MarkNtel Advisors recently published a detailed industry analysis of the Global Digital Wallet Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Global Digital Wallet Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The Global Digital Wallet Market size was valued at USD 2,140.18 billion in 2023 and is projected to reach USD 7,857.70 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 20.58% during the forecast period, i.e., 2024-30.
What are the major Driver the Global Digital Wallet industry?
Favorable Policies & Digitalization Initiatives for Encouraging Cashless Transactions – Globally, both public & private sectors are concentrating more on implementing cutting-edge technology, like big data analytics, AI, and the IoT, in the finance industry to support digital transformation. Furthermore, in order to push cashless transactions & improve accountability & transparency, the government has launched projects and programs that creates an audit trail that lowers the possibility of money laundering & tax evasion. For instance, in the year 2023, the government of the UAE introduced a fintech action plan, including projects like an instant payments platform and a Central Bank Digital Currency (CBDC) to promote digital transformation in financial services.
Furthermore, administrations of several countries like India, Saudi Arabia, etc., are introducing digital currencies to drive economic growth, thereby, accelerating the adoption of digital wallets and supporting market growth. Additionally, authorities are allocating funds in the fintech sector to encourage the development of advanced digital wallet solutions. These investments and government initiatives would continue to improve consumer demand for digital wallets, making them the preferred choice for financial transactions in the future.
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What segments define the Global Digital Wallet Market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
- By Type
- Proximity – Market Size & Forecast 2019-2030, USD Million
- Remote – Market Size & Forecast 2019-2030, USD Million
- By Technology
- Near Field Communication – Market Size & Forecast 2019-2030, USD Million
- QR Code – Market Size & Forecast 2019-2030, USD Million
- Text-based/Short Message Service – Market Size & Forecast 2019-2030, USD Million
- Digital Only- Market Size & Forecast 2019-2030, USD Million
According to report, Near Field Communication (NFC) holds a dominant market share. NFC facilitates fast and convenient transactions by allowing users to tap their devices near a POS terminal.
- By Wallet Type
- Open- Market Size & Forecast 2019-2030, USD Million
- Closed- Market Size & Forecast 2019-2030, USD Million
- Semi-closed – Market Size & Forecast 2019-2030, USD Million
- By Industry Vertical
- Banking, Financial Services, and Insurance (BFSI)- Market Size & Forecast 2019-2030, USD Million
- Hospitality- Market Size & Forecast 2019-2030, USD Million
- Media & Entertainment- Market Size & Forecast 2019-2030, USD Million
- Retail & E-commerce- Market Size & Forecast 2019-2030, USD Million
- Energy & Utilities- Market Size & Forecast 2019-2030, USD Million
- Telecommunication- Market Size & Forecast 2019-2030, USD Million
- Others (Healthcare, Gaming, etc.)- Market Size & Forecast 2019-2030, USD Million
According to report, Retail & E-commerce holds a substantial market share since the online retailing platforms are actively integrating digital wallet payment options, alongside traditional methods like credit/debit cards.
- By End User
- Personal- Market Size & Forecast 2019-2030, USD Million
- Business/Corporate- Market Size & Forecast 2019-2030, USD Million
- By Ownership
- Banks- Market Size & Forecast 2019-2030, USD Million
- Telecom Operators- Market Size & Forecast 2019-2030, USD Million
- Device Manufacturers- Market Size & Forecast 2019-2030, USD Million
- Tech Companies- Market Size & Forecast 2019-2030, USD Million
Explore the Complete Global Digital Wallet Market Analysis Report –
https://www.marknteladvisors.com/research-library/digital-wallet-market.html
Geographical Analysis: Global Digital Wallet Market
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Global Digital Wallet Market Share & Competitive Landscape:
The Digital Wallet Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Global Digital Wallet Market are:
- Apple Inc.
- Amazon Web Services, Inc.
- PayPal Holdings, Inc.
- Business Description
- One MobiKwik Systems Limited
- Paytm
- Alipay
- PhonePe
- Gopay
- Freecharge Payment Technologies Pvt. Ltd.
- Skrill
- Samsung
- Dwolla, Inc.
- Barclays Bank Delaware
- Mastercard
Global Digital Wallet Industry Recent Developments
- 2024: One MobiKwik Systems Ltd., introduced Pocket UPI to facilitate UPI payments without linking bank accounts and enabling users to make UPI payments directly from MobiKwik Wallet.
- 2023: Paytm, launched the features such as the Paytm UPI Lite and RuPay credit card on UPI.
Questions Addressed in this Study
1.What factors are driving the Global Digital Wallet Market growth?
2.How is the Global Digital Wallet Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Global Digital Wallet Market ?
4.What is the current size of the Global Digital Wallet Market, and how is it projected to change in the future?
6.What is the future outlook for the Global Digital Wallet Market in terms of technological advancements and market expansion?
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Why MarkNtel Advisors?
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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