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Digitalization And Smartphone Penetration On The Growth Of The Payment Wallet Market Driver: A Major Catalyst in the Evolution of the Payment Wallet Market in 2025
Payment Wallet
The growing trend of digitalization is expected to boost the growth of the payment wallet market. Digitalization converts processes and information into digital formats, enhancing convenience and efficiency. Payment wallets play a significant role in digital transactions by offering secure and convenient payment methods. In October 2023, the Australian Bureau of Statistics reported an 8.6% rise in digital activity in Australia between 2021 and 2022, totaling $10.9 billion. Therefore, the rise of digitalization is accelerating the growth of the payment wallet market.
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How will the growth rate of the payment wallet market shape industry trends by 2034?
The payment wallet market has grown significantly, expected to increase from $129.08 billion in 2024 to $158.01 billion in 2025, reflecting a CAGR of 22.4%. Growth drivers include the increasing digitalization of payments, the need for quick and secure transactions, technological advancements, and a growing consumer preference for managing money digitally.
The payment wallet market is anticipated to grow exponentially, reaching $350.32 billion by 2029 with a CAGR of 22.0%. The growth is attributed to the rise in smartphone usage, easier transaction methods, the adoption of mobile payments, advancements in payment technologies, and increased security measures. Key trends include rapid technological integration, financial inclusion, smartphone payment innovations, and strategic partnerships.
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What trends are poised to drive the future success of the payment wallet market?
Companies in the payment wallet market are developing innovative solutions, such as digital wallets for global finance and digital identity, to improve security and expand functionalities. Worldcoin Inc., a US-based digital currency company, launched the World App in May 2023, which uses iris scanning for identity verification and supports features such as decentralized identity, cryptocurrency storage, peer-to-peer payments, and support for multiple cryptocurrencies.
Which primary segments of the payment wallet market are driving growth and industry transformations?
The payment wallet market covered in this report is segmented -
1) By Product: Digital Wallets, Physical Wallets
2) By Components: Mobile Wallets, Online Wallets, Contactless Payments
3) By Offering: Payment Processing, Security And Fraud Protection, Customer Service
4) By Application: Retail, E-Commerce, Transportation, Healthcare
Subsegments:
1) By Digital Wallets: Mobile Wallets, Online Payment Systems, Cryptocurrency Wallets, Virtual Cards, Wearable Wallets
2) By Physical Wallets: Traditional Wallets, Smart Wallets
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Which geographical regions are pioneering growth in the payment wallet market?
North America was the largest region in the payment wallet market in 2023. Africa is expected to be the fastest-growing region in the market going forward. The regions covered in the payment wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the payment wallet market landscape?
Major companies operating in the payment wallet market are 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
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What Is Covered In The Payment Wallet Global Market Report?
•Market Size Forecast: Examine the payment wallet market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the payment wallet market for a structured understanding.
•Key Players Overview: Analyze major players in the payment wallet market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the payment wallet market.
•Segment Contributions: Evaluate how different segments drive overall growth in the payment wallet market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the payment wallet market.
•Industry Challenges: Identify potential risks and obstacles affecting the payment wallet market.
•Competitive Landscape: Review strategic developments in the payment wallet market, including expansions, agreements, and new product launches.
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