DUBLIN, Jan. 15, 2024 /PRNewswire/ — The “Global Mobile Payment Methods 2024” report has been added to ResearchAndMarkets.com’s offering.
The global value of digital wallets is on track to double between 2023 and 2028, experiencing rapid acceleration across diverse regions.
The report offers a comprehensive overview of current trends in the global mobile payment market, particularly focusing on the present and future landscape of digital wallets and their impact on the financial ecosystem.
Governments’ endorsement of digital payments is propelling robust growth in the global mobile payments sector
As global governments endorse digital payments, the projected CAGR for the digital payments market is over +14% between 2023 and 2030, reaching trillions in Euros. Despite optimism, challenges like limited internet infrastructure and fraud concerns exist.
The report notes a substantial surge in contactless and virtual card transactions, with over EUR 9 trillion and EUR 8 trillion projected by 2027. Additionally, the digital wallet sector and global QR code payments are set to experience substantial growth, nearly doubling in value from 2023. In 2023, Asia-Pacific leads in digital payment transactions, contributing over 50% to the global market, driven by active government promotion.
The growth of digital wallets is gaining momentum across diverse global regions
The report underscores the accelerating growth of digital wallets globally. Consumer optimism is evident, with nearly half in LATAM, North America, and EMEA expecting mobile wallets to replace traditional payments.
In Europe, digital wallets dominate online payments, with over half preferring them as of September 2022. Notably, alternative methods like BNPL witness slower adoption. The MENA region is projected to see a significant shift by 2025, with over two-thirds of online transactions in mobile commerce, and digital wallets contributing to 20% of online spending.
Key Questions Covered in the Report
- What growth rate is projected for the global digital payments market between 2023 and 2030?
- What is the projected growth for contactless and virtual card transactions globally by 2027?
- How are the global digital wallet sector and QR code payment transactions expected to evolve from 2023 to 2028?
- What are consumer sentiments towards mobile wallets in global regions like Europe, North America, and EMEA?
Key Topics Covered:
1. Key Takeaways
2. Management Summary
3. Global Developments
- Overview of the Online and Mobile Payment Trends, January 2023
- Value of Contactless Card Transactions, in USD trillion, 2022e & 2027f
- Virtual Card Transaction Value, in USD trillion, 2022e & 2027f
- Value of Digital Wallet Transactions, in USD trillion, 2023e & 2028f
- Share of Consumers Agreeing With the Following Statements Related to Digital and Mobile Wallets, in %, April 2023
- QR Code Payment Transaction Value, in USD billion, 2023e & 2028f
- Mobile Money Statistics, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Region, 2022
4. Asia-Pacific
5. North America
6. Europe
7. Latin America
8. Middle East & Africa
A selection of companies mentioned in this report includes
- Alipay
- Apple
- Bizum
- CliQ
- dPayment
- Fawry
- iDEAL
- JoMoPay
- Mobile Suica
- Octopus
- PayPal
- PayPay
- PayU
- Przelewy24
- Rakuten
- Samsung
- Venmo
- Visa
For more information about this report visit https://www.researchandmarkets.com/r/25etxt
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SOURCE Research and Markets
