Press release
E-wallet Market 2020 Global Leaders Overview: MasterCard, PayPal Holdings, Samsung Electronics, Visa, Alibaba Group Holding, Apple, Citrus Payment Solutions
Global E-Wallet Market Overview
The emergence of e-commerce and online shopping, there are numerous new online payment options available for hassle-free payment procedures. This has caused consumers to shift from cash to digital payment platforms as it is riskier to handle cash as compared to card payments, UPI, or digital wallets. Many e-wallet services such as Paytm, and Freecharge are operating in the form of mobile applications. E-wallets allow consumers to store multiple card or bank account information securely and eliminate the need to enter bank or card details every time a transaction is takes place. All these factors are contributing heavily to the growth of the global E-Wallet Market.
Moreover, rising investments by organizations in the financial sector in the development of mobile wallets are prompting global e-wallet to grow exponentially. The NFC chip enables smartphones are expected to bolster the e-wallet market growth owing to its feature of prompting the e-wallet to make payment when the device is placed within 4 inches of the pay pad. Further, the convenience of having money on demand is likely to augment the e-wallet market during the forecast period of 2017-2023. The MRFR report on global e-wallet market has estimated a growth rate of 15% by the end of 2023. The global e-wallet market is expected to reach a revenue mark of USD 2,100 billion through the review period.
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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.
Market Segmentation
The global e-wallet market is segmented on the basis of mode, application, type, and region. On the basis of the mode, the market is segmented into online payment and m-wallet. On the basis of application, the global e-wallet market is segmented into retail, entertainment, banking, and transportation.
By type, the e-wallet market is segmented into closed e-wallets, semi-closed e-wallets, and open e-wallets. Many device manufacturers and technology players are mostly offering semi-closed e-wallets that don’t permit cash withdrawals or redemption and are applicable in selective locations. Also, financial institutions are investing heavily in open e-wallets as they permit cash withdrawal and redemption, allowing users to purchase products and services at different locations through a centralized e-wallet. The open e-wallet segment is gaining developmental traction among traditional banks as they try to gain a competitive advantage over their peers.
Detailed Regional Analysis
The geographical segmentation of the global e-wallet market is done into North America, Europe, and Rest of the World (RoW). North America is estimated to lead the global e-wallet market, followed by Europe. In Asia Pacific, Japan, China, and India are moving towards being cashless countries in the foreseeable future. Rising penetration of smartphones is fueling the adoption of e-wallets in the region. In India, online payment and transaction activities witnessed a sudden proliferation post demonetization. Further, the governments in these countries are likely to support cashless and digital countries, promoting the adoption of e-wallets.
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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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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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