Summary
- • Number of mobile wallet users worldwide is expected to reach 2.1 billion by 2025.
- • Global mobile wallet transaction value is forecasted to exceed $13 trillion by 2025.
- • In 2020, mobile wallet usage in the United States grew by 50%.
- • 32% of smartphone users have used mobile wallets for in-store payments in the U.S.
- • Over 50% of global respondents have used mobile wallets.
- • Mobile wallet transactions are projected to grow by 37% annually until 2023.
- • China is the largest market for mobile wallets with over 80% of smartphone users using them.
- • Indian mobile wallet transactions grew by 183% in 2019.
- • Over 70% of consumers in Asia have used mobile wallets for online transactions.
- • Mobile wallet payments are expected to account for 52% of all e-commerce transactions by 2023.
- • By 2025, 40% of mobile wallet users in the U.S. are predicted to use them for in-store payments.
- • Apple Pay accounts for 10% of total global card transactions.
- • In 2019, mobile wallet users in the U.S. made an average of 4.5 transactions per month.
- • 60% of millennials in the U.S. use mobile wallets.
- • Mobile wallets are expected to surpass the use of credit and debit cards by 2024.
Buckle up, folks, because the world of mobile wallets is poised to take us on a wild ride! With the number of mobile wallet users worldwide projected to hit a staggering 2.1 billion by 2025 and global transaction values soaring beyond $13 trillion, its clear that the mobile wallet revolution is in full swing. From the explosive growth in the U.S. market to the dominance of mobile wallets in China and the surging popularity in regions like India and Africa, these digital wonders are reshaping the way we pay. So hold on to your smartphones as we dive into the colossal statistics, surprising trends, and quirky facts that make mobile wallets the new cool kid on the block!
Global Mobile Wallet Market Overview
- Apple Pay accounts for 10% of total global card transactions.
- By the end of 2020, there were over 2,100 mobile wallet providers worldwide.
Interpretation
In a world where plastic is on the brink of extinction and cash is a relic of the past, it seems the future of payments is beaming brightly in the hands of mobile wallets. With Apple Pay leading the charge, accounting for a sweet 10% slice of the global card transaction pie, it's clear that the tech giant isn't just in the fruit business anymore. Meanwhile, the jungle of mobile wallet providers continues to grow, with over 2,100 species vying for a spot in our digital pockets by the end of 2020. As we navigate this brave new world of tap, scan, and swipe, one thing is certain: the age of digging for loose change may soon be as ancient as a flip phone.
Market Projections and Forecasts
- Number of mobile wallet users worldwide is expected to reach 2.1 billion by 2025.
- Global mobile wallet transaction value is forecasted to exceed $13 trillion by 2025.
- Mobile wallet transactions are projected to grow by 37% annually until 2023.
- Mobile wallet payments are expected to account for 52% of all e-commerce transactions by 2023.
- By 2025, 40% of mobile wallet users in the U.S. are predicted to use them for in-store payments.
- Mobile wallets are expected to surpass the use of credit and debit cards by 2024.
- The global mobile wallet market is expected to reach $7,580 billion by 2027.
- Mobile wallets have a compound annual growth rate (CAGR) of 45% between 2020 and 2027.
- Mobile wallet adoption in the Asia-Pacific region is expected to reach 1.4 billion by 2023.
- The number of mobile wallet users in Europe is projected to grow to 176 million by 2023.
- Mobile payments are expected to account for 31% of all POS transactions globally by 2022.
- The mobile wallet market in Latin America is expected to grow at a CAGR of 15.3% from 2020 to 2027.
- QR code-based mobile payments are expected to reach $2.7 trillion by 2023.
- In Germany, mobile payment transaction value is expected to reach €34.05 billion by 2025.
- The Middle East and Africa mobile wallet market size is forecasted to reach $270 billion by 2027.
- Mobile wallets are projected to have a 56% adoption rate in the UK by 2023.
- The number of contactless mobile payment users in Japan is estimated to reach 36.7 million by 2024.
- By 2021, the number of mobile wallet users in India is expected to surpass 1 billion.
- The global mobile wallet market is estimated to grow at a CAGR of 18% from 2020 to 2027.
- The mobile wallet market in the UAE is expected to exceed $2.3 billion by 2023.
- Mobile wallet transactions in South Korea are forecasted to reach $1.96 trillion by 2025.
- The mobile wallet market in Russia is anticipated to grow at a CAGR of 13.2% from 2020 to 2027.
- Mobile wallet transactions in Singapore are expected to surpass $2 billion by 2023.
- The number of mobile wallet users in Mexico is projected to grow to 112 million by 2025.
- By 2023, mobile wallet adoption in Brazil is expected to reach 65% among banked individuals.
