Use of apps like Apple Pay or Google Pay in North America is believed to double between 2020 and 2025, although Asia's market size will be significantly larger. This according to forecasts on the value of conducted transactions with this payment technology. Mobile wallets include but are not necessarily the same as NFC or contactless wallets: the figures shown are on apps such as PayPal or Google Wallet that allow consumers to upload credit card or debit card details to their phone to make a purchase either online or in-store. China was seen as the world's leading country on proximity mobile payments - contactless payments which involve a smartphone - due to the popularity of Alipay and Tenpay.

The Mexico Digital Wallet Market Report is Segmented by Technology (Near Field Communication (NFC), QR Code, and Text-based/Short Message Service), End-Use Industry (Banking, Financial Services, and Insurance (BFSI), Hospitality, Media & Entertainment, Retail & E-Commerce, Energy & Utilities, Telecommunication, and Others). The Market Sizes and Forecasts Regarding Value (USD) for all the Above Segments are Provided.

In 2024, younger consumers were more likely to utilize digital wallets in e-commerce than their elder counterparts. This is according to a survey held in 14 different countries across North America, Europe, and Latin America. The share of users among Gen Z and Millennial respondents in the survey, aged 18 to 43 years old, was higher than the other age groups. Digital wallets were used slightly more frequently by male respondents than female respondents.

The global e-wallet market is experiencing robust growth, projected to reach $85.38 billion in 2025 and exhibiting a Compound Annual Growth Rate (CAGR) of 21.49%. This expansion is driven by several key factors. The increasing adoption of smartphones and mobile internet penetration globally fuels the convenience and accessibility of e-wallets, particularly in emerging markets with rapidly growing digital economies. Furthermore, the integration of e-wallets into various online and offline payment ecosystems, coupled with attractive features like loyalty programs and cashback incentives, stimulates user adoption. Government initiatives promoting digital financial inclusion and reducing reliance on cash transactions further bolster market growth. The preference for contactless payment options, heightened by the recent pandemic, significantly contributed to the surge in e-wallet usage. Competitive pressures among established players and new entrants alike lead to constant innovation in features, security measures, and user experience, driving market dynamism. However, despite the significant growth potential, certain challenges remain. Concerns regarding data security and privacy are paramount, particularly with the increasing volume of sensitive financial data handled by e-wallet platforms. Regulatory hurdles and varying compliance standards across different jurisdictions can complicate market expansion for global players. The digital divide, particularly in underserved communities with limited access to technology and digital literacy, restricts widespread adoption. Overcoming these challenges requires a collaborative approach involving technology providers, governments, and financial institutions to ensure secure, inclusive, and reliable e-wallet services. The market is segmented by technology (Proximity and Remote) and geographically spans North America, South America, Europe, the Middle East & Africa, and Asia Pacific, with Asia Pacific anticipated to be a key growth region given its large and rapidly digitalizing population. The competitive landscape includes a mix of established financial institutions and technology giants, each employing unique strategies to capture market share.

The Digital Wallet Market is projected to grow at 20.2% CAGR, reaching $119 Billion by 2029. Where is the industry heading next? Get the sample report now!

Digital Wallets Market size was valued at USD 8.55 Billion in 2023 and is projected to reach USD 104.5 Billion by 2030, growing at a CAGR of 22.40% during the forecasted period 2024 to 2030.

Global Digital Wallets Market Drivers

The market drivers for the Digital Wallets Market can be influenced by various factors. These may include:

Mobile Adoption: As more individuals adopt smartphones globally, the ease of use and availability of digital wallets fuel industry expansion.

Contactless Payments: In light of the COVID-19 pandemic and the growing emphasis on convenience and hygiene, contactless payment methods—which digital wallets enable—have grown in popularity.

Growth of E-Commerce: The popularity of online shopping has made safe and effective payment methods necessary. Digital wallets provide a smooth checkout process, which encourages the use of these methods.

Government Initiatives: As part of their efforts to increase financial inclusion and the cashless economy, certain governments support digital payments, which may encourage the use of digital wallets.

Digital wallets were more likely to be used for e-commerce in Germany than in Canada or several other European and North American countries. This is according to a survey held in seven different countries across the region. Germany and Italy were the only countries to exceed the global average for the use of this payment method in e-commerce. Note that this global average does not include countries from Asia-Pacific, the Middle East, or Africa.

The Global Digital Wallet Market size was valued at USD 2,140.18 billion in 2023 and is projected to reach USD 7,857.70 billion by 2030.

Digital Payment Market size was valued at USD 883.17 Billion in 2023 and is projected to reach USD 1875.59 Billion by 2031, growing at a CAGR of 22.19% from 2024 to 2031.

Global Digital Payment Market Dynamics

The key market dynamics that are shaping the global Digital Payment Market include:

Key Market Drivers:
Rising Adoption of Mobile Payments: The increasing penetration of smartphones and mobile apps is accelerating the use of mobile wallets and payment platforms, particularly in emerging markets. Consumers are moving towards contactless transactions for convenience and speed.
Growth of E-commerce: The rapid expansion of online shopping platforms has driven demand for seamless, fast, and secure digital payment methods. E-commerce has also fostered the growth of alternative payment methods such as buy-now-pay-later (BNPL) services, enabling flexibility in payment.

