Global Mobile Wallet Market Set for 28.5% CAGR as Smartphone Adoption and NFC Use Surge

According to the latest market research study published by P&S Intelligence, the global mobile wallet market is valued at USD 15.9 billion in 2024, and is projected to surge to USD 113.1 billion by 2032, growing at a robust CAGR of 28.5% over 2025–2032. This sharp rise reflects the increasing consumer demand for convenient, location-independent payment methods that enable quick fund transfers and real-time management of payment accounts.

Smartphone and internet proliferation worldwide — along with user-friendly access via internet banking or credit/debit cards — are major catalysts for this growth. As a result, more retailers and businesses are embracing mobile wallets to simplify monetary transactions and improve user experience, driving widespread adoption and transforming payment ecosystems globally.

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Key Insights

• Remote mobile wallets — supporting online bill payments, e-commerce transactions, and peer-to-peer (P2P) transfers — remain the larger segment of the market, reflecting growing consumer preference for digital and remote payment channels.
• Proximity wallets (using technologies such as NFC) are the fastest-growing category in the forecast period. As NFC-enabled smartphones and POS terminals become increasingly accessible and affordable, proximity payments are expected to gain dominance. 
• In terms of technology, QR-code based payments hold the largest share (around 55%) — owing to their widespread global adoption and ease of use for cashless transactions.
• Near-Field Communication (NFC) is emerging as the fastest-growing technology in the mobile wallet ecosystem, thanks to its secure and seamless tap-to-pay convenience.
• By application, the Retail & E-Commerce sector accounted for roughly 60% of the market in 2024, driven by e-commerce growth and retailers’ preference for contactless, efficient payment methods.
• The Hospitality & Transportation segment is identified as the fastest-growing application category — as consumers increasingly use mobile wallets for hotel bookings, ride-hailing, transit tickets, in-transit purchases, and digital tipping/payment in travel-related services. 
• Geographically, Asia-Pacific (APAC) dominates the market (both largest and fastest-growing region). The region benefits from rapid smartphone and internet adoption, high 5G penetration, and growing digital literacy — factors that collectively drive mobile wallet adoption. 
• Within APAC, India is highlighted as the fastest-growing country market during the forecast period, supported by rising digitization, expansion of e-commerce, and favorable government initiatives promoting digital payments.
• The global mobile wallet market remains highly fragmented, with numerous global tech giants, established financial institutions, and nascent fintech firms competing. This fragmentation fuels innovation — but also presents challenges in standardization and interoperability, pushing users to rely on multiple wallets for different purposes.
• The interplay of convenience, accessibility, and security — including features such as biometric authentication (fingerprint, facial recognition, voice verification) and AI-driven fraud detection — is reshaping mobile wallets into comprehensive financial tools offering payments, credit, insurance, investment, and other services