E-Wallet Market Overview:

The global e wallet market 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). 

Drivers:

Introduction of Payment Technologies to Boost Market Growth 

The introduction of payment technologies such as PayPal, Samsung, Apple, and Google and others together with consolidation of banking, service providers have boosted market growth. 

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Key Players:

Key Companies in the E-Wallet market include,

• DAMEN ePayment
• Alipay
• Samsung Electronics Co. Ltd.
• PayPal Holdings
• KFH
• Google Inc.
• Mastercard Incorporated
• Amazon Web Services Inc.
• American Express Banking Corp.
• Apple Inc.
• AT&T Inc.

Opportunities:

Proliferation of E-commerce to offer Robust Opportunities 

The proliferation of e-commerce has helped to fetch people towards e-wallets via offering special discounts that may offer robust opportunities for the e-wallet market over the forecast period. Besides, increase in smartphones and initiatives worldwide for promoting digital payment options is also fuelling market growth. 

Restraints:

Lack of Awareness to act as Market Restraint 

The lack of information regarding the benefits of e-wallet and increase in cyber related crimes may act as market restraint in the forecast period. 

Challenges:

Lack of Standard Norms for Cross-Border Transactions to act as Market Challenge 

The lack of standard norms for cross-border transactions may act as market challenge over the forecast period. 

COVID-19 Analysis 

The COVID-19 outbreak has brought several changes in the manner in which people used to live. A key difference is they went cashless as the procedure does not need any contact between two people. The trends of the e-wallet market have indeed seen huge growth during the outbreak. Besides, COVID-19 outbreak has made people to order stuffs online that again need a digital payment method, and thus the market experiences a positive growth. 

Market Segmentation:

The global e-wallet market is bifurcated based on types, technology, end user, and industry vertical. 

By type, the e-wallet market is segmented into open e-wallets, semi-closed e-wallets, and closed e-wallets. 

By technology, the e-wallet market is segmented into digital-only, text-based/short message service, QR code, and near field communication. 

By end user, the e-wallet market is segmented into business and personal. 

By industry vertical, the e-wallet market is segmented into telecommunications, energy and utilities, health care, retail, media and entertainment, and hospitality & transportation. 

Regional Analysis:

North America to Spearhead E-Wallet Market 

North America will spearhead the e-wallet market over the forecast period. The presence of major regions, advent of cashless transactions, safe and easy access to information, and the region being led by Google Pay, Android Pay, and PayPal are adding to the global e-wallet market growth in the region. 

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The global e-wallet market is both fragmented as well as competitive for the presence of various international and also domestic industry players. The players have used innumerable innovative strategies to stay at the vanguard and also cater to the burgeoning need of the customers including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions, and more. Further, they are also investing in different research and development activities.

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