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The Payment Wallet Revolution: Global Market Trends and Forecasts
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According to The Business Research Company's, The payment wallet market size has grown exponentially in recent years. It will grow from $106.01 billion in 2023 to $129.08 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to increasing digitalization, conducting transactions seamlessly, quick and secure payments, rapid technological advancements, and need of consumers transact and manage their money.
The payment wallet market size is expected to see exponential growth in the next few years. It will grow to $287.35 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to rising smartphone penetration, benefits from ease of transactions, the growing adoption of mobile and online payment methods, advancements in payment processing technologies and enhanced security measures, and convenient and secure ways to make transactions. Major trends in the forecast period include rapid technological integration, increasing digitalization techniques, innovations in smartphone payment technology, emerging markets and financial inclusion, and partnerships, and collaborations.
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Market Drivers and Trends:
The increasing digitalization is expected to propel the growth of the payment wallet market going forward. Digitalization refers to converting information, processes, or objects into digital formats that computer systems can use, store, and manipulate. The demand for digitalization is due to increased efficiency, convenience, economic growth, and the ability to meet modern consumer expectations and connectivity demands. Payment wallets play a crucial role in digitalization by transforming how financial transactions are conducted, managed, and recorded. They leverage digital technologies to streamline payment processes, enhance security, and provide greater convenience for users. For instance, in October 2023, according to the Australian Bureau of Statistics, an Australia-based government administration, From 2021 to 2022, digital activity in Australia surged by 8.6%, totaling $10.9 billion. Also, the overall Australian economy saw a growth of 11.7%. In 2021-22, all sectors of digital activity expanded. Therefore, increasing digitalization is driving growth in the payment wallet market.
Major companies operating in the payment wallet market focus on developing innovative solutions, such as digital wallets for digital identity and global finance, to enhance security, expand functionality, and improve user experience. Digital wallets designed for digital identity and global finance are electronic platforms that securely store personal identification and financial details. For instance, in May 2023, Worldcoin Inc., a US-based digital currency company, launched the World App. It is designed to expand the availability of digital identity and global financial services. This innovative digital wallet is designed to help users create a decentralized identity and access financial services. The World App uses iris scanning to verify users' identities. This process is more secure than traditional identification methods, such as passwords and social security numbers. Additionally, it offers such technical features as decentralized identity, secure iris scanning for identity verification, support for multiple cryptocurrencies, peer-to-peer payments, and cryptocurrency storage.
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Major Key Players of the Market:
Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Tencent Holdings Limited, American Express Company, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, WeChat Pay, Block Inc., Mercado Libre Inc., Alipay, MoneyGram International Inc., Paytm, Venmo, Early Warning Services LLC, kakaopay Corp., National Payment Corporation of India, Amazon Payments Inc., Dwolla Inc., Swish Maintenance Limited, Trupay
Payment Wallet Market 2024 Key Insights:
• The payment wallet market size is expected to see exponential growth in the next few years. It will grow to $287.35 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%.
• Digitalization And Smartphone Penetration On The Growth Of The Payment Wallet Market
• Technological Integration In The Payment Wallet Market
• North America was the largest region in the payment wallet market in 2023
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