E-Wallet Market is increasing due to the growing preference for contact-less transactions is driving the market growth.
New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “E-Wallet Market Information by Application, Type, Mode, and Region - Forecast till 2030”, the market of E-Wallet could thrive at a rate of 23.40% between 2022 and 2030. The market size will be reaching around USD 489.3 billion by the end of the year 2030
E-wallets or electronic wallets are digital payment systems that store financial information, such as credit or debit card details, bank account numbers, and other payment information. E-wallets enable users to make secure and easy online transactions, as well as to pay for goods and services at physical stores via mobile devices or contactless cards. E-wallets have become increasingly popular due to their convenience, ease of use, and speed of transactions. E-wallets are also secure and reliable, and they eliminate the need for carrying cash or physical cards.
E-wallets have multiple uses and applications in the current digital economy. They can be used to pay for goods and services online, as well as in physical stores using mobile devices or contactless cards. E-wallets can also be used to transfer money between users, pay bills, and reload mobile phone credits. E-wallets are increasingly being used in various industries, including e-commerce, travel and hospitality, food delivery, gaming, and social media.
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Market Competitive Landscape:
The affluent companies in the E-Wallet industry include
- ACI Worldwide
- Aliant Payments
- Apple Pay
Scope of the Report - E-Wallet Market:
|Market Size by 2030||USD 567.2 Billion|
|CAGR during 2022-2030||23.40%|
|Key Market Opportunities||The initiative to promote digital payment options|
|Key Market Dynamics||Increased adoption of smartphones and increased e-commerce sales|
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Latest Industry Updates (April 2021):
PayPal, one of the leading players in the e-wallet market, announced the launch of its new crypto checkout service, enabling users to pay for goods and services with cryptocurrency. This development demonstrates the growing interest in digital currencies and their integration into mainstream payment systems, as well as the potential for e-wallets to become an essential tool for cryptocurrency transactions.
Market USP Covered:
The e-wallet market is experiencing significant growth due to various factors. One of the major driving factors is the growth of the digital economy, which has led to an increase in online transactions and the need for digital payment systems. With more people owning smartphones and having access to the internet, e-wallets have become an attractive and convenient way to make payments.
Another factor contributing to the growth of the e-wallet market is the rising trend of contactless payments. With the ongoing pandemic, people are becoming more cautious about handling cash, and contactless payments have become a safer and more hygienic option. E-wallets offer a quick and easy way to make contactless payments, and this has led to an increase in their adoption.
Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) on E-Wallet Market -
One of the significant challenges facing the e-wallet market is the lack of universal adoption, with different regions and countries having their preferred payment systems. Concerns over security and privacy also pose significant challenges for the e-wallet market, with cyber threats and data breaches posing a significant risk to e-wallet users. Additionally, the high cost of developing and maintaining e-wallet systems and the need for robust infrastructure and regulatory compliance also act as significant market restraints.
COVID 19 Analysis:
The COVID-19 pandemic has significantly impacted the e-wallet market, with a surge in demand for contactless payments and digital payment systems. The pandemic has accelerated the shift towards a cashless society, with e-wallets becoming increasingly popular due to their safety and convenience. Post-COVID, the e-wallet market is expected to witness continued growth, driven by the increasing adoption of digital payments and the need for secure and convenient payment systems.
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- By Application - The Applications in the market include Restaurants, Transportation, Banking, and Retail.
- By Type - By Type, the segment includes Closed E-Wallets, Semi-closed E-Wallets, Open E Wallets.
- By Mode - By Mode, the segment includes Online, M -wallet.
In North America, the increasing adoption of mobile payments and the rise in e-commerce transactions are driving the market growth. The availability of high-speed internet and the growing use of smartphones for online purchases are also contributing to the growth of the e-wallet market in this region. Further, in Europe, the e-wallet market is driven by the growth of contactless payments and the increasing popularity of mobile banking. The widespread adoption of NFC-enabled mobile devices and the increasing availability of contactless payment terminals are also driving market growth in this region. The need for fast, secure, and convenient payment systems is another factor driving the growth of the e-wallet market in Europe.
Additionally, in the Asia-Pacific region, the e-wallet market is the largest, driven by high smartphone penetration and the growth of mobile payments in countries like China, India, and Indonesia. The increasing adoption of e-commerce and the growing need for secure and convenient payment systems are also driving the growth of the e-wallet market in this region.
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