NEW YORK, April 22, 2024 /PRNewswire/ — The global E-wallet market size is estimated to grow by USD 163.43 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 26.41% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 39%.
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Technavio has announced its latest market research report titled Global E-Wallet Market 2023-2027
Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
ACI Worldwide Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., American Express Co., Apple Inc., AT and T Inc., Aurus Inc., Bharti Airtel Ltd., Block Inc., Mastercard Inc., One97 Communications Ltd., PayPal Holdings Inc., Paysafe Ltd., Samsung Electronics Co. Ltd., Stripe Inc., Tencent Holdings Ltd., Visa Inc., WEX Inc., Worldline SA
Analyst Review
The E-Wallet Market has experienced significant growth in recent years, with contactless payments becoming increasingly popular. Traditional cash transactions are being replaced by digital transactions using mobile wallets and credit/debit cards linked to bank accounts. E-Wallets support various services such as mobile recharges, bill payments, movie/travel bookings, and money transfers. The market is driven by proximity and remote technology, including NFC technology, which enables seamless transactions. However, concerns over data breaches, identity theft, and unauthorized access remain, as these digital platforms store sensitive financial information.
Key Market Drivers
The global e-wallet market has experienced significant growth, driven by the increasing number of Internet users and the surge in digital transactions. In 2021, over 59% of the world’s population uses the Internet, leading to a rise in e-commerce, bill payments, and peer-to-peer transfers. For instance, India recorded 91.92 billion digital payment transactions in December 2020-21, a 103% increase from the previous year. In contrast, the US e-commerce sales grew by 44% in 2020, totaling USD861 billion. E-wallets offer convenience, replacing physical cash with digital alternatives. CPMI’s Red Book Statistics report that e-wallets include mobile wallets, credit/debit cards, and bank accounts. However, concerns over data breaches, identity theft, and unauthorized access persist. Alipay and WeChat Pay, leading e-wallets, employ biometric authentication methods like fingerprint recognition, facial recognition, and iris scanning for security. Dfns, Delegated Signing, and WebAuthn protocols also enhance security. PIN codes, in-app payments, and e-commerce platforms are other e-wallet features. NFC technology and proximity/remote technology facilitate retail and e-commerce transactions. The banking segment and vending businesses also leverage e-wallets, with Brazil’s Pix being a recent addition.
Challenges and Opportunities
The E-Wallet Market continues to expand with the rise of contactless payments, challenging traditional cash transactions. MRFR Database projects significant growth, driven by mobile recharge, bill payments, movie/travel bookings, money transfers, and retail sales in the Retail and E-Commerce industry. E-Wallets integrate with credit/debit cards, bank accounts, and various payment networks, necessitating substantial infrastructure and execution costs. Smaller players may struggle to enter due to these expenses, particularly in regions with limited resources. Ongoing costs include maintaining competitiveness and adapting to changing consumer demands. Key players like Alibaba, Apple Pay, Samsung Pay, Square, and Alipay dominate the market, leveraging advanced technologies such as Near Field Communication, QR Code, Text-based service, and biometric authentication methods (fingerprint recognition, facial recognition, iris scanning) to secure transactions and enhance user experience. However, challenges persist, including data breaches, identity theft, and unauthorized access, necessitating robust security measures like Dfns, Delegated Signing, and WebAuthn protocol.
The E-Wallet Market is experiencing significant growth, driven by the integration of advanced technologies such as blockchain and biometrics. Traditional methods like PIN codes are being replaced with more secure options, including facial recognition and fingerprint scanning. In-app payments on e-commerce platforms and digital content providers are increasingly common, facilitated by the Internet and the E-commerce sector. Mobile wallets enable digital transactions, offering convenience for credit/debit card and bank account users. Mobile recharges and bill payments are simplified, as are movie/travel bookings and money transfers. Retailers and businesses benefit from technology’s integration, with proximity and remote solutions like NFC technology and contactless payments. The Banking segment and vending businesses also profit from this shift, with cash transactions becoming less prevalent. The MRFR Database forecasts continued expansion for the E-Wallet Market.
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Market Overview
The E-Wallet market is a significant segment in the digital payment industry, offering convenience and accessibility to consumers. Cash transactions are gradually being replaced by electronic wallets, such as Payments and Cash Transactions in our context. These digital wallets enable users to make payments for various merchants, services, and even utilities. Markets like Bank and Bussineses Services, Digital Commerce, and Mobile Commerce are major contributors to the E-Wallet market’s growth. Moreover, the E-Wallet market is driven by factors like the increasing number of smartphone users, the need for contactless transactions during the pandemic, and the convenience and security offered by digital wallets. Companies like Commerce, Red, and Payments are leading players in this market, providing features like instant transfers, bill payments, and merchant partnerships. The E-Wallet market is expected to continue growing, with technologies like QR codes, biometric authentication, and AI-powered chatbots enhancing the user experience. Additionally, regulatory frameworks and collaborations between governments and financial institutions are crucial for the market’s expansion. Overall, the E-Wallet market is a dynamic and evolving space, offering numerous opportunities for businesses and consumers alike.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio