E-wallet Market 2018 Global Leaders: PayPal Holdings, MasterCard, Citrus Payment Solutions, Alibaba Group Holding, Samsung Electronics, Oxigen Services India

Market Research Future published a research report on “E-wallet Market Research Report - Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

E - Wallet Market – Overview

Development of ecommerce concepts has spread in the market rapidly. Market Research Future, a firm which specializes in market reports related to the Information and Communications Technology sector among others, recently published a report on this market. The E-Wallet Market on an international level is expected to grow at a CAGR of 15% and is estimated to reach market size USD 2,100 billion approximately by the 2023.

Advancement of technology has led to a rapid pace of development of the market. Smartphones are one of the major factors that have led to widespread penetration of e wallets in the masses. The convenience of having money on demand has triggered the migration of individuals to cashless transactions. Improvement in internet infrastructure and mobile network connectivity has promoted growth of the market.

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Key Players:

Market Research Future study identifies Alibaba Group Holding Ltd. (China), Apple, Inc. (U.S.), Citrus Payment Solutions (India), Google, Inc. (U.S.), MasterCard (U.S.), Oxigen Services India Pvt. Ltd (India), PayPal Holdings (USA), Samsung Electronics Inc. (South Korea), and Visa (USA) as the key vendors in the global E-wallet market.

E-wallet Global Market - Segmentation

• Segmentation by application: entertainment, transportation, banking, retail and others.
• Segmentation by type: closed e-wallets, semi-closed e-wallets and open e-wallets.
• Segmentation by mode: online and offline.
• Segmentation by region: North America, Europe, Asia Pacific and rest of the world.

E-wallet Global Market - Regional Analysis

The regional analysis of E-wallet market is studied for North America, Europe, Asia-Pacific and Rest of the World. North America and Europe are contributing a large share in market growth. Followed by Asia Pacific, Japan, China and India which are moving towards cashless economies. Due to increased usage of smartphones, these regions are expected to show high growth opportunities for usage of e-wallets. After demonetization in India, there has been tremendous growth in online payment transfers as well as digital banking. Paytm has achieved 4.7% growth due to this change. In addition to this, FreeCharge doubled its users and is moving towards cashless economy. This will eventually result into tracking all transactions and eradicating black money transactions to some extent.

Industry News

April 18, Chinese e-wallet program launched by Richmond Chamber of Commerce

A partnership between the Richmond Chamber of Commerce and MotionPay Technology Inc. has been announced due to which More Richmond businesses are expected to start accepting transactions from Chinese E-wallets in the upcoming years. At the launch event, the two companies announced their partnership which is designed to provide exclusive access to Chamber members on merchant services via AliPay (associated with Alibaba; online retail giant) and WeChat Pay (associated with WeChat chatting app); the two mobile payment systems existing in China.

April 18, TrueMoney gets payment services license in Vietnam and launches mobile wallet

TrueMoney Vietnam, a part of Thailand-based payment services firm Ascend Money, has been licensed with Intermediary Payment Services (IPS) from the State Bank of Vietnam to operate digital financial services in e-payment, wireless transfers and payment get ways. Vietnam is the second country in the region to launch TrueMoney wallet after Thailand. Consumers are expected to use TrueMoney wallet to make online purchases, pay bills and transfer money from their bank accounts to their wallet on someone else’s wallet. TrueMoney wallet is also expected to be used for reimbursement of payments to the employees. TrueMoney Vietnam aims to offer additional financial services such as loans and insurance in the second quarter of 2018.

April 18, Get set to buy mutual funds from Paytm

Paytm Money Ltd. is a Registered Investment Advisor (RIA) with the capital market regulator, Securities and Exchange Board of India (SEBI). It is similar to any financial advisor who advises you on buying mutual funds and charges a nominal fee in return. Senior vice-president of Paytm money stated that users will be provided with units in statement of account (SOA) format on redemption of which money will be sent to user’s registered bank account. Also, the users will be able to get advice, if needed, on buying and selling of mutual funds.

April 18, M-Pesa, PayPal, TransferTo collaborate to boost Kenya's e-commerce market

The collaboration between M-Pesa, Paypal and TransferTo levelled-up Kenya’s e-commerce and the East Africa market. As a result of this, M-Pesa users in Kenya can link their PayPal account to M-Pesa wallets and purchase products and services from international e-commerce sites. Also users will get the facility of withdrawing funds within three days depending upon the amount. E-commerce merchants can also process PayPal as well as credit card transactions from around the world.

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Intended Audience

• Service providers
• Software Developers
• IT enablers
• Cloud providers
• Banks
• Storage Providers
• Software Investors
• Database solutions

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