E-Wallet Market Analysis
The global E-Wallet Market will touch USD 489.3 billion at a 23.40% CAGR by 2030, states the new Market Research Future (MRFR) report.
Drivers
Introduction of Payment Technologies to Boost Market Growth
The introduction of payment technologies such as PayPal, Samsung, Apple, and Google and others together with consolidation of banking, service providers have boosted market growth.
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The E-Wallet Market Insight comprises the following significant players
- ACI Worldwide (US)
- 2Checkout (US)
- Adyen (Netherlands)
- Worldline (France)
- Aurus (US)
- WEX (US)
- Aliant Payments (US)
- Visa (US)
- Alipay (China)
- Stripe (US)
- Apple Pay (US)
- Square (US)
- Due (US)
- Paysafe (UK)
- Spreedly (US)
- PayPal (US)
- Dwolla (US)
- PayPal (US)
- PayU (Netherlands)
- Mastercard (US),
- FattMerchant (US)
- JPMorgan Chase (US)
- PayTrace (US)
- Intuit (US)
- FIS (US)
- Global Payments (US)
- Fiserv (US)
Recent developments in the e-wallet market include an increase in the usage of digital payment services due to the outbreak of COVID-19. This has led to an acceleration in the growth of the e-commerce industry, with major digital wallet brands such as Alipay, an Alibaba payment service, becoming more widely used. Mobile wallets such as Apple Pay and Google Pay have also been gaining traction, and users can add a Bitpay debit card to their wallet to convert cryptocurrency to dollars at the current market rate. Additionally, there have been major developments in the use of digital assets, with new and unique functions and uses being discovered. Cybersecurity and market failures at major digital asset exchanges have also been a major issue, with solutions being developed to protect users from these risks.
The e-wallet market refers to the industry of digital wallet services that allow individuals to store, send, and receive money electronically. E-wallets are accessed through mobile devices and offer a convenient and secure way to make payments, particularly for online transactions. The growth of the e-wallet market has been driven by factors such as the increasing popularity of cashless payments, the rise of e-commerce, and the growing adoption of mobile devices. E-wallets have become a preferred method of payment for many consumers, particularly in countries where traditional banking services may be less accessible. The e-wallet market includes a variety of players, ranging from traditional financial institutions to tech startups. Some of the most well-known e-wallet services include PayPal, Venmo, Apple Pay, and Google Pay. These services typically offer a range of features, such as the ability to link multiple payment methods and to make transactions in different currencies. As the e-wallet market continues to grow, it is likely that we will see increased competition and innovation in this space, with new players entering the market and existing providers adding new features and services.
Opportunities
Proliferation of E-commerce to offer Robust Opportunities
The proliferation of e-commerce has helped to fetch people towards e-wallets via offering special discounts that may offer robust opportunities for the e-wallet market over the forecast period. Besides, increase in smartphones and initiatives worldwide for promoting digital payment options is also fuelling market growth.
Restraints
Lack of Awareness to act as Market Restraint
The lack of information regarding the benefits of e-wallet and increase in cyber related crimes may act as market restraint in the forecast period.
Challenges
Lack of Standard Norms for Cross-Border Transactions to act as Market Challenge
The lack of standard norms for cross-border transactions may act as market challenge over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has brought several changes in the manner in which people used to live. A key difference is they went cashless as the procedure does not need any contact between two people. The trends of the e-wallet market have indeed seen huge growth during the outbreak. Besides, COVID-19 outbreak has made people to order stuffs online that again need a digital payment method, and thus the market experiences a positive growth.
Market Segmentation
The global e-wallet market is bifurcated based on types, technology, end user, and industry vertical.
By type, the e-wallet market is segmented into open e-wallets, semi-closed e-wallets, and closed e-wallets.
By technology, the e-wallet market is segmented into digital-only, text-based/short message service, QR code, and near field communication.
By end user, the e-wallet market is segmented into business and personal.
By industry vertical, the e-wallet market is segmented into telecommunications, energy and utilities, health care, retail, media and entertainment, and hospitality transportation.
Based on the Technology
- Near field communication
- QR code
- Text-based/ short message service
- Digital-only
Based on the End-User
- Personal
- Business
Regional Analysis
North America to Spearhead E-Wallet Market
North America will spearhead the e-wallet market over the forecast period. The presence of major regions, advent of cashless transactions, safe and easy access to information, and the region being led by Google Pay, Android Pay, and PayPal are adding to the global e-wallet market growth in the region.
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Key Players
Eminent market players profiled in the global e-wallet market report include ACI Worldwide (US), 2Checkout (US), Adyen (Netherlands), Worldline (France), Aurus (US), WEX (US), Aliant Payments (US), Visa (US), Alipay (China), Stripe (US), Apple Pay (US), Square (US), Due (US), Paysafe (UK), Spreedly (US), PayPal (US), Dwolla (US), PayPal (US), PayU (Netherlands), Mastercard (US), FattMerchant (US), JPMorgan Chase (US), PayTrace (US), Intuit (US), FIS (US), Global Payments (US) and Fiserv (US).
The global e-wallet market is both fragmented as well as competitive for the presence of various international and also domestic industry players. The players have used innumerable innovative strategies to stay at the vanguard and also cater to the burgeoning need of the customers including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions, and more. Further, they are also investing in different research and development activities.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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