Market Highlights
The E-wallet market is expected to grow at a healthy CAGR of 15% and is estimated to reach a value of USD 2,100 billion by the end of the forecast period 2021-2027.
Today’s generation has become more inclined towards the online world. The trend of purchasing products online is increasing day today. The rise of online customers is driving the E-Wallet Market. The mode of payment has become challenging, as the customer’s high demands for reliable payment method. The trend of going cashless has been trending in recent years and is currently growing at a rapid speed. The rise in the adoption of new payment systems that occurs through online channels in the form of digital payments or e-wallets is propelling the growth of the E-Wallet Market. Various e-wallet services, such as free charge, google pay, and Paytm, work through apps in the user’s smartphones. The entire payment procedure is based on the encryption software that takes the place of the analog wallet during money transactions.
Further, these wallets come up with different features, like saving cards and account numbers. Linking a bank account to a transaction is very simple and effective. These factors are enhancing the E-Wallet Market at the global level.
During the pandemic, the market noticed a good growth rate as it offered contactless payments, which has become a wise solution to stop the spread of the virus. People preferred to purchase things online as it was more reliable. It prevented people from waiting in long queues and other transaction troubles. The retail stores widely adopted this method as it showed good results in their business. E-wallet usage is highly growing because it is much faster than cash transactions, resulting in a better consumer experience and lowering the workload of the retailers to a great extent. These are the regions the E-Wallet Market receives huge growth opportunities.
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Segmentation:
The E-Wallet Market is segmented based on types, technology, end-user, and industry vertical. The type segment of the market involves closed e-wallets, semi-closed e-wallets, and open e-wallets. The technology segment comprises various technologies such as Near field communication, QR code, text-based or short message service, and digital-only.
The end-user section has personal and business types. The vertical industry segment of the E-Wallet Market is categorized into Hospitality and transportation, Media and entertainment, Retail, Health care, Energy and utilities, Telecommunications, and others.
These segments are driving the growth of the global E-Wallet Market.
Regional Analysis
According to the regional report, the E-Wallet Market is showing tremendous growth in major regions worldwide, such as Europe, North America, Asia Pacific, and Latin America.
The North American region is considered the dominating region due to the market’s huge growth in the region. Europe is projected to be the second-largest region of the market.
The Asia Pacific is noticed as the fastest-growing region due to the growth of huge opportunities. With the rise in the adoption of smartphone devices in India after demonetization, digital payments have become a growth factor for the regional market.
Industry News
In 2020, FIS announced Google pay to HPP products for online merchants, which enabled the merchants to express online checkouts.
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E-Wallet Market, By Application (Restaurants, Transportation, Banking, Retail), By Type (Closed E Wallets, Semi closed E Wallets, Open E Wallets), By Mode (Online, M -wallet) – Forecast 2027
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