The use of digital wallets for online purchases was higher in Argentina than in Mexico or other Latin American nations. This is according to a survey held in seven different countries across the region. The survey revealed that 26 percent of respondents in Argentina had used a digital wallet for e-commerce purposes in the past month, which is double the Latin American average.

Digital wallets were significantly more used in Asia-Pacific than in other parts of the world in 2023. Wallets accounted for almost 70 percent of e-commerce payments in the region, more than roughly 20 percent in both Latin America and MEA. Wallets accounted for less than half of global e-commerce payment transactions, which will increase to 61 percent in 2027.

The report Includes Indonesia E-Wallet Market and is Segmented by Type (Proximity Payment, Remote Payment), and End-user Industry(BFSI, IT and Telecommunication, Retail, Healthcare, Government, Media and Entertainment, Transportation and Logistics). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

The volume of mobile wallet transactions was about four billion in financial year 2021, a significant increase from about 32.7 million transactions in financial year 2013. The growth in transaction volumes dipped in financial year 2021 due to the covid-19 pandemic.

The Swedish payments market, valued at approximately €[Estimate based on available data and industry knowledge for 2025 market size. For example, if the market size is not given, but the CAGR is 10.6%, one could estimate it using reverse calculations from an earlier year's data, or by comparison to similar markets], is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) of 10.6% from 2025 to 2033. This expansion is fueled by several key drivers. The increasing adoption of digital technologies, particularly mobile wallets and online payment platforms, is significantly impacting consumer behavior. E-commerce's continued growth across sectors like retail, entertainment, and healthcare is further accelerating demand for secure and convenient online payment solutions. Furthermore, government initiatives promoting digitalization and a robust fintech ecosystem in Sweden are contributing to this upward trajectory. However, the market is not without its challenges. While digital payments are prevalent, cash transactions still constitute a considerable portion of overall payments, indicating room for continued penetration of digital solutions. Concerns regarding data security and privacy surrounding online transactions can act as a restraint, alongside potential regulatory changes impacting the payments landscape. Segment-wise, the Point of Sale (POS) segment, encompassing card payments and digital wallets, is expected to dominate, followed by online sales. Within end-user industries, retail and e-commerce are likely to be major contributors to market growth, with the healthcare and hospitality sectors showing increasing adoption of digital payment solutions over the forecast period. Key players like Getswish AB, Stripe, Klarna Bank AB, and others are actively shaping the market's competitive landscape through innovation and expansion. This comprehensive report provides an in-depth analysis of the Sweden payments market, covering the period 2019-2033. It offers valuable insights into market size, growth drivers, challenges, and future trends, focusing on key segments like digital wallets, mobile payments, card payments, and online payments. The report utilizes data from the base year 2025 and provides forecasts until 2033, leveraging historical data from 2019-2024. This analysis is crucial for businesses operating in or considering entry into the dynamic Swedish payments landscape. Recent developments include: February 2022 - Adyen is the next bank to join Swish, providing enterprise customers with easy, fast, and secure Swish payments. About 8 million Swedes and more than 300,000 companies are connected to Swish. Currently, 12 banks offer Swish to their customers, and each bank is responsible for the provision, terms, and conditions of the Swish service it provides and for all fees., May 2022 - The United Kingdom, Sweden, and Netherlands sellers will now be able to accept contactless payments on standard Android NFC smartphones or other mobile devices using PayPal's Point of Sale (POS) software solution. To use Tap to Pay with Zettle, merchants download PayPal's Zettle Go application to their Android device and sign up for the service directly from the app or PayPal business account.. Key drivers for this market are: High Proliferation of E-commerce, including the rise of m-commerce and cross-border e-commerce supported by the increase in purchasing power, Enablement Programs by Key Retailers and Government encouraging digitization and contactless payments in the market; Government Trials of Sweden's first digital national bank currency e-krona. Potential restraints include: Security Concerns Related to Cyber Attacks and Data Breaches, Lack of Robust and Reliable Infrastructure in Remote Regions. Notable trends are: Retail is expected to grow significantly in the country.

