Research carried out by Transparency Market Research expects the global mobile wallet market growing by 22.2% over a forecasted period between 2022-2031. 

These recent findings entail the continued use of mobile wallets among banks and financial institutions. With cross-country connectivity, digital wallets have become an essential function of the payments landscape, as the sector continues to dive further into the digital space. 

Within its findings, Transparency Market Research found that mobile wallets are attracting ‘immense popularity’ due to their online bill payment and money transfer functionality. These easy-to-use functions have enabled the market to be valued up to $16.2 trillion by 2031. 

With factors such as secure and rapid transactions, the research outlines that this has helped contribute to the adoption of mobile wallets and the overall growth of the market for the coming forecasted period. 

In addition, the user-friendly UI of mobile wallets have afforded customers the opportunity to receive and send money seamlessly. The interface of the wallets has also benefited users during travelling, which has been adopted by other apps, resulting in revenue-generation opportunities. 

Transparency Market Research detailed some additional growth boosters of the market, which includes security and safety features of mobile wallets as a driver of growth. These factors have reassured users and in turn, fuelled market expansion. 

Increased usage of mobile phones in rural regions of the globe has also boosted the usage of mobile wallets. Research also finds that the North America region is estimated in its key position during the forecasted period. 

As well as North America maintaining growth, the Asia Pacific mobile wallet market is projected to expand further. This is due to factors such as studying the economic growth of several nations such as China, Japan, India and Australia

Furthermore, the Asia Pacific market is expected to be driven by the increase in adoption of technological advancements within the region, providing a stable environment for the expansion.