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Digital Wallet Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Digital Wallet Global Market
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According to The Business Research Company's, The digital wallet market size has grown rapidly in recent years. It will grow from $39.77 billion in 2023 to $47.71 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to rise in e-commerce transactions, shift towards cashless payments, mobile penetration and smartphone adoption, security and fraud prevention, convenience in peer-to-peer transactions.
The digital wallet market size is expected to see rapid growth in the next few years. It will grow to $97.54 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to contactless payments and nfc technology, global expansion of mobile banking, integration with reward programs, emergence of central bank digital currencies, cross-border transactions and remittances. Major trends in the forecast period include wearable technology integration, focus on financial inclusion, integration of artificial intelligence (ai), cross-border transactions facilitation, collaborations with merchants and platforms.
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Market Drivers and Trends:
The rising number of online transactions is expected to propel the growth of digital wallet markets going forward. Online transactions are commercial transactions carried out over the Internet. It is a payment strategy that tries to complete electronic money transfers or fund settlements. A digital wallet is the most popular online payment tool in the form of an app where people don't need to enter their card information or carry a physical card for online traction because the wallet securely saves virtual debit and credit card equivalents. Additionally, people can store electronic tickets and coupons there so that they always have the paperwork required. For instance, in July 2023, according to the Office for National Statistics, a UK-based non-ministerial department that reports directly to the UK Parliament, internet sales as a percentage of total retail sales increased from 26.7% in 2022 to 29.6% in 2022. Furthermore, in February 2023, according to the Indian Ministry of Electronics & IT, total number of digital transactions in India increased from 8,840 crore (88,400 million) in FY 2021-22 to 9,192 crore (91,920 million) in FY 2022-2023. Therefore, the rising number of online transactions drives the demand for the digital wallet market.
Technological applications are a key trend gaining popularity in the digital wallet market. Major companies operating in the digital wallet treatment market are developing innovative applications to sustain their position in the market. For instance, in May 2023, Worldcoin Inc., a US-based developer of a digital currency platform, launched its digital wallet called World App. This innovative digital wallet is designed to help users create a decentralized identity and access financial services. It is in beta and can be downloaded on iOS and Android devices. World App uses a process called iris scanning to verify users' identities. This process is more secure than traditional identification methods, such as passwords and social security numbers. It will help make Universal Basic Income (UBI) more accessible and easier to use. 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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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
BharatPe, Paysafe Limited, Paytm, Venmo, Payoneer, Amazon Pay, TransferWise, PhonePe, GoPay, Google LLC, PhonePe Private Limited, FreeCharge, Skrill, Mobikwik, Starbucks App, PayPal Holdings Inc., Square Cash, Fiserv Inc., Dwolla, Paysera, Visa Inc., Payza, Samsung Pay, Alipay.com Co Ltd., Apple Pay, Stripe, Revolut, M-Pesa.
Digital Wallet Market 2024 Key Insights:
• The digital wallet market size is expected to see rapid growth in the next few years. It will grow to $97.54 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%.
• Electronic Money Transfers And Fund Settlements
• Decentralized Identity And Financial Access
• North America was the largest region in the digital wallet market in 2023
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