- Mobile wallet transactions in the Philippines are forecasted to reach $8.4 billion by 2023.
- Mobile wallet users in Australia are expected to reach 10.3 million by 2023.
- By 2022, over 70% of mobile phone users in the Netherlands will likely use mobile payment solutions.
- Mobile wallet adoption in South Africa is expected to grow by 113% by 2023.
- The mobile wallet market in Argentina is set to exceed $8.5 billion by 2025.
- Mobile wallet transactions are expected to increase by 31% annually in New Zealand through 2023.
- Mobile wallet adoption in Malaysia is projected to grow by 125% by 2023.
- The mobile wallet market in Indonesia is forecasted to reach $35.6 billion by 2025.
- Mobile wallet transactions in Pakistan are projected to reach $1.5 billion by 2023.
- The mobile wallet market in Bangladesh is expected to grow by 28% annually through 2023.
Interpretation
With mobile wallets on the rise, it seems the future of payments is quite literally in the palm of our hands. By 2025, we'll likely be swiping, tapping, and QR coding our way to a $13 trillion global transaction value, leaving credit cards in the dust. With an impressive projected 2.1 billion users worldwide by the same year, it's clear that paper money may soon find itself as outdated as a flip phone. So, get ready to bid farewell to your bulky wallets and embrace the sleek efficiency of mobile payments – the digital age of commerce is here to stay, and it's moving fast!
Regional Mobile Wallet Trends
- Indian mobile wallet transactions grew by 183% in 2019.
- Over 70% of consumers in Asia have used mobile wallets for online transactions.
- African mobile wallet users grew by 250% between 2015 and 2019.
- 78% of consumers in Latin America have used mobile wallets for transactions.
- In 2019, the total transaction value of mobile wallets in the U.S. was $790 billion.
- Over 90% of mobile transactions in Africa are done via mobile wallets.
- Mobile wallet transactions in Australia grew by 39% in 2019.
- Mobile wallet usage in South America grew by 113% in 2020.
Interpretation
In a world where cash is becoming as ancient as a flip phone, the mobile wallet industry is clearly having a moment. With statistics showing more growth than a teenager in a growth spurt, it seems like everyone from Mumbai to Manhattan is tapping, swiping, and paying with their phones. From Asia to Africa, Latin America to Australia, and everywhere in between, the revolution is undeniable. So, whether you're a trendsetter or a traditionalist, it might be time to embrace the digital wallet wave before you find yourself stuck in the past digging for spare change like a relic from a bygone era.
Specific Country Insights
- In 2020, mobile wallet transactions in Egypt grew by 58%.
Interpretation
In a world where carrying a bulky wallet seems as outdated as fax machines, the mobile wallet industry in Egypt is leading the charge towards a sleeker, more efficient future. With a growth rate of 58% in 2020, it's clear that Egyptians are not only embracing the power of technology but also recognizing the convenience of tapping, swiping, and sending payments with just a few taps on their smartphones. In a country rich with history, it seems that the future of financial transactions is firmly rooted in the palm of our hands.
User Adoption and Usage Statistics
- In 2020, mobile wallet usage in the United States grew by 50%.
- 32% of smartphone users have used mobile wallets for in-store payments in the U.S.
- Over 50% of global respondents have used mobile wallets.
- China is the largest market for mobile wallets with over 80% of smartphone users using them.
- In 2019, mobile wallet users in the U.S. made an average of 4.5 transactions per month.
- 60% of millennials in the U.S. use mobile wallets.
- 90% of smartphone users in Southeast Asia are familiar with mobile wallets.
- 54% of Internet users in Canada were using mobile wallets in 2020.
- Over 60% of smartphone users in Brazil have made a mobile payment in the past six months.
- Over 70% of mobile payment users in France use mobile wallets for P2P transactions.
- Over 60% of mobile phone users in Saudi Arabia use mobile wallets for bill payments.
- The number of mobile payment users in Turkey reached 51.4 million in 2020.
- Over 80% of mobile wallet users in Vietnam use them for online shopping.
- Over 70% of mobile phone users in Kenya have used mobile wallets for remittance payments.
Interpretation
In a whirlwind of numbers and statistics, the mobile wallet industry is painting a vivid picture of the future of payments. From the U.S. to China, from millennials to boomers, from brick-and-mortar stores to online shopping, it seems that mobile wallets have infiltrated every nook and cranny of our daily transactions. As smartphone users around the world embrace this digital wave, it's clear that the days of fumbling for cash or cards are quickly waning. Mobile wallets are not just a trend, they are a fundamental shift in how we manage our finances and interact with businesses. So, if you haven't hopped on the mobile wallet bandwagon yet, it might be time to tap into the convenience and efficiency that millions are already enjoying worldwide.
