Between 2021 and 2026, the global mobile wallet market is expected to grow by 22.5%. There will be an increase in e-commerce platforms and the use of technology in financial transactions. Utilizing mobile wallet solutions has various advantages, including the ease of making payments. And the increased security that comes with having all of your credit card information in one place.
Mobile banking and mobile wallets have gained prominence in recent years. It results in widespread adoption of the internet in different businesses worldwide. The banking system in countries like Europe and North America has undergone a major change. Banking institutions are offering their mobile money services to serve their customers and grow their clientele. Many people who use digital banking are millennials.
With contactless transactions expanding at an annual pace of 12.7 percent in India, digital payments are thriving there. The total number of transactions in China’s mobile wallets increased by 22% in 2018, hitting $41.1 trillion. The increasing use of contactless payments is expected to drive demand for mobile wallets. The mobile wallet market is expected to grow in size, as we’ll discuss in today’s post. Let’s get started.
In Europe, Open Mobile Wallet Market Will See A Rise In Demand
It is possible to conduct financial transactions using an open mobile wallet. You could withdraw money and do other things with it. The EU market for mobile wallets is estimated to reach $60 billion by 2026 end.
The need for open mobile wallet solutions in the region is expect to be considerable. Throughout this time period, this category is expect to increase at a 15% CAGR. Digital banking infrastructure in Europe is recognized as the best in the world. The banks in this region have used cutting-edge technologies to make banking easier for their consumers. As a result, open mobile wallet app development and other cutting-edge banking technologies. They are use to increase client loyalty and grow the business.
It is worth noting that significant competitors in the European industry have formed strategic partnerships. It helps to produce new goods with more advanced features and gain a larger customer base.
Mobile Wallet Market Share in the United Kingdom
The UK is expect to be one of Europe’s fastest-growing digital banking markets in 2026. In 2019, it had a market share of more than 20%. This number is only going to rise in the future.
Customers are more aware of the benefits of mobile banking as a result of this. A wide range of payment options, greater transaction simplicity and transparency, and a host of other advantages are all part of this. Several traditional banks have re-organized their products. And implemented user-friendly mobile money solutions to expand their client base.
Closing Mobile Wallets Loophole Will Be More Popular In North America
The mobile wallet market in North America will be worth over $80 billion in 2026. For example, close mobile wallets could designed or in part for the services they deliver. Digital payment trends predict that the closed mobile wallet market will increase in the next few years. From 2020 to 2026, the area is expect to increase at a CAGR.
There are several reasons for this, including cyber-attacks and other security concerns. Many mobile wallet developers aren’t prepare to deal with assaults of this nature. Customers’ faith in the business will eroded as a result of this. Many customers opt to use a closed mobile wallet solution to keep their money safe. According to this data, North American banks control the most mobile wallets. Banks are focusing on making banking more convenient and transparent.
Mobile Wallet Usage In Asia-Pacific Emerging Economies
The Asia-Pacific region’s mobile wallet market will be worth more than $200 billion in 2026. Several countries are in the midst of an economic transformation era. Because of this, there was a surge in demand for digitalization in these nations. The development of cutting-edge financial technology encourages economic growth.
The public appreciates the digital wallet app development pros. Thus, the number of people using mobile wallets has skyrocketed. Many banks in the Asia-Pacific area are expanding their R&D funding. Their goal is to develop their mobile wallet solution. It helps in making transactions more convenient for clients.
NFC Technology Is Popular Throughout Asia-Pacific
Asia-Pacific NFC technology adoption is predict to expand at a 20% compound annual growth rate (CAGR) by 2026. NFC-enabled is to blame for this upward trend. Mobile wallets provide an extra layer of protection and security. The act of moving data from one device to another without authorization.
Secure communication channels between POS systems can established via this method. An authentication system is include in the gadget. These systems can customized to meet the specific security requirements of their users. As a result, the need for NFC-enabled mobile wallet software development has skyrocketed.
Conclusion Of Mobile Wallet Market
The number of people using the internet is on the rise worldwide. There will be an estimated 660 million internet users worldwide in 2026. Mobile wallets will see an increase in usage. So the result of the growing desire for a convenient payment solution.