North America Mobile Wallet Market Size, Share & Industry Trends Analysis Report By Technology (Proximity and Remote), By Application (Retail & E-commerce, Hospitality & Transportation, Banking, Vending Machine), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Mobile Wallet Market would witness market growth of 26.5% CAGR during the forecast period (2022-2028).
Due to its simplicity in enabling online bill payments and other money transfer services, mobile wallets are becoming extremely popular all over the world. Additionally, the usage of these modern instruments enables quick and safe transactions. These advantages of utilizing a mobile wallet have led to an increase in the use of these products. Over the forecast period, this factor is anticipated to create lucrative opportunities in the mobile wallet market. Users of mobile wallets can transfer and accept funds with ease owing to the user-friendly UI. Individuals who use mobile wallets can finish their transactions even while on the go due to the user-friendly UI. These functions are anticipated to aid in the quick uptake of such apps.
Consumer-business interactions are increasingly occurring online. Businesses are adapting the way they run to meet the constantly changing needs of their customers and their usage of mobile phones as well as devices, from e-commerce websites to robo-advisors. Businesses that only provide digital solutions and platforms are known as new fintech members. These businesses produce innovative products and services that are inexpensive and readily available. Some of the most significant developments have been in the payments industry specifically. Utilizing tools like mobile wallets, businesses and customers are adjusting to both online and offline transactions.
The far more prevalent credit card-based payment options in Canada are MasterPass, Interac Online, and PayPal. However, certain online retailers also provide the option of prepaid card or prepaid voucher. When it came to eCommerce transactions in 2020, credit cards accounted for 55% of all transactions. With about 25% of the market, digital wallets came in second. In accordance with a survey conducted in 2020, Canadian consumers have been involved in using Buy Now, Pay Later (BNPL) payment methods for their online purchases. The age group of people from 35 to 44 showed the greatest interest in BNPL at 65.4%, while customer 65 and older showed the least interest (47%). These aspects would escalate the growth of the regional mobile wallet market over the forecast period.
The US market dominated the North America Mobile Wallet Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5,938.3 million by 2028. The Canada market is showcasing a CAGR of 29.3% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 28.2% during (2022 - 2028).
Based on Technology, the market is segmented into Proximity and Remote. Based on Application, the market is segmented into Retail & E-commerce, Hospitality & Transportation, Banking, Vending Machine, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Mobile Wallet Market is Estimated to reach $30.2 Billion by 2028, at a CAGR of 27%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), PayPal Holdings, Inc., Ant Group (Alipay) (Alibaba Holding), AT&T, Inc. (AT&T Intellectual Property), Mastercard, Inc., Visa, Inc., and American Express Company.
Scope of the Study
Market Segments Covered in the Report:
- Retail & E-commerce
- Hospitality & Transportation
- Vending Machine
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Apple, Inc.
- Samsung Electronics Co., Ltd. (Samsung Group)
- Google LLC
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- PayPal Holdings, Inc.
- Ant Group (Alipay) (Alibaba Holding)
- AT&T, Inc. (AT&T Intellectual Property)
- Mastercard, Inc.
- Visa, Inc.
- American Express Company
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