E-wallet Market – Overview
Developments in the ecommerce industry have given way to the emergence of e wallets, which have fast gained popularity recently. Market focused reports connected to the information and communication technology industry among others of late have been made accessible by Market Research Future which issues reports on this industry. The market is expected to develop at a CAGR of 15 percent and is projected to achieve a market size of USD 2,100 billion approximately by the end of forecast period.
The growth of e-commerce sites has paved the way for increased use of online payment methods, of which e wallets have captured a significant majority. The ability to ensure safe and secure monetary transactions has been one of the factors that have driven the expansion of the market. Convenience in terms of payment and accessibility to bank accounts at any time will increase the demand for the market considerably.
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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.
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.
The E wallet market globally has been segmented on the basis of mode, type, application, and region. Online payment, m-wallet are the segments in the mode segment of the market. The type segment of the e wallet market comprises of semi closed e-wallets, closed e-wallets, open e-wallets. The application based segmentation of the market consists of entertainment, transportation, retail, banking among others. By region, the market comprises of Asia Pacific, North America, Europe, and Rest of the World (ROW).
Geographically, the North American market trailed by Europe are a few of the key regions backing the market growth in a major way. The Asia pacific region encompassing countries like Japan, China, and India are moving towards cashless economies. Due to this, there are ample growth opportunities for e-wallets owing to the improved adoption of the smartphones in this region. In India, demonetization has affected online payment transfer, leading to an upsurge in the number of transactions drastically. The government backing for the digital and cashless economy along with other such initiatives will fuel the growth of e-wallet market in the coming years. Moreover, nations across the globe are progressively supporting online wallet payment which will help to track all types of transaction and lower transactions linked to black money.
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