Proliferation of internet has led to emergence of advanced technologies for payment processing at convenience of customers. This has revolutionized the payment processing industry and has triggered competition in the payment processing industry. E-wallets are prepaid wallets that require loading of money from customers’ bank account or credit/debit card prior to making a payment. Used primarily for storing credit/debit card information and e-money, the e-wallets are also used to store loyalty points and other personal information such as insurance card details. With advancement in technology the difference between e-wallets, mobile wallets and digital wallets is getting marginal with a slight change in access and storage of funds. Majority of e-wallet service providers are focusing on expanding capabilities to ensure customer loyalty through flexibility. However, few are focusing on improving transection security through closed payment ecosystem.
The number of e-wallets has increased significantly across the globe with expansion of e-commerce industry. E-wallets facilitate easy payment during checkout at online platforms and retail shops, thus, are witnessing widespread adoption across the globe. Retail giants such as Wal-Mart Stores Inc. have developed dedicated wallets for credit storing and payment processing at dedicated facilities to enhance consumer experience. Though the adoption of dedicated e-wallets is slowing down globally with emergence of unified payment methods, the dedicated e-wallets are expected to enjoy considerable share in coming years. E-wallets are also used to store other information such as insurance card, library card, and flyer cards, and so on. This is contributing towards the growth of e-wallet market globally.
North America contributed a dominating share to the global e-wallet market in 2019 owing to the presence of leading technology providers and high penetration of e-wallet across the region. North America is anticipated to be a dominating region throughout the forecast period and is expected to witness steady growth during the forecast period. Asia Pacific contributed a prominent share to the global market in 2019 and is estimated to be the fastest growing market during the forecast period. Expanding youth population, proliferation of internet, increased investment in digitization of economy and rising awareness are the key factors contributing towards the growth of the Asia Pacific e-wallet market.
E-Wallet Market Share Analysis, by Geography (2022)
The report titled “E-Wallet Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032” wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global e-wallet market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global e-wallet market is segmented based on type, payment mode, industry vertical, and geography. Based on type, the global e-wallet market is segmented into closed e-wallets, semi closed e-wallets, and open e-wallets. Based on payment mode, the global e-wallet market is segmented into online payment and mobile payment. Based on industry vertical, the global e-wallet market is segmented into retail, entertainment, banking, transportation, and others. Based on geography, the global e-wallet market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on e-wallet. Further, market share of prominent companies in the global e-wallet market would also be estimated. the study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the e-wallet companies.
The global e-wallet market study would take into consideration the participants engaged throughout the ecosystem of the market, along with their contribution. Product portfolio would focus on all the products under the e-wallet business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global e-wallet market.
Major players active in the global e-wallet market include Alibaba Group Holding Limited, Apple, Inc., Google LLP, Mastercard Incorporated, Oxigen Services India Pvt. Ltd, PayPal Holdings, Inc., PayU (Citrus Payment Solutions Pvt. Ltd.), Samsung, and Visa Inc.
The Global E-Wallet Market is Segmented :
Based on Type
Based on Payment mode
Based on Industry vertical
By Region
North America contributed a dominating share to the global e-wallet market in 2019 owing to the presence of leading technology providers and high penetration of e-wallet across the region.
The number of e-wallets has increased significantly across the globe with expansion of e-commerce industry. E-wallets facilitate easy payment during checkout at online platforms and retail shops, thus, are witnessing widespread adoption across the globe
North America contributed a dominating share to the global e-wallet market in 2019 owing to the presence of leading technology providers and high penetration of e-wallet across the region.
Major players operating in the global E-wallet market include Alibaba Group Holding Limited, Apple, Inc., Google LLP, Mastercard Incorporated, Oxigen Services India Pvt. Ltd, PayPal Holdings, Inc., PayU (Citrus Payment Solutions Pvt. Ltd.), Samsung, and Visa Inc.
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