The E-Wallet Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
E-wallets have emerged as a convenient payment method for online or offline purchases. These are prepaid wallets that require loading of money from customers bank account or credit/debit card prior to making a payment. E-wallets are primarily used to store credit card or debit card information, funds, loyalty points, scheduled payments and so on. With advancement in technology the difference between e-wallets, mobile wallets and digital wallets is getting marginal with a flimsy modification in methods of access and storage of funds. Majority e-wallet service providers are focusing on expanding capabilities to ensure customer faithfulness by adapting to the needs of customers. However, fewer key players are fixated on improving transaction security through closed payment system. Stepping-up of e-commerce industry along with integration of technology has led to the emergence of significant number of e-wallet across different parts of the world. A significant number of retail and e-commerce companies have designed their e-wallet for payment at dedicated stores across the globe. For instance, Walmart Pay is used across the outlets of Wal-Mart Stores, Inc.’s (WMT) for payment and storing loyalty point. Additionally, e-wallets are also used to store other information such as insurance card, community facilities card, and flyer cards, to name a few. This offers the users a flexibility to store all the payment and essential cards details at one place., thereby contributing towards the growth of global e-wallet market.
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Flexibility offered by open e-wallets to drive the growth of global e-wallet 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. The open e-wallets segment contributed the significant share to the worldwide e-wallet market in 2020 resulting from flexibility of payment method and facility to synchronize to medium of exchange like ATM. The open e-wallets can be used to make payment for exchange, store reward points withdrawal of cash from banks or ATMs. This is anticipated to contribute towards the incorporation of open e-wallets in various industries worldwide during the forecast period.
Expansion of e-commerce and acceptance of advanced payment terminologies across offline retails stores to drive the growth of e-wallet in retail industry
Based on industry vertical, the global e-wallet market is segmented into retail, entertainment, banking, transportation, and others. The applications of e-wallet in retail transactions contributed a notable share of the worldwide e-wallet market in 2020 and is expected to be a ruling segment all through the forecast period. Advanced online retail industry and acceptance of new payment technologies are the key attributes contributing towards the development of e-wallets across retail industry. The transportation segment is expected to evolve entirely during the forecast period attributable to rising integration of e-wallets with transportation infrastructures across the globe for payments regarding transit tickets and passes.
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Based on geography, the global e-wallet market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed a ruling share to the worldwide e-wallet market resulting from solid response and presence of leading technology developers across the United States and Canada. Europe is expected to witness prominent development during the forecast period with solid computerized payment processing electronic network across the region. Asia Pacific is expected to be the fastest developing segment during the forecast period resulting from increased investment in computerized virtual currency and speedy approval of various e-wallets systems across leading countries.
Major players active in the global e-walletmarket includeAlibaba 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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