Mobile Wallet and Payment Tech Market to See 31.1% Annual Growth Through 2023

April 25, 2019

WELLESLEY, Mass., April 25, 2019–Rapid growth in the e-commerce industry and the increasing penetration of smartphones are just two factors contributing to strong growth of the mobile wallet and payment tech market, according to a report “Mobile Wallet and Payment Technologies: Global Markets” by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 31.1% through 2023, when it could be worth $138.5 billion.

Major players in the market include First Data (FDC), Bank of America (BAC), Wells Fargo Bank (WFC), Barclays Bank (BARC), Visa (V), Mastercard (MA) and Google (GOOGL).

Research Highlights

  • Mobile commerce will lead the market by size, with a 2018 value of $16.7 billion, though mobile transfers will lead by growth, with a CAGR through 2023 of 34.2%.
  • For mobile commerce, the applications market is led in size by mobile shopping, which had a 2018 value of $7.5 billion, followed by bill payment at $4.3 billion and hospitality at $2.5 billion.
  • By region, the Asia-Pacific region leads the market by size, with a 2018 value of $16.1 billion, followed by Europe, the Middle East, and Africa at $9.8 billion and North America at $8.5 million.

“In recent years, more than half of the world’s internet traffic has come from mobile devices such as smartphones and tablets,” notes BCC Research analysts. “The major reason for the rise in demand and growth of the e-commerce industry is the convenience offered by the mobile wallet and payment gateways used on these devices.”

Market Restraints Include Consumer Habits, Slow Adoption of Contactless Payments

Though the market sees generally positive signs of growth, several factors are hampering expansion. Chief among them is habit: consumers are slow to adopt new money handling tech and abandon old ones, and with low consumer pressure for the new tech, merchants have been slow to invest in new POS units.

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