This study delves into the factors shaping consumer loyalty and satisfaction within South Korea’s mobile wallet market, a pivotal area for digital expansion in the industry. We analyzed consumer behavioral data from 2017 and 2024 to track changes in attitudes and usage patterns toward mobile payment applications. This study aims not only to apply the Dual-Factor Model in a novel context but also to contribute to the existing literature by offering both a temporal and a comparative analysis of the dynamics shaping this rapidly evolving market. Utilizing structural equation modeling (SEM) and bootstrapping for mediation analysis, we validated the impact of dedication-based and constraint-based constructs on consumer loyalty and satisfaction. Our findings indicate a shift from pleasure-centric to convenience-centric service usage as the industry matures, accompanied by a decreased correlation between perceived enjoyment and satisfaction. Moreover, we identified an amplified role of switching costs in fostering habitual usage and steadfast loyalty, along with an increased effect of personal innovativeness on consumer engagement over time. This research underscores a shift in South Korea’s mobile wallet market, emphasizing the necessity of continuous innovation to sustain consumer loyalty and commitment within the evolving mobile wallet application landscape.