Market Highlights
Given the trend of online purchases and online transactions, E-wallet services are also on the rise. Moving ahead from cash and card payments, people prefer the use of E-wallet services. The E-wallet Industry reached a value of 100 billion in the year 2020. The reason for this tremendous growth in size is the adoption of cashless, digital payments. Today, nearly every person knows how to operate an E-wallet. The reason people use E-wallet is simple, it keeps people’s money and data extra secure.
With the rapid digitization of every other industrial sector, it was only expected that something as primary as cash transactions and money flow would be digitized. The trend of e-wallet introduction began a few years ago. However, the ease of payments through e-wallets and contactless payments have brought about new trends of E-wallet Market Growth. The support of e-wallet services by banks and money control institutions is a reason behind the tremendous growth of the E-wallet Market Size. Apart from this, the rise of public interest in crypto currency and alternative forms of money also influences the E-wallet market positively.
In the last few years, there have been many companies and startups entering the E-wallet sector. In the E-wallet Market Forecast Period, the e-wallet market is set to see the entrance of new competitors into the business. An e-wallet has become a necessity for the modern citizen. Thus, there is ample room for existing companies and new companies to introduce new technology and features behind the E-wallet market. In the market forecast period till the end of 2027, the E-wallet market is set to see a healthy, double-digit growth rate. The high CAGR of the sector will benefit competitors as well as customers of the e-wallet industry.
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Segmentation:
The E-wallet market size divides into many segments depending on different criteria. Based on product type, the market in question divides into closed wallets and semi-closed wallets, open e-wallets.
Based on technology, the E-wallet market share disperses into near field communication, QR code, digital-only or text-based modules.
Based on end-users, the E-wallet sector has two primary market shares, one is personal use, and another is business use. Business end-users are shops and merchants.
The E-wallet market divides into different industry verticals based on applications. The different industry verticals include retail, media and communications, hospitality, and transport. These are the leading segments of the e-wallet market worldwide. The industry verticals have been expanding because of the diversification of e-wallet applications.
Regional Analysis
The E-wallet market divides into different regional markets. The primary regional markets of the E-wallet sector are North America, Asia Pacific, Europe, Middle East, and Africa, South America. Every regional market contributes to the growth of the global E-wallet market. The North American market is the clear leader in terms of use and revenue. The Asia Pacific region will see the highest regional CAGR in the forecast period because of the high rate of e-wallet service adoption.
Industry news
Some recent developments in the E-wallet industry will decide E-wallet Market Trends for the next few years. Some of the notable industry news is the deployment of QR code-based payment services by market leader PayPal to let its users carry out business in 25 countries.
In March 2020, MasterCard announced a collaboration with Phos to create an innovative mobile solution for cashless payments.
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E - Wallet Technology 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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