E-wallet Market is expected to grow at CAGR of 22.10% during forecast period 2024-2032

Pune, India, October 30, 2017 /MRFR Press Release/- Market Research Future published a half cooked research report on global e-wallet market.Market Highlights:An E- wallet is a service where user can send or receive money via digital transaction. E-wallet allows users to save multiple credit cards and bank account numbers in a secure environment which eliminates the need of filling account information while making payments. The advancement in technology and emerging of smart phones are playing a vital role in making the e-wallets popular. Introduction of payment technologies by Google, Apple, Samsung, PayPal and many more along with consolidation of banking, service providers have encouraged the market growth within a short span of time.

Market Research Future observes the industry’s supporting equipment and technology like RFID, smartphones and 4G technology are growing in a speedy way which helps in supporting e-wallets usage. The on- demand economy is taking its shape among major retailers and will continue to grow as small business merchants have identified the potential in it. Proliferation of e-commerce has also helped in fetching people towards e-wallets by offering special discounts.

The Global E-wallet market has been segmented into types, modes and application sectors. By type, the market is classified into closed e-wallet, semi-closed e-wallet and open wallets. By mode, the market is bifurcated into online payment mode and mobile wallet payment modes. And by application sectors, the market is divided into retail, transportation, entertainment, and banking among others.

Regional Analysis:

On the basis of region, the market is segmented into North America, Europe, Asia Pacific and Rest of the world. The market for e-wallet in North America is being led by PayPal, Android pay and Google pay. The Europe is having 49 plus live digital wallets, out of which 26 are operated by banks. Bank Consortia accounts fourteen digital wallets. The Non-Bank players like Netellar and Skrill are leading the market followed by PayPal, SEQR, Amazon Pay and many more. While coming to Asia Pacific region China and India shows a rapid growth in the usage of e-wallets in recent years. Internet penetration along with rise in cashless transactions helped this sector to boost its operations. The government and business leaders are innovating continuously and looking for market expansion by various acquisitions and mergers. Banking organizations like Axis Bank acquired free charge on a cash deal of Rs.385 crores to expand its services into e-wallet services. Naspers PayU acquired citrus pay which is a start up to expand its operations in India. Like this many more startups were being encouraged, backboned or getting merged with market players to drive the economy to go cashless. Government bodies feel that going cashless will not only reduce the physical cash flow, but also a solution provider for black markets.