According to the report titled ‘Global Mobile Wallet Market Size study, Market by Type (Proximity and Remote), By Technology (Near Field Communication, QR Code, Text based/ Short Message Service, and Digital Only), By End User (Personal and Business), and By Industry Vertical (Hospitality & Transportation, Media & Entertainment, Retail, Healthcare, Energy & Utilities, Telecommunication and Others)and Regional Forecasts 2021-2027’, available with Market Study Report, global mobile wallet market was valued at USD 1337.25 billion in 2020 and is anticipated to record a growth rate of over 28.2% during 2021-2027, thereby accumulating USD 7610.80 billion.
 

The growth of global mobile wallet market is driven by factors like increase in the number of e-commerce platforms, and usage of technology for financial transactions. As per a report by the Government of India, 14 out of total 15 e-wallets present in the country are India based. It further cites that digital payment sector in the country is prospering lucratively.
 

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Additionally, there has been a surge in the number of smartphone users, which along with emphasis on personalization of mobile wallets as per the need of the customer, and improvised security of systems are further contributing to the growth of the market.
 

For the uninitiated, mobile wallets are digital applications used to send/receive and transact money using mobile devices.
 

However, increase in hacking and digital frauds, alongside lack of awareness about the safe usage of mobile wallets are the factors impeding worldwide mobile wallet market expansion.
 

By type, the market is segmented into remote, and proximity, whereas based on technology terrain, the industry is bifurcated into text based/short message service, near field communication, QR code, and digital only.
 

Speaking of end user scope, the marketplace is fragmented into business, and personal users. With respect to industry vertical, the market is classified into energy & utilities, retail, media & entertainment, healthcare, hospitality & transportation, telecommunication, and others.
 

Moving on to geographical terrain, regions like Latin America, Europe, North America, and Asia Pacific are considered to understand the dynamics of global mobile wallet industry. Among these, Asia Pacific market currently holds 58% revenue share, owing to emergence and popularity of e-commerce platforms like Alibaba and Flipkart. Also, initiatives taken by government to promote digitalization will sway the business dynamics.
 

Key industry players profiled in the report are Vodafone Group Plc, Apple Inc., PayPal Holdings Inc., Amazon.com Inc., Google LLC, AT&T Mobility LLC, Samsung Group, Ant Group (Alibaba Group), American Express, and One97 Communications Ltd.