North American Mobile Wallet Market size is projected to cross USD 80 billion by 2026, according to a latest forecast report by Graphical Research. The mobile wallet transaction volume in the region is expected to exceed 13 billion by 2026, with transactional value surpassing USD 480 billion.
The North American mobile wallet market growth is witnessing a paradigm shift as banks and mobile wallet providers compete to match each other on discounts and product offers. The financial establishments in the country are focusing on improving the customer experience and providing personalized experience to their customers. There is a steady rise in the number of the U.S. consumers using mobile banking for managing their account information and making their bank transactions. The high degree of smartphone usage and a pronounced internet penetration are promoting the use of mobile wallets in the region.
In North America, the semi-closed mobile wallet segment is predicted to register a growth of over 15% between 2020 and 2026. The influx of various technology players and rising investments in the Fintech sector are fueling the use of semi-closed mobile wallets. Various prominent investors and venture capitalists have been eyeing the Fintech sector to capitalize on various growth opportunities. It was estimated that in 2019, the total fintech investment in the U.S. set a new annual record of USD 59.8 billion. This increasing investment in the Fintech sector has encouraged various new startups to launch semi-closed wallets.
The device manufacturers segment accounted for over 18% market share in 2019. The increasing number of mobile wallets offered by device manufacturers, such as Apple and Samsung, is driving the growth of the market. The smartphones are becoming primary devices to user’s daily lives for purchasing goods and services. This has provided smartphone device manufacturers with the opportunity to introduce their own mobile wallet applications to capitalize on growth opportunities and gain an edge over their competitors.
Browse detailed statistical insights from the report, “North America Mobile Wallet Market Size, By Ownership (Banks, Telecom Operators, Device Manufacturers, Tech Companies), By Type (Open, Semi-closed, Closed), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-based), Research Report, Country Outlook (U.S., Canada), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026” along with the table of contents (ToC) @
The digital-only wallets segment is estimated to observe a growth rate of 20% till 2026, which is attributed to the increasing acceptance & adoption of mobile payment methods to facilitate transactions from remote locations. These trends are encouraging companies to invest in the development of digital only mobile wallets. The digital only mobile wallet stores the cardholder information in the mobile device by storing credit card & debit card credentials and discount or reward point information. The technological advancement has allowed the mobile wallet providers to integrate biometric technology into the mobile wallets.
Some of the key vendors in the North America market include Amazon.com, Inc., American Express Company, Apple Inc., AT&T Inc., Due Inc., First Data Corporation, Google LLC, J.P. Morgan Chase & Co., Mastercard Incorporated, PayPal Holdings, Inc., Visa Inc, and Wells Fargo & Company.
The North American mobile wallet market research report includes an in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD billion from 2015 to 2026, for the following segments:
North America Market, By Type
- Open wallets
- Semi-closed wallets
- Closed wallets
North America Market, By Ownership
- Telecom Operators
- Device Manufacturers
- Tech Companies
North America Market, By Technology
- Near Field Communication (NFC)
- Optical/QR Code
- Digital Only
The above information has been provided for the following countries: