ 26.5 trillion in 2024 and already dominates 85% of national mobile transactions. Colombia doubled wallet users between 2021 and 2023, while Argentina’s buy-now-pay-later adoption points to diversified wallet functions. Regional heterogeneity in regulation presents both opportunity and complexity for providers seeking scale.
Competitive Landscape
The mobile wallet market remains moderately fragmented. In China, two incumbents hold a commanding position, while India and Brazil host multiple viable players owing to open infrastructures. Apple Pay captured 54% of US in-store usage in 2024, but account-to-account alternatives are eroding card-based dominance. Heightened regulatory oversight of fees and fraud liability compels diversification beyond per-transaction income toward lending, wealth, and insurance cross-sells.
Technology capabilities shape competitive edges. Visa’s AI-driven Provisioning Intelligence delivers sixfold fraud-detection lifts with 83% fewer false positives, supporting 10 billion issued tokens. Wallet-as-a-service models from players such as Toqio enable brands to embed payments quickly, bypassing heavy infrastructure builds. Partnership strategies are essential. UnionPay International’s expanded QR collaboration with Weixin Pay brings eight foreign wallets into China’s acceptance network, ensuring tourist coverage and transaction lift.
Sustainable advantage will accrue to providers that serve as multi-rail hubs, seamlessly orchestrating cards, account-to-account transfers, and emerging digital-currency rails while offering value-added services to defend margins.
Mobile Wallet Industry Leaders
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Apple Inc
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Tencent Holdings Ltd.
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PayPal Holdings Inc.
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Samsung Electronics Co. Ltd.
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Visa Inc.
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- June 2025: Stripe acquired cryptocurrency wallet specialist Privy to strengthen its stablecoin payout capabilities. Strategy: integrate blockchain rails into existing merchant workflows to capture Web3 settlement demand.
- June 2025: PayPal introduced a physical Mastercard tied to PayPal Credit. Strategy: extend wallet loyalty into offline channels and diversify interest income streams via revolving credit.
- May 2025: Ant Group’s international arm generated nearly USD 3 billion revenue in 2024 ahead of its Hong Kong IPO. Strategy: leverage cross-border wallet acceptance and overseas lending to offset domestic regulatory tightness.
- May 2025: Alipay+ debuted in Hong Kong, enabling 14 foreign wallets to pay locally. Strategy: boost tourist spending and merchant reach by unifying acceptance rails.
Global Mobile Wallet Market Report Scope
The mobile wallet, also known as a digital wallet or eWallet, refers to the mobile technology that provides a seamless solution for any business looking to allow users to purchase products in-store and online with added convenience in order to generate further sales. It is a virtual wallet that stores information such as payment cards, including credit and debit cards, and rewards cards on a mobile phone while ensuring the security of such sensitive information.
The Mobile Wallet Market is segmented by Mode of Payment (Proximity, Remote), Application (Mobile Commerce, Money Transfer, Micropayment, Retail, Restaurants, Public Transport), and Geography (North America (United States, Canada), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Proximity |
| Remote |
| Closed |
| Semi-Closed |
| Open |
| Retail and In-Store Payments |
| Mobile Commerce |
| Money Transfer & Remittance |
| Bill Payments and Recharge |
| Public Transport and Toll |
| Food and Hospitality |
| Personal |
| Business |
| North America | United States |
| Canada | |
| Mexico | |
| Europe | United Kingdom |
| Germany | |
| France | |
| Italy | |
| Spain | |
| Rest of Europe | |
| Asia- Pacific | China |
| India | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific | |
| South America | Brazil |
| Argentina | |
| Rest of South America | |
| Middle East | United Arab Emirates |
| Saudi Arabia | |
| Rest of Middle East | |
| Africa | South Africa |
| Nigeria | |
| Rest of Africa |
| By Mode of Payment | Proximity | |
| Remote | ||
| By Wallet Type | Closed | |
| Semi-Closed | ||
| Open | ||
| By Application | Retail and In-Store Payments | |
| Mobile Commerce | ||
| Money Transfer & Remittance | ||
| Bill Payments and Recharge | ||
| Public Transport and Toll | ||
| Food and Hospitality | ||
| By End-User | Personal | |
| Business | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Europe | United Kingdom | |
| Germany | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Asia- Pacific | China | |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| South America | Brazil | |
| Argentina | ||
| Rest of South America | ||
| Middle East | United Arab Emirates | |
| Saudi Arabia | ||
| Rest of Middle East | ||
| Africa | South Africa | |
| Nigeria | ||
| Rest of Africa | ||
Key Questions Answered in the Report
What is the current mobile wallet market size and growth outlook?
The market is valued at USD 266.85 billion in 2025 and is forecast to grow at a 19.06% CAGR to USD 638.54 billion by 2030.
Which region dominates the mobile wallet market?
Asia-Pacific leads with 49% market share in 2024, thanks to entrenched super-apps and real-time payment rails.
Which segment is expanding the fastest?
Transit and toll payments are slated to grow at a 25.63% CAGR through 2030 as cities roll out contactless fare collection.
How are regulations affecting wallet providers in Europe?
EU interchange-fee caps in place until 2029 squeeze margins, pushing providers toward account-to-account payments and value-added services.
What technology trends shape competitive advantage?
Tokenization, biometric authentication, AI-driven fraud detection, and wallet-as-a-service platforms are key differentiators for scaling securely and profitably.
Why are businesses adopting mobile wallets?
Enterprises seek real-time reconciliation, better cash-flow visibility, and lower processing fees, driving a 24.04% CAGR in the business end-user segment.
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