E-Wallet Market Analysis:
The global E-Wallet Market will touch USD 2,100 billion at a 15% CAGR by 2027, states the new Market Research Future (MRFR) report.
E-Wallet Market Drivers:
Introduction of Payment Technologies to Boost Market Growth
The introduction of payment technologies such as PayPal, Samsung, Apple, and Google and others together with consolidation of banking, service providers have boosted market growth.
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An E-Wallet is a type of digital payment account that allows you to store funds and make online payments. It is protected with a username and password, and you can use it to make purchases, send money to other people, and even receive payments. E-Wallets are becoming increasingly popular as they provide a secure way to make payments without having to use cash or cards. Additionally, they can be used to store loyalty cards, coupons, and other digital items.
E-Wallets have become an important part of our everyday lives as they make it easier, safer, and faster to complete financial transactions. With E-Wallets, you can securely store your payment information in a compact form, allowing you to make payments online and in-store, pay bills, and transfer money even to other countries easily. Additionally, E-Wallets provide better security for online transactions, as they encrypt your data and use two-factor authentication, making it much harder for hackers to gain access to your payment information. Finally, E-Wallets provide convenience, as they allow you to make quick, secure payments without having to enter your payment information every time.
E-Wallet Market Opportunities:
Proliferation of E-commerce to offer Robust Opportunities
The proliferation of e-commerce has helped to fetch people towards e-wallets via offering special discounts that may offer robust opportunities for the e-wallet market over the forecast period. Besides, increase in smartphones and initiatives worldwide for promoting digital payment options is also fuelling market growth.
E-Wallet Market Restraints:
Lack of Awareness to act as Market Restraint
The lack of information regarding the benefits of e-wallet and increase in cyber related crimes may act as market restraint in the forecast period.
E-Wallet Market Challenges:
Lack of Standard Norms for Cross-Border Transactions to act as Market Challenge
The lack of standard norms for cross-border transactions may act as market challenge over the forecast period.
The COVID-19 outbreak has brought several changes in the manner in which people used to live. A key difference is they went cashless as the procedure does not need any contact between two people. The trends of the e-wallet market have indeed seen huge growth during the outbreak. Besides, COVID-19 outbreak has made people to order stuffs online that again need a digital payment method, and thus the market experiences a positive growth.
E-Wallet Market Segmentation:
The global e-wallet market is bifurcated based on types, technology, end user, and industry vertical.
By type, the e-wallet market is segmented into open e-wallets, semi-closed e-wallets, and closed e-wallets.
By technology, the e-wallet market is segmented into digital-only, text-based/short message service, QR code, and near field communication.
By end user, the e-wallet market is segmented into business and personal.
By industry vertical, the e-wallet market is segmented into telecommunications, energy and utilities, health care, retail, media and entertainment, and hospitality & transportation.
E-Wallet Market Regional Analysis:
North America to Spearhead E-Wallet Market
North America will spearhead the e-wallet market over the forecast period. The presence of major regions, advent of cashless transactions, safe and easy access to information, and the region being led by Google Pay, Android Pay, and PayPal are adding to the global e-wallet market growth in the region.
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E-Wallet Market Key Players:
Eminent market players profiled in the global e-wallet market report include ACI Worldwide (US), 2Checkout (US), Adyen (Netherlands), Worldline (France), Aurus (US), WEX (US), Aliant Payments (US), Visa (US), Alipay (China), Stripe (US), Apple Pay (US), Square (US), Due (US), Paysafe (UK), Spreedly (US), PayPal (US), Dwolla (US), PayPal (US), PayU (Netherlands), Mastercard (US), FattMerchant (US), JPMorgan Chase (US), PayTrace (US), Intuit (US), FIS (US), Global Payments (US) and Fiserv (US).
The global e-wallet market is both fragmented as well as competitive for the presence of various international and also domestic industry players. The players have used innumerable innovative strategies to stay at the vanguard and also cater to the burgeoning need of the customers including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions, and more. Further, they are also investing in different research and development activities.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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