Electronic Money Transfers And Fund Settlements: A Key Catalyst Accelerating Digital Wallet Market Growth in 2025

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Digital Wallet Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The expansion of the digital wallet market has been swift and significant in the past few years. It is projected to increase from $47.53 billion in 2024 to $56.77 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 19.4%. Several factors have contributed to this growth during the historical period, including an upswing in e-commerce activities, a movement away from cash-based transactions, increased mobile integration and smartphone usage, enhanced measures for security and fraud prevention, and the convenience of peer-to-peer transactions.

Digital Wallet Market Size Forecast: What's the Projected Valuation by 2029?
In the forthcoming years, the digital wallet market is anticipated to experience significant growth, reaching $119.17 billion in 2029 with a compound annual growth rate (CAGR) of 20.4%. This surge during the prediction period can be linked to the adoption of contactless transactions and NFC technology, worldwide spread of mobile banking, the combination with reward schemes, the rise of central bank digital currencies (CB*DCs), international transactions, and remittances. Upcoming trends in the prediction period involve the inclusion of wearable technology, a focus on financial inclusivity, the incorporation of artificial intelligence (AI), facilitation of international transactions, and partnerships with vendors and platforms.

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What Are the Drivers Transforming the Digital Wallet Market?
The growth of the digital wallet market is anticipated to be fueled by the increasing number of online transactions. These transactions, which are commercial in nature, are conducted over the internet and represent an approach to payment that employs strategies for completing electronic money transfers or settlements of funds. Digital wallets have emerged as a favourite tool for online payments, present in app form, which obviates the need for people to key in card details or carry a physical card when conducting online business as it securely stores equivalent virtual debit and credit cards. Moreover, this handy tool can also store electronic tickets and coupons, ensuring users always have the documents they need. In July 2023, for example, the Office for National Statistics, a non-ministerial UK department reporting directly to the Parliament, disclosed that the percentage of internet sales against the total retail sales escalated from 26.7% in 2022 to 29.6% in 2023. Additionally, in February 2023, the Indian Ministry of Electronics & IT highlighted that the total count of digital transactions in India had gone up from 8,840 crore (88,400 million) in FY 2021-22 to 9,192 crore (91,920 million) in FY 2022-2023. Consequently, the escalating volume of online transactions is engendering a higher demand in the digital wallet market.

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What Trends Will Shape the Digital Wallet Market Through 2029 and Beyond?
The growing popularity of technological applications is a primary trend noted in the digital wallet industry. To maintain their market standing, dominant companies in the digital wallet sphere are introducing ground-breaking applications. For instance, in May 2023, Worldcoin Inc., a digital currency platform creator located in the US, introduced its digital wallet labeled World App. This unique digital wallet aids users in establishing a decentralized identity and availing financial services. Currently in its beta phase, it can be downloaded on iOS and Android devices. World App utilizes a technique called iris scanning to authenticate user identities, which offers more security than conventional identification methods like passwords and social security numbers. This feature will render Universal Basic Income (UBI) more user-friendly and reachable. Besides, it provides several advanced features such as decentralized identity, confirmed iris scanning for identity validation, support for diverse cryptocurrencies, peer-to-peer transactions, and cryptocurrency storage.

Which Segments in the Digital Wallet Market Offer the Most Profit Potential?
The digital walletmarket covered in this report is segmented -

1) By Type: Proximity, Remote
2) By Deployment Type: On-Premise, Cloud
3) By Industry Verticals: Education, Gaming, Information Technology And Telecommunications, Aerospace And Defense, Legal, Media And Entertainment, Automotive, Banking Financial Services And Insurance, Consumer Goods, Other Industry Verticals

Subsegments:
1) By Proximity: Near Field Communication (NFC) Wallets, QR Code Wallets
2) By Remote: Mobile Wallets (Apps), Web-Based Wallets, SMS-Based Wallets

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Which Firms Dominate the Digital Wallet Market by Market Share and Revenue in 2025?
Major companies operating in the digital wallet market include BharatPe, Paysafe Limited, Paytm, Venmo, Payoneer, Amazon Pay, TransferWise, PhonePe, GoPay, Google LLC, 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.

Which Regions Offer the Highest Growth Potential in the Digital Wallet Market?
North America was the largest region in the digital wallet market in 2024. The regions covered in the digital wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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