By 2030, E-Wallet Market Share to See 23.40% Growth | Market is Expected to Reach $489.3 billion

iCrowd Newswire
28 Sep 2022, 00:32 GMT+10

Market Analysis

The e-wallet market will reach USD 489.3 billion at a 23.40% CAGR by 2030, states the new Market Research Future report.

E-Wallet Market Drivers

Easy and Secure Transaction to Boost Market Growth

The market is expanding because e-wallets can conveniently and securely offer possibilities for online bill payments as well as other money transfer services. Additionally, the number of consumers choosing e-wallets has increased due to its user-friendly interface.

Report Scope:

Parameter

Details

Revenue Forecast in 2030

USD 489.3 Billion

Growth Rate:

CAGR of 23.40% from 2022 to 2030

Forecast Period:

2022 -2030

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

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Opportunities

Rising Penetration of the Internet to offer Robust Opportunities

The rising penetration of the internet & mobile phones particularly in rural parts of developing nations will offer lucrative opportunities for this market in the assessment period.

Restraints and Challenges

Availability of Cyber Theft to act as Market Challenge

The availability of cyber theft and lack of standard norms for the cross-border transactions may act as market challenges over the forecast period.

E-Wallet Market Segmentation

The global e-wallet market is bifurcated based on by mode, by type, and application.

By mode, the e-wallet market is segmented into m-wallet and online.

By type, the semi closed e-wallets will lead the market over the forecast period.

By application, the e-wallet market is segmented into retail, banking, transportation, and restaurants.

COVID-19 Analysis

The COVID-19 outbreak's rapid spread provided the e-wallet business with numerous prospects for expansion. The shutdown implemented by several nations to slow the spread of the virus had a detrimental effect on the businesses by obstructing their activities. Due to these constraints, mobile wallets have become a practical way to sustain cash flow and keep the firm afloat. Another important element driving the e-wallet market is the rise in consumers' reliance on online shopping sites to buy needs. Due to the market's ability to support contactless payment, which aids in maintaining social distance norms, growth is also projected throughout the projection period. Since users currently choose mobile wallets like Paytm and Google Pay for performing financial transactions in order to avoid physical contact with others in order to limit the spread of the corona virus, the market for mobile wallets is anticipated to grow dramatically during the Covid-19 epidemic.

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Regional Analysis

North America to Lead E-Wallet Market

The North American e-wallet market is anticipated to hold onto its leading position throughout the forecast period due to a rising trend among consumers in the region to choose convenience, offers, savings, and a better customer experience. Additionally, almost one-third of the entire regional market in North America is accounted for by U.S. mobile wallets. Android Pay, PayPal, and Google Pay are the E-Wallet Market leaders in North America.

APAC to Have Admirable Growth in E-Wallet Market

The rapid economic growth of numerous regional nations including Australia, India, Japan, and China is one of the many factors contributing to the projection that the Asia Pacific e-wallet market will grow at a higher CAGR all through the assessment period. Furthermore, a stable environment for the growth of the e-wallet payment industry in these countries and the region's increasing adoption of technological improvements are projected to fuel the Asia Pacific market. When it comes to the Asia Pacific area, China & India have seen a sharp increase in e-wallet usage in recent years. The growth of cashless transactions and the use of the internet helped this industry expand. The leaders of the industry and the government are constantly innovating and seeking to expand their markets. Banks like Axis Bank purchased free rent in a cash transaction for Rs. 385 crores to expand their offerings to include e-wallet services. Citrus Pay, a start-up, was purchased by Naspers PayU in order to grow its business in India. Similar to this, many additional firms were urged, supported, or amalgamated with market giants to push the economy toward going cashless. Government agencies believe that turning cashless will help to solve the problem of black markets as well as limit the physical movement of currency. Some of the elements that contribute to its domination are the android operating system, which encourages more people to use smartphones, and the improvement in the region's economic situation, which results in more disposable income and encourages the consumption of smartphones. And as more smartphones become available, the number of mobile wallets also rises, which in turn acts as a driving force for the expansion of the market. Smartphone users are a driving force behind the expansion of the market, with Asia Pacific having 30.68%, Apple, 12.57%, Samsung, 13.42%, Huawei, 8.32 Oppo, Xiaomi 9.81%, and 6.21% Mobecil users, per StatCounter.

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Key Players

Key players profiled in the 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).

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https://icrowdnewswire.com/2022/09/13/data-analytics-market-to-cross-usd-346-24-billion-by-2030-with-a-cagr-30-7/

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