The mobile wallet market could be worth nearly US$10 trillion in 7 years
A new report by ResearchandMarkets.com has concluded that the worldwide mobile wallet market will be worth US$9,352.15 billion by 2026. As this valuation was set at $880.21 billion in 2017, this suggests that the market could grow by a compound rate of 30.0% over those nine years. ResearchandMarkets.com has found that this growth is likely to result from increasing uptake of the devices that facilitate mobile wallets (i.e. smartphones), as well as improved incentives to use the services in question.
Mobile wallets are those apps that can store payment-card information, (e.g. Apple Pay or Google Pay, as well as more specific brands such as Venmo, Xiaomi QuickPass, Samsung Pay and even Walmart Pay) and then use them to complete transactions. According to ResearchandMarkets.com, these transactions are largely in the retail sector. Furthermore, the growth of this sector, and the demand for the goods sold in it, may drive the global mobile wallet market in turn over the next few years.
The Asia-Pacific region was also found to be of particular importance to the potential growth of the mobile wallet market. This is due to a steady decrease in smartphone prices there, as well as a recent governmental drive to make some physical currency denominations obsolete in India. On the other hand, the market as a whole also faces challenges, mostly in terms of the actual availablility of mobile wallet-compatible terminals for consumers to use, as well as the levels of investment the industry will see over the period assessed for in this report.