Market Research Future published a research report on “E-wallet Market Research Report – Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
E-wallet Global Market – Overview
The process for the payment system is shifted to paperless payment with the materialization of e-commerce and online purchases. This has resulted into users migrating from cash payments to plastic card payments and then to e-wallet payments. E-wallet payments can be done either through digital wallets or from new digital payments mechanisms. The basic mechanism behind e-wallet is an encryption software which substitutes primary wallet during monetary transactions. Furthermore, e-wallet allows you to store multiple credit card and bank account numbers securely which eventually helps in curtailing the need to enter account information during monetary transactions. Various e-wallet services like Paytm, FreeCharge and PhonePe can be accessed through smart-phones.
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Market Research Future study identifies Alibaba Group Holding Ltd. (China), Apple, Inc. (U.S.), Citrus Payment Solutions (India), Google, Inc. (U.S.), MasterCard (U.S.), Oxigen Services India Pvt. Ltd (India), PayPal Holdings (USA), Samsung Electronics Inc. (South Korea), and Visa (USA) as the key vendors in the global E-Wallet Market.
May 2018 AEON Group of Companies has recently presented its virtual electronic wallet, AEON E-Wallet, to the market in support of Bank Negara Malaysia’s Financial Sector Blueprint to alter Malaysia into a cashless nation. The AEON E-Wallet is a tool that covers monetary value and pays in advance to the electronic money. Customers will have to look for the AEON Pay acceptance mark to use the AEON E-Wallet services.
E-wallet Global Market – Segmentation
- Segmentation by application: entertainment, transportation, banking, retail and others.
- Segmentation by type: closed e-wallets, semi-closed e-wallets and open e-wallets.
- Segmentation by mode: online and offline.
- Segmentation by region: North America, Europe, Asia Pacific and rest of the world.
E-wallet Global Market – Regional Analysis
The regional analysis of E-wallet market is studied for North America, Europe, Asia-Pacific and Rest of the World. North America and Europe are contributing a large share in market growth. Followed by Asia Pacific, Japan, China and India which are moving towards cashless economies. Due to increased usage of smartphones, these regions are expected to show high growth opportunities for usage of e-wallets. After demonetization in India, there has been tremendous growth in online payment transfers as well as digital banking. Paytm has achieved 4.7% growth due to this change. In addition to this, FreeCharge doubled its users and is moving towards cashless economy. This will eventually result into tracking all transactions and eradicating black money transactions to some extent.
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- Service providers
- Software Developers
- IT enablers
- Cloud providers
- Storage Providers
- Software Investors
- Database solutions
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