E – Wallet Market – Overview
Development of ecommerce concepts has spread in the market rapidly. Market Research Future, a firm which specializes in market reports related to the Information and Communications Technology sector among others, recently published a report on this market. The E-Wallet Market on an international level is expected to grow at a CAGR of 15% and is estimated to reach market size USD 2,100 billion approximately by the 2023.
Advancement of technology has led to a rapid pace of development of the market. Smartphones are one of the major factors that have led to widespread penetration of e wallets in the masses. The convenience of having money on demand has triggered the migration of individuals to cashless transactions. Improvement in internet infrastructure and mobile network connectivity has promoted growth of the market.
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.
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For the purpose of this study, Market Research Future has segmented the Global E wallet market by type, by mode, by application and by region.
- Closed e-wallets
- Semi closed e-wallets
- Open e-wallets
- Online Payment
- M-wallet ( Mobile wallet )
- North America
- Asia pacific
- Rest of the world (ROW)
Detailed Regional Analysis
Geographically, the North American market followed by Europe are some of the major regions contributing in a major way to the market growth. The Asia pacific region comprising of countries like Japan, China, and India are moving towards cashless economies. Due to this, there are high growth opportunity for e-wallet due to increased adoption of the smartphones in this region. In India, demonetization has affected online payment transfer, leading to an increase in the number of transactions drastically. The government support for cashless and digital economy and other such initiatives will fuel the growth of e-wallet market in the coming years. Moreover, countries across the globe are increasingly supporting online wallet payment which will help to track all types of transaction and lower transactions related to black money.
Jan 2018 Touch ‘n Go has obtained the approval from Bank Negara Malaysia to operate and offer mobile e-wallet services in Malaysia. The services will be offered via TNG Digital and is a joint venture company with the Ant Financial Group. CIMB Group Holdings, which owns 52% in TNG stated that the new mobile e-wallet will facilitate payments in a cashless and cardless environment by leveraging on Ant Financial’s Alipay technology platform.
Jan 2018 Paytm Payments Bank is trying to entice corporate entities with digital gifts such as food and gift wallets for their employees. The bank has set an objective of reaching a customer base of 500 million over the next 2-3 years. The bank asserts to have 170 million customers, including those using the Paytm e-wallet.
Oct 2017 Tata Group owned e-commerce marketplace Tata CliQ will launch an e-wallet exclusively for use in the marketplace in the next 4-5 months and eventually foray into selling services such as financial services.
Jan 2018 U Mobile has announced that it is launching e wallet service that is pending approval from Bank Negara Malaysia. While they have renewed the service agreement with Ericsson, which the latter will focus on delivering technology and innovation to upgrade the telco’s service.
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- Service providers
- Software Developers
- IT enablers
- Cloud providers
- Storage Providers
- Software Investors
- Database solutions
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