E-Wallet Market Overview
The E-Wallet Market report is anticipated to grow by USD 489.3 Billion by 2030 rapidly growing at a CAGR of 23.40% during the forecast period 2022-2030. The global e-wallet market is driven by the emergence of e-commerce and online purchases. These factors have helped shape the e-wallet market and are expected to boost the growth. Companies in the e-wallet market could also face challenges such as the growing occurrence of online fraud and scams as well as strict financial rules and regulations in some countries. The details covered in the e-wallet market report cover all the aspects of the industry. e-wallet market analysts have also shared growth projections in the report and have suggested e-wallet market players to plan growth strategies accordingly.
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An e-wallet is a type of digital wallet that allows users to make electronic transactions, either online or in store, using digital currency units to purchase goods and services. It can be accessed through an electronic device, online service or software program, and money can be added to the wallet prior to any transactions or linked to an individual’s bank account. Additionally, users may also store various identification documents such as their driver’s license, health card, and loyalty cards within their e-wallet. The e-wallet system is gaining popularity in various countries worldwide and has been used in Japan since the early 2000s. The system offers improved convenience and efficiency as users are not required to fill out order forms repeatedly across merchant sites when purchasing items as the information is automatically updated and entered into the order fields across the merchant sites when using the digital wallet. Moreover, advancing technology has seen digital wallets being developed to authenticate holders’ credentials upon transactions, for instance, verifying the age of a buyer when purchasing alcohol, among other features.
E-Wallet Market Segmentation
The global e-wallet market has been segmented based on modes, type, and application. On the basis of application, the market for e-wallet is segmented based on Restaurants, Transportation, Banking, Retail. Additionally, the market on the basis of modes, is segmented into Online, M-wallet. The global market for e-wallet is also covered based on type segment which is further split into Closed E Wallets, Semi closed E Wallets, Open E Wallets.
Factors like growing demand for payment gateway systems and contactless payment support the e-wallet market growth. The performance of the e-wallet market has also been studied for the past and current years. Additionally, the e-wallet market report provides analysis of these segments. The e-wallet market segmental analysis provided in the report offers major details about the e-wallet market performance and future.
Regional Overview
Companies in the e-wallet market are spread across the world. The e-wallet market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American e-wallet market has many companies across the United States, Canada, and Mexico. Europe has companies in the e-wallet market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the e-wallet market across India, China, and Japan in the Asia-Pacific region is also presented in the report. The e-wallet market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the e-wallet market can be found in the market research report.
Competitive Landscape
The e-wallet market is supported by rising awareness about encryption technology and quick money transfer. The population growth around the world and increasing demand of e-wallet market based services and products also support the market growth. However, the e-wallet market growth can be affected due to unavailability of all-in-one solutions and lack of awareness. The report covers all such details which will help companies in the e-wallet market to strengthen their business plan and improve their product portfolio. The e-wallet market research report also provides company profiles of major companies. The company profile of organizations operating in the e-wallet market discusses strategies,, size, growth plans, revenue, and mergers and acquisition details of top companies in the e-wallet market. New entrants and established players can plan their strategies based on this data provided in the e-wallet market research report.
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Industry News
Foley Trasimene Acquisition Corp. and Paysafe Group announced plans to integrate their payment platforms. It will trade as Paysafe and plans to be listed under the symbol PSFE on the New York Stock Exchange (NYSE). The deal represents a pro-forma valuation of around $9 billion for Paysafe. The two-sided network of customers and merchants in Paysafe has the central goal of helping corporations and consumers worldwide to communicate and operate by way of online payments, digital wallet and instant cash solutions.
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