E-Wallet Market Professional Survey Report 2030
The global E-wallet market is expected to grow at CAGR of 23.40% and estimated to reach market size of approximately USD 489.3 billion by the end of forecast period 2022-2030.
larry wilson
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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E-Wallets are important because they provide an easy and secure way to make payments and transfer money. They enable users to make payments quickly and securely in various locations, online or in-store. Additionally, digital wallets are more secure than traditional payment methods, as they allow for two-factor authentication and encryption of the payment information. Furthermore, E-Wallets are more convenient, as they allow users to make payments without having to carry physical cash or cards. Finally, digital wallets provide for a more efficient payment process, as payments can be made more quickly and easily.
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.
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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