Mobile Wallet and Payment Market
Demand for Multi-Currency Mobile Wallets Fuel Mobile Wallet and Payment Market Growth
Remitting money from one home country to another can be a time-consuming operation owing to the varied conversion rates, high remittance fees, and related taxes. A multi-currency wallet allows businesses to pay, receive, and save various currencies in a single digital wallet rather than maintaining separate accounts for each international currency. The multi-currency digital wallet eases overseas payments and currency conversions. Moreover, the multi-currency wallet provides various guaranteed benefits for cross-border payments. These benefits include:
• Secured Payments – Multi-currency wallets provide enhanced security features and multiple authentication methods to protect account information and funds. It helps make secured overseas transfers and currency exchange.
• Convenience and Flexibility – Consumers can switch currencies, pay bills, and create transactions in multiple currencies without managing multiple accounts. Multi-currency wallet allows consumers to make smooth cross-border payments with one tap.
• No Foreign Exchange Hassles – Multi-currency wallet allows consumers to swap currencies without the stress of foreign exchange. This enables consumers to carry any currency for all their foreign transactions without difficulties.
• Reduced transaction costs – Multi-currency wallets help in reducing international transaction expenses by eliminating currency translation fees. Furthermore, foreign transfers with banks incur additional prices and hidden fees; however, with a multi-currency wallet, consumers no longer have to bother with these unneeded costs.
Therefore, multi-currency mobile wallets allow businesses to ensure that there are no issues with promoting and distributing products and services worldwide. They also support businesses in enhancing customer experiences.
Mobile Wallet and Payment Market: Industry Overview
The mobile wallet and payment market is segmented on the basis of type, technology, end user, and geography. Based on type, the market is categorized into remote and proximity. By technology, the market is divided into NFC, QR code, text-based, and others. Based on end user, the mobile wallet and payment market is segmented into personal and business. In terms of geography, the market is primarily categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
UK Holds Significant Share of Mobile Wallet and Payment Market in Europe.
According to Primer, debit card usage in the UK exceeds the usage levels in any other European country; ~90% of the population in the country owns Visa or Mastercard cards, which are instrumental in enabling digital transactions. Alternative payment methods also hold considerable importance in the country. Merchants in the UK are required to provide mobile wallet options, particularly Apple Pay and Google Pay, to manage their widespread operations. BNPL services are also well-received, with 36% of adults utilizing BNPL at least once in one year. While open banking payments are gaining traction, they currently represent a small portion of overall payment volumes.
Mobile wallets are the second most favored online payment option among consumers in France. Global companies such as Google Pay, Apple Pay, and PayPal operate alongside France-based service providers such as Lyf, Lydia, and PayLib. PayLib is one of the most popular digital wallets in the country because of its integration with Cartes Bancaires. According to Pay.com, approximately 38% of online purchases made in France were paid for using a digital gadget in 2023. Various options available for French consumers for making payments using phones and watches include Amazon Pay, digital wallet brands such as Lyf, bank-specific apps, and mobile-only payment solutions such as Revolut and Monese.
Mobile Wallet and Payment Market Analysis: Competitive Landscape and Key Developments
Paytm E-Commerce Pvt Ltd, Telefonaktiebolaget LM Ericsson, Early Warning Services, LLC, PayU, One MobiKwik Systems Limited, Apple Inc, Alphabet Inc, AT&T Inc, Paypal Holdings Inc, Samsung Electronics Co Ltd, Mastercard Inc, Fitbit LLC, American Express, Visa Inc, FIS Global, Alipay, Bharti Airtel, SoftwareGroup, PhonePe, and ACI Worldwide Inc are among the prominent players profiled in the mobile wallet and payment market report. They focus on introducing and leveraging new technologies and offerings, thereby facilitating the market expansion. In addition, the performances of several other essential market players from the mobile wallet and payment entire value chain have been analyzed to get a holistic view of the market and its ecosystem. A few of the key market developments are listed below:
- In May 2024, PhonePe announced that it has enabled UPI payment acceptance in collaboration with LankaPay across LankaQR merchant points at a grand event held in Colombo.
- In March 2023, Zeepay, the fastest-growing wholly Ghanaian-owned fintech in Ghana, introduced new digital financial solutions in partnership with Software Group, a global financial technology provider, to scale its business and accelerate financial inclusion.
- In February 2023, Mobily (a leading digital partner of the international technical conference LEAP 23) announced the launch of Mobily Pay during LEAP 23 in partnership with Ericsson in the Kingdom of Saudi Arabia (KSA). Mobile Pay is a mobile financial service that is available to all the users in the Kingdom to conduct personalized financial services such as contactless payments, money transfers, international remittance, digital card payments, cash-back, bill payments, mobile top-up, and more, secure and at their convenience.
