Press release
Leading Companies Enhancing Their Presence in the Digital Wallet Market
The digital wallet industry is set to experience remarkable growth over the coming years, driven by rapid technological advancements and increasing consumer adoption. As digital payment solutions become more embedded in everyday life, this market is poised for significant expansion. Let's explore the current market size, key drivers, prominent players, emerging trends, and major segments shaping this transformation.Digital Wallet Market Size Forecast and Growth Drivers
The digital wallet market is on track to reach an impressive $119.17 billion by 2029, expanding at a compound annual growth rate (CAGR) of 20.4%. This surge is fueled by the widespread adoption of contactless payments and NFC (Near Field Communication) technology, alongside the global spread of mobile banking services. Additionally, the integration of rewards programs, the rise of central bank digital currencies and increasing cross-border payments and remittance activities are significant contributors to this robust growth. During the forecast period, innovations such as wearable technology, a stronger emphasis on financial inclusion, AI integration, smoother cross-border transaction processes, and strategic partnerships with merchants and platforms will further stimulate market development.
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Key Factors Accelerating Digital Wallet Market Expansion
One primary force behind the growing digital wallet market is the convenience offered by contactless payments, which have become increasingly popular in retail and service environments worldwide. Consumers are favoring faster, safer, and more seamless transaction methods, driving demand for digital wallets.
Moreover, the global expansion of mobile banking and smartphone penetration is broadening access to digital wallets, especially in emerging economies. This trend is supported by governments and financial institutions aiming to enhance financial inclusion and reduce cash dependency.
Top Companies Leading the Digital Wallet Market
The digital wallet landscape features a mix of established tech giants and innovative fintech firms, including 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, and M-Pesa.
In a notable move in April 2023, Canada-based Fobi AI Inc. acquired Portugal's Passworks S.A. for $547,160. This acquisition aims to broaden Fobi AI's global footprint, enhance its technology offerings, and strengthen its competitiveness in the digital wallet market. Passworks S.A. specializes in consumer digital mobile wallet solutions, making this a strategic fit.
View the full digital wallet market report:
https://www.thebusinessresearchcompany.com/report/digital-wallet-global-market-report
Emerging Technological Trends in the Digital Wallet Sector
Cutting-edge technological applications are reshaping the digital wallet market as companies innovate to maintain and grow their market shares. For example, in May 2023, Worldcoin Inc., a US-based digital currency platform developer, introduced its digital wallet named World App.
World App is designed to enable users to create decentralized identities and access a range of financial services, currently available in beta for both iOS and Android devices. A standout feature is its use of iris scanning for user identity verification, which offers greater security compared to traditional methods like passwords and social security numbers. This technology is expected to facilitate easier access to Universal Basic Income (UBI) programs while supporting multiple cryptocurrencies, peer-to-peer payments, and cryptocurrency storage.
Major Segments Driving the Digital Wallet Market Growth
This report categorizes the digital wallet market into several important segments:
1) By Type: Proximity wallets and Remote wallets
2) By Deployment Type: On-Premise and Cloud-based solutions
3) By Industry Verticals: Including Education, Gaming, Information Technology and Telecommunications, Aerospace and Defense, Legal, Media and Entertainment, Automotive, Banking, Financial Services and Insurance, Consumer Goods, and other industries.
Further subsegments are defined as:
- Proximity wallets such as Near Field Communication (NFC) wallets and QR code wallets
- Remote wallets including Mobile Wallet Apps, Web-Based Wallets, and SMS-Based Wallets
These divisions highlight the diverse applications and technological approaches fueling digital wallet adoption across multiple sectors worldwide.
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Learn More About The Business Research Company
With over 17500+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
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