Mobile wallets show strong post-COVID growth, rising to 5.6 billion in circulation by 2027

LONDON, November 10, 2022 /PRNewswire/ — Migrations to cashless societies exacerbate the need for mobile wallets with enhanced functionality and access to various end markets, including identity and ticketing. According to a global technology watch company ABI Searchthe global mobile wallet market will grow from a circulation of 3.5 billion in 2022 to over 5.6 billion in 2027.

“Ecosystem players in the mobile wallet market need to prepare for the constant migration of many economies away from cash. Compelling mobile wallet solutions will cover the need for improved functionality and user experience,” says Sam Gazley, digital payment technology analyst at ABI Research. “Underbanked regions like the Middle East, Africaand Latin America will experience the strongest growth in mobile wallets. These regions provide an opportunity to access banking services through wallet or mobile money services, further due to the availability of mobile infrastructure rather than banking infrastructure. »

The global mobile wallet market is showing strong growth in the post-pandemic era. With the largest proportion of underbanked and unbanked populations, the Middle East and Africa are fundamentally transforming their digital payment ecosystem. This growth in recent years is due to the development and increased use of monetary services such as M-Pesa and MoMo MTN for e-commerce. The consumers in Africa continue to benefit from the proliferation of alternative payment solutions developed by neo-international banks, challenger banks and telcos. The region as a whole will show robust growth during the forecast period, slightly lower than that of Latin Americawith a CAGR of 17.7% between 2022 and 2027.

Latin America is also experiencing a boom in mobile wallet usage. As the second fastest growing e-commerce market after the Asia Pacificmany consumers are shopping and banking for the first time in a digital ecosystem. Latin America effectively echoes the market observed in the Asia Pacific in recent years, in which access to better connectivity and digital services has caused a surge in the mobile wallet market. ABI Research sees Latin America as the fastest growing region during the forecast period, showing a CAGR of 18% between 2022 and 2027

Regarding the market ecosystem, the OEM wallets in place, such as Apple Pay, Samsung pay, and Google to pay, see increased pressure from Revolution, Monzoand Curve on the side of neo/challenger banks and payment companies such as PayPal and Venmo. Each seeks to outperform traditional banking solutions through digital approaches. “In addition, smart card vendors who have primarily focused on the physical payment card market, such as Thales, L+R also have a key role to play in the adoption of mobile wallets, either by offering their own wallet solution, providing cloud-based or decentralized solutions for card digitization, or helping central banks launch currencies digital,” concludes Gazeley.

These results come from the ABI Research study Mobile Payments Market: Innovation Strategies for Future Success application analysis report. This report is part of the company report Digital payment technologies research service, which includes research, data and ABI Insights. Based on in-depth primary interviews, Application analysis the reports present an in-depth analysis of key market trends and drivers for a specific technology.

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SOURCE ABI Research