E-wallet Market 2018 Global Leaders Analysis: PayPal Holdings, Visa, Apple, MasterCard, Samsung Electronics, Citrus Payment Solutions, Google

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.

Market Scenario

With the emergence of e-commerce and online purchases, the procedure required for the payment system is also changing, forcing it to go digital due to which users migrated from cash payments to plastic card payments and now to contactless payments. These payments occur through digital channels either held on digital wallets or in the cloud, or from new digital payment mechanisms. Since the scenario is still evolving a wide variety of names are used for such transactions such as e-money, digital money, micro-payments and many others.

Many E- wallet services like paytm & free charge work through apps in smart phone. Regardless the traditional payment procedure, an E wallet is based on encryption software which substitutes analog wallet during monetary transactions. Further, E-Wallet allows you to store multiple credit card and bank account numbers in a secure environment and eliminate the need to enter in account information during money transactions. Once user gets registered and creates an E-Wallet profile, access will be provided to make payments faster and with less typing.

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In the latest trend, NFC chip enabled smartphone are expected to drive the market as most of the smartphone manufacturers are equipping the phones with NFC (Near field communication). Placing smart phone within four inches of pay pad or contact less reader will prompt wallet or passbook for payment confirmation.

Further, as per industry developments, In July 2018, Axis Bank acquired free charge e-commerce Company offering digital transactions. On the other end paytm is being backboned by several funding’s in order to boost in e- wallet transactions. Citrus pay is acquired by PayU owned by Naspers for $130M to expand its operations in India. The endless opportunities in this field inviting more players to invest in E-wallet market.

The global E-Wallet Market is expected to grow at CAGR of 15% and estimated to reach market size of approximately USD 2,100 billion by the end of forecast period 2018-2023.

Industry Segments

The Global E wallet market has been segmented on the basis of type, mode, application and region.

• By Type: Closed e-wallets, semi closed e-wallets, open e-wallets
• By Mode: Online payment, M-wallet
• By Application: Retail, transportation, entertainment, banking and others
• By Region: North America, Europe, Asia pacific and Rest of the world (ROW)

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.

Detailed Regional Analysis

Geographically, the North American market followed by Europe are some of the major regions contributing in a major way to the market growth. The Asia pacific region comprising of countries like Japan, China, and India are moving towards cashless economies. Due to this, there are high growth opportunity for e-wallet due to increased adoption of the smartphones in this region. In India, demonetization has affected online payment transfer, leading to an increase in the number of transactions drastically. The government support for cashless and digital economy and other such initiatives will fuel the growth of e-wallet market in the coming years. Moreover, countries across the globe are increasingly supporting online wallet payment which will help to track all types of transaction and lower transactions related to black money.

Competitive Analysis

The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. Companies aiming to capture a substantial share of the market segment as early as possible, experimentation with numerous advantage points being seriously considered and implemented. The top opportunities for this sector’s long term development can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. The industry players in the segment are effectively utilizing their primary resources to initiate long lasting growth changes. A trend of volume-driven growth has been observed in the market of late with the development of different varieties of product types.

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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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