E-wallet Global Market – Overview
The process for the payment system is shifted to paperless payment with the materialization of e-commerce and online purchases. This has resulted into users migrating from cash payments to plastic card payments and then to e-wallet payments. E-wallet payments can be done either through digital wallets or from new digital payments mechanisms. The basic mechanism behind e-wallet is an encryption software which substitutes primary wallet during monetary transactions. Furthermore, e-wallet allows you to store multiple credit card and bank account numbers securely which eventually helps in curtailing the need to enter account information during monetary transactions. Various e-wallet services like Paytm, FreeCharge and PhonePe can be accessed through smart-phones.
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E-wallet Global Market – Segmentation
- Segmentation by application: entertainment, transportation, banking, retail and others.
- Segmentation by type: closed e-wallets, semi-closed e-wallets and open e-wallets.
- Segmentation by mode: online and offline.
- Segmentation by region: North America, Europe, Asia Pacific and rest of the world.
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.
April 18, Chinese e-wallet program launched by Richmond Chamber of Commerce
A partnership between the Richmond Chamber of Commerce and MotionPay Technology Inc. has been announced due to which More Richmond businesses are expected to start accepting transactions from Chinese E-wallets in the upcoming years. At the launch event, the two companies announced their partnership which is designed to provide exclusive access to Chamber members on merchant services via AliPay (associated with Alibaba; online retail giant) and WeChat Pay (associated with WeChat chatting app); the two mobile payment systems existing in China.
April 18, TrueMoney gets payment services license in Vietnam and launches mobile wallet
TrueMoney Vietnam, a part of Thailand-based payment services firm Ascend Money, has been licensed with Intermediary Payment Services (IPS) from the State Bank of Vietnam to operate digital financial services in e-payment, wireless transfers and payment get ways. Vietnam is the second country in the region to launch TrueMoney wallet after Thailand. Consumers are expected to use TrueMoney wallet to make online purchases, pay bills and transfer money from their bank accounts to their wallet on someone else’s wallet. TrueMoney wallet is also expected to be used for reimbursement of payments to the employees. TrueMoney Vietnam aims to offer additional financial services such as loans and insurance in the second quarter of 2018.
April 18, Get set to buy mutual funds from Paytm
Paytm Money Ltd. is a Registered Investment Advisor (RIA) with the capital market regulator, Securities and Exchange Board of India (SEBI). It is similar to any financial advisor who advises you on buying mutual funds and charges a nominal fee in return. Senior vice-president of Paytm money stated that users will be provided with units in statement of account (SOA) format on redemption of which money will be sent to user’s registered bank account. Also, the users will be able to get advice, if needed, on buying and selling of mutual funds.
April 18, M-Pesa, PayPal, TransferTo collaborate to boost Kenya’s e-commerce market
The collaboration between M-Pesa, Paypal and TransferTo levelled-up Kenya’s e-commerce and the East Africa market. As a result of this, M-Pesa users in Kenya can link their PayPal account to M-Pesa wallets and purchase products and services from international e-commerce sites. Also users will get the facility of withdrawing funds within three days depending upon the amount. E-commerce merchants can also process PayPal as well as credit card transactions from around the world.
E-wallet Global Market – Regional Analysis
The regional analysis of E-wallet market is studied for North America, Europe, Asia-Pacific and Rest of the World. North America and Europe are contributing a large share in market growth. Followed by Asia Pacific, Japan, China and India which are moving towards cashless economies. Due to increased usage of smartphones, these regions are expected to show high growth opportunities for usage of e-wallets. After demonetization in India, there has been tremendous growth in online payment transfers as well as digital banking. Paytm has achieved 4.7% growth due to this change. In addition to this, FreeCharge doubled its users and is moving towards cashless economy. This will eventually result into tracking all transactions and eradicating black money transactions to some extent.
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