Summary
The global Digital Wallets Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
A digital wallet is a software-based system that securely stores users' payment information and passwords for many payment methods and websites. Digital wallets offer a safe and convenient way to pay by allowing user to simply use their phone to pay instead of cash and/or credit card. Digital wallets are nothing but a digital version of a credit and/or debit card, users can complete purchases easily and quickly. It is an electronic device and/or an online service that enables both businesses and individuals to make transactions electronically.
Market Drivers:
Increasing penetration of smartphones, changing customers preferences towards digital/online payments, and attractive discounts and cashback offer by wallet providers are expected to boost the growth of the global digital wallets market during the forecast period. For instance, in April 2020, Amazon India planned to give zero-interest credit to customers to buy products on its platform or pay bills. On average, customers on Amazon will be eligible for credit lines of up to Rs 15,000 which they will be able to pay after 45 days of availing the service. Hence, such factors are expected to drive growth of the global digital wallets market.
Furthermore, developments in mobile payment technology, increasing number of e-commerce platforms, supportive government initiatives, and favorable changes in regulatory frameworks across the world are expected to propel the global digital wallets market.
Market Restraints:
Data security issues, cyber-attacks on digital payments, lack of digital literacy, and fragmented regional regulatory landscape are some major factors expected to hinder growth of the global digital wallets market over the forecast period.
Regional Insights:
Among regions, North America, Europe, and Asia Pacific are expected to witness substantial growth in the global digital wallets market, owing to increase in use of mobile/digital wallets, increasing penetration of smartphones, supportive government initiatives, changing customers’ preferences towards digital/online payments, and increasing number of e-commerce platforms.
For instance, in December 2019, Reserve Bank of India (RBI) introduced semi-closed Prepaid Payment Instrument (PPI) norms that allowed wallets to be used for retail payments.
Competitive Section:
Major companies active in the global digital wallets market are MasterCard, Google, Samsung, Paytm, First Data, Sprint, Microsoft, Visa, Dwolla, Citrus Payment, Citibank, Square, Amazon, Apple, and Merchant Customer Exchange, among others.
For instance, in July 2021, Comviva launched its next generation digital wallet and payment platform, mobiquity Pay X, powering over 70 digital wallets and payment services for 130+ million consumers and processing over 7 billion transactions exceeding USD 130 billion annually in more than 50 countries.
The Digital Wallets Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Digital Wallets Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- MasterCard
- Apple
- Amazon
- Square
- Citibank
- Citrus Payment
- Dwolla
- Merchant Customer Exchange
- Visa
- Microsoft
- Sprint
- First Data
- Paytm
- Samsung
- Google
By the Product Type, the market is primarily segmented into:
- Hardware
- Software
- Services
By Applications, the market is segmented into:
- MNOs
- Financial Institutions (Banks)
- Payment Network
- Intermediaries
- Merchants
- Customers
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Digital Wallets Market Report:
- To assess the size of the market by value and volume
- Analyze the Digital Wallets Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Digital Wallets Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Digital Wallets Market
The Digital Wallets Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Digital Wallets Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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