E-Wallet Market Overview:
The E-Wallet market industry is projected to grow from USD 105.5 Billion in 2023 to USD 567.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.40% during the forecast period (2023 – 2032). E-Wallet Or Digital Wallet is a software-based system allowing secure payment and users’ payment information and critical data storage. It allows users to save multiple credit cards and bank accounts in a secure environment, eliminating the need to fill in account information every time making payments.
E-wallets can also be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. By using digital wallets, users can easily and quickly complete purchases with near-field communications technology.
Click Here to Get Sample Premium Report @
Key Companies in the E-Wallet market include,
- DAMEN ePayment
- Samsung Electronics Co. Ltd.
- PayPal Holdings
- Google Inc.
E-Wallet Industry Achievements & Market Forecast
E-wallet offers layers of payment security, such as point-to-point encryption solutions and analytics, ensuring full proof protection for payment gates. This further increases the popularity of e-wallet or digital payments, escorting the market to ascending heights. Growing eCommerce business that allows online shopping sitting at the convenience of home is a major driving force behind the e-wallet market growth.
Proliferation of e-commerce has helped in fetching people towards e-wallets by offering special discounts. Rising numbers of online buyers and the wide penetration of Internet usages drive the eCommerce market. Besides, advancements in technology and rising smartphone uses enable easy access to e-wallets. Improvements in RFID, smartphones, and 4G technologies have been supporting e-wallets usages.
Introduction of payment technologies, such as GPay by Google, ApplePay, SamsungPay, PayPal/PayTM, and many more, alongside the consolidation of banking and service providers, has encouraged the market growth within a short span of time. The on-demand economy is taking its shape among major retailers and will continue to grow as small business merchants have identified its potential.
Additionally, the emergence of virtual payment cards designed to be linked to the user’s wallet account boosts the market size, offering a safe, convenient, and easy way of making e-commerce payments amongst other functionalities. In the future, the global e-wallet market valuation is projected to reach USD 2,100 billion by 2023, registering a double-digit CAGR of 15% during 2017-2023.
How COVID-19 influenced the E-Wallet Industry?
The COVID 19 pandemic has positively impacted the e-wallet industry, catalyzing contactless payment adoption. Physical distancing policy and mandates encouraged by the governments of countries worldwide have inspired consumers to practice contactless payment transactions.
Besides, government authorities in a number of countries are taking actions to encourage contactless payments as the COVID-19 pandemic escalates, which impacts the w-wallet industry positively. The novel coronavirus can be transmitted through physical money, which drives people to shift to e-wallet solutions.
The effect of government support and perceived usefulness of digital payment solutions influenced e-wallet adoption during the COVID-19 outbreak. With coronavirus crises continuing in 2021 and beyond, the e-wallet market is projected to grow exponentially in future years.
Most organizations are now more aware of the importance of digital payments, implementing all necessary, appropriate security measures. Moreover, trends such as 5G implementation and the continued rise of AI are projected to shape the e-wallet industry in 2021 and beyond.
Country-wise E-Wallet Adoption Rate
North America and Europe are the major regions contributing to the market growth. Wide-spread awareness for e-wallet benefits and government initiatives to strengthen cashless payment methods boost the market demand in these regions. Furthermore, the high disposable incomes of populations and the strong presence of major e-wallet and mobile payment security providers drive the market growth in major North American and European countries.
In Asia Pacific, Japan, China, and India are moving towards cashless policies. There are high growth opportunities for e-wallet in these countries due to the rising popularity of hassle-free digital payments and smartphone uses. In India, after demonetization, online payment transfer has been increased drastically.
Government initiatives are promoting digital payments and making the country go cashless to support the growth of the e-wallet market. Moreover, the advent of virtual cards and fuel cards has doubled its number of users post demonetization in India, moving towards a cashless economy. E-wallets in India would soon function as bank account, allowing transfer and receive funds, in addition to making payments, similar to bank accounts.
Download Sample PDF Copy of this Report to understand structure of the complete report (Including Full TOC, Table & Figures) @
Recently, on Apr 08, 2021, the Reserve Bank of India (RBI) announced that it has doubled the limit of the outstanding balance in mobile wallets and prepaid cards. The RBI’s decision would let customers send money from a wallet to a bank account and from one company’s wallet to another. Once all these new regulations related to PPIs are in force, a student would not need a separate bank account.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Also, we are launching “Wantstats” the premier statistics portal for market data in comprehensive charts and stats format, providing forecasts, regional and segment analysis. Stay informed and make data-driven decisions with Wantstats.
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]