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E-wallet Market – Overview
The development of e-payment platforms is estimated to motivate the e-wallet market 2020. The information & communication technology industry reports are created by Market Research Future, which centers on market choices for expansion. A CAGR of 15% is estimated to drive the market earning to USD 2,100 billion by 2023.
The increased volumes of payments that are occurring through digital channels is promoting the e-wallet market share. The transfer for cash payments to plastic card payments is projected to encourage e-wallet market substantially in the upcoming period.
Segmental Analysis
The segmental evaluation of the e-wallet market is done on the basis of application, type, mode, and region. Based on the mode, the e-wallet market is divided into online payment and m-wallet. On the basis of types, the e-wallet market is segmented into semi-closed e-wallets, closed e-wallets, and open e-wallets. The application basis of segmenting the e-wallet market is segmented into entertainment, retail, transportation, banking and others. Based on the Region, the e-wallet market is segmented into North America, Europe, Asia Pacific and rest of the regions.
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Detailed Regional Analysis
The regional appraisal of the e-wallet market is segmented North America, Europe, Asia Pacific, and rest of the regions. The North American region is followed by the European region and is contributing significantly to the development of the market in the forecast period. The move towards cashless countries are estimated to boost the development of the market for e–wallets in Japan, China, and India are moving towards. Due to the increased adoption of the smartphone in this region, there is an extraordinary growth opportunity for e-wallets. In a country like India, after demonetization, online payment transfers grew substantially. The support from the government for a cashless country and the digital country and such advantages will power the development of e-wallet market. All the nations across the globe are backing up online wallet payment, which will assist in tracking all kinds of transaction and reducing the black money transactions.
Competitive Analysis
The market is observed to be on a hot streak of expansion in the forecast period. The market players are expected to contribute in a significant way to the progress of the market by investing capital and fortifying their assets and competencies in the market to match the pulse of the market. The customer inclinations are projected to define the growth of the global market more than ever in the coming years. The intensive attention focused on research and development activities are projected to open up new areas for development of the market in the forecast period. The robust marketing activities undertaken by the contenders in the market are inspiring the next steps for market development in the forecast period. The improved backing by government and trade bodies are creating a favorable pace of growth in the market. The control of overhead costs is projected to motivate the market considerably in the forecast period.
Apple, Inc. (U.S.), PayPal Holdings (USA), MasterCard (U.S.), Alibaba Group Holding Ltd. (China), Samsung Electronics Inc. (South Korea), Oxigen Services India Pvt. Ltd (India), Google, Inc. (U.S.), Citrus Payment Solutions (India), and Visa (USA) as the important contenders in the E-wallet market.
Industry Updates:
Feb 2020 The Saudi Arabia Monetary Authority has permitted two digital financial services businesses to present full e-wallet services, as a portion of the nation’s efforts to encourage a decrease in the usage of physical cash. The regulator said HalalaH and BayanPay had been permitted for full marketable release after some successful periods in SAMA’s experimental “sandbox” arrangement. It pairs the number of approved suppliers to four.
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