The Asia-Pacific Payments Market Report is Segmented by Mode of Payment (Offline/Point of Sale (Card Payments, Digital Wallets, Cash), Online Sale/E-commerce (Card Payments, Digital Wallet)), End-user Industries (Retail, Entertainment, Healthcare, Hospitality), and Country (China, India, South Korea, Taiwan, Singapore, Philippines, Malaysia, Indonesia, Vietnam, Australia, and Japan). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

As of June 2024, e-wallets dominated digital payment methods in Indonesia, used by 96 percent of respondents. This usage is boosted by a young population and expanding mobile internet access. At the same time, banking platforms and Buy Now, Pay Later services have been widely adopted, by 49 percent and 33 percent of users respectively, demonstrating the growing trend toward flexible, cashless payments. Increased adoption of digital payments The country's most widely used e-wallets, such as GoPay, OVO and DANA continue to grow due to their convenience, particularly with super apps such as Grab and Go-Jek, allowing daily transactions across all sectors. Meanwhile, Buy Now Pay Later systems are growing in popularity as consumers seek short-term credit options, particularly younger users or those who lack access to conventional bank credit. Digital finance trends The rapid adoption of digital payment platforms in Indonesia, driven by the Quick Response Code Indonesian Standard (QRIS), has facilitated the transition from traditional offline to online financial activities. Developed by Bank Indonesia, this national code simplifies payments by eliminating the need for a bank account or credit card. As financial literacy in Indonesia gradually improves, fintech and e-commerce services are on the rise, with digital payments expected to grow by more than 67 percent by 2028. In the coming years, Indonesia aims to strengthen financial governance and move towards a cashless society.

According to Cognitive Market Research, The Global contactless payment market size is USD 29815.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.

North America Contactless Payment held the major market of more than 40% of the global revenue with a market size of USD 11926.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe Contactless Payment held the major market of more than 30% of the global revenue with a market size of USD 8944.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.
Asia Pacific Contactless Payment held the market of around 23% of the global revenue with a market size of USD 6857.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
South America Contactless Payment market has more than 5% of the global revenue with a market size of USD 1490.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031
Middle East and Africa Contactless Payment held the major market of around 2% of the global revenue with a market size of USD 596.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The hospitality segment is set to rise due to growing demand for seamless and hygienic transactions. The COVID-19 pandemic accelerated this trend, with consumers prioritizing safety. Contactless payments offer a convenient and secure solution, enhancing the overall guest experience while aligning with health and safety concerns.
The growth is attributed to the rising global adoption of digital payment platforms designed to facilitate customer payments at a faster rate. Contactless payments, such as intelligent hardware, innovative software, and smart services, expand traditional payment systems and present intelligent transactions.

Increasing Penetration of Smartphones to Provide Viable Market Output

The contactless payment market is thriving, propelled by the widespread adoption of smartphones. The increasing penetration of smartphones provides a convenient platform for contactless payments, offering users quick and secure transactions through technologies like NFC. The seamless integration of smartphone payment apps and digital wallets encourages consumers to embrace contactless payments, fostering market growth. The convenience, speed, and hygiene benefits of contactless transactions further contribute to the expansion of this market globally.

For instance, in September 2023, IDEMIA partnered with Soft Space, the leading Fintech player in SoftPOS, to enable contactless payment acceptance. Through this collaboration, merchants and acquirers worldwide can accept card and mobile wallet payments by transforming a smartphone or tablet into a point-of-sale terminal.

(Source: https://www.idemia.com/press-release/idemia-partners-soft-space-enable-tap-phone-payments-2022-03-02 )

Rising Adoption of Technology by Merchants for Small Value Transactions to Propel Market Growth

The contactless payment market thrives as merchants increasingly adopt technology for small-value transactions. The comfort and velocity of contactless payments and the growing trend towards cashless transactions drive this market. With the rise of NFC-enabled devices and mobile wallets, consumers prefer the seamless experience of tapping or waving for swift payments. This trend enhances customer satisfaction and fosters a secure and hygienic payment method, propelling the contactless payment market forward.

For instance, in January 2022, Rêv USA, Inc. announced the nationwide availability of The X World Wallet, an app-based multi-currency debit account combining a loyalty program, a travel bookings portal & discounts with an integrated global sustainability initiative.

(Source: https://www.businesswire.com/news/home/20220104005138/en/R%C3%AAv-Enters-U.S.-Payments-Market-With-The-Launch-of-The-X-World-Wallet%E2%84%A2-Super-App )

Market Restraints of the Contactless Payment

Lack of Consumer Awareness to Restrict Market Growth

The contactless payment market faces a challenge due to a lack of consumer awareness. Despite the convenience and efficiency offered by contactless payments, some consumers remain unaware or skeptical about this technology. This limited awareness is a sign...

The Europe Mobile Payments Market Report is Segmented by Payment Mode (Proximity Payment, and Remote Payment) and by Country (United Kingdom, Germany, France, Spain). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Taiwan Mobile Payments Market size was valued at USD 627.1 Million in 2024 and is projected to reach USD 2341.3 Million by 2032, growing at a CAGR of 17.9% from 2025 to 2032.

Taiwan Mobile Payments Market: Definition/ Overview

Mobile payments refer to the use of smartphones, tablets, or other mobile devices to conduct financial transactions, such as purchasing goods and services, transferring money, or paying bills. These payments are facilitated through various technologies, including mobile wallets, banking apps, QR codes, NFC (Near Field Communication), and SMS-based systems. The convenience, speed, and security of mobile payments have revolutionized the way consumers and businesses handle transactions, reducing reliance on cash and traditional card payments. transactions, peer-to-peer transfers, and even public services, providing a seamless and efficient payment experience.