The mobile wallet market size was valued at US$1 billion in 2019, and is projected to reach $7.6 billion by 2027, growing at a compound annual growth rate  of 28.2% from 2020 to 2027, according to Research and Markets.

As mobile use grows rapidly, users begin to go online more often via mobile and even shop via mobile. With the mobile wallet, it’s possible to hold all the items that a physical wallet would carry on the mobile device.

Research and Markets says the mobile wallet market has evolved as a result of advancements in the mobile phone technology and is expected to grow exponentially in near future, favored by continuous R&D in the smartphone technology and lowering security concerns. 

The research group adds that the widespread smartphone adoption in the developed markets and its increasing penetration levels in the developing markets are influencing the growth of the mobile wallet market positively. An increase in awareness levels, the ubiquity of mobile phones, and advancements in the mobile phone technology drive the growth of the market in the coming years, adds Research and Markets.