With the emergence of e-commerce and online purchases, the procedure required for the payment system is also changing, forcing it to go digital due to which users migrated from cash payments to plastic card payments and now to contactless payments. These payments occur through digital channels either held on digital wallets or in the cloud, or from new digital payment mechanisms. Since the scenario is still evolving a wide variety of names are used for such transactions such as e-money, digital money, micro-payments and many others.
Many E- wallet services like paytm & free charge work through apps in smart phone. Regardless the traditional payment procedure, an E wallet is based on encryption software which substitutes analog wallet during monetary transactions. Further, E-Wallet allows you to store multiple credit card and bank account numbers in a secure environment and eliminate the need to enter in account information during money transactions. Once user gets registered and creates an E-Wallet profile, access will be provided to make payments faster and with less typing.
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In the latest trend, NFC chip enabled smartphone are expected to drive the market as most of the smartphone manufacturers are equipping the phones with NFC (Near field communication). Placing smart phone within four inches of pay pad or contact less reader will prompt wallet or passbook for payment confirmation.
Further, as per industry developments, In July 2018, Axis Bank acquired free charge e-commerce Company offering digital transactions. On the other end paytm is being backboned by several funding’s in order to boost in e- wallet transactions. Citrus pay is acquired by PayU owned by Naspers for $130M to expand its operations in India. The endless opportunities in this field inviting more players to invest in E-wallet market.
The market for E wallets is segmented on the basis of type, modes, and application. On the basis of type, the E-Wallet Market is further divided into closed e-wallets, semi closed e –wallets and open e-wallets. Closed e-wallets are issued by an entity for facilitating the purchase of goods/services from it. Semi closed e-wallets are similar to that of closed ones but here the user can get financial services at merchants location which have a specific contract with the issuer to accept them. Cash with drawl is not permitted in both the cases. The open wallets is a different case where user can withdrawal at ATMs or Banking Correspondents.
Geographically, North America followed by Europe formed some of the major regions contributing to the market growth. I Asia pacific, Japan, China, and India are moving towards cashless countries. There is the high growth opportunity for e-wallet due to increased adoption of the smartphone in this region. In India, after demonetization, online payment transfer has been increased drastically. Government supports the cashless country and digital country and such initiatives will fuel the growth of e-wallet market. Paytm saw a 4.7% jump in its valuation in last three months. Free charge doubled its number of users post demonetization & moving towards cash less economy. All the countries across the globe are supporting online wallet payment which will help to track all type of transaction and lower the black money transactions.
The global E-Wallet Market is expected to grow at CAGR of 15% and estimated to reach market size of approximately USD 2,100 billion by the end of forecast period 2018-2023.
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.
Competitors are also spending a certain amount in innovation to provide a certain degree of innovation in the market and expand the avenues for growth especially in the duration of the forecast period. The intensifying interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. The market trends have also created the need to ensure financial sustainability to invest in growth prospects as and when they arise. Companies are also continually attempting to create financial leverage, to be better positioned to capitalize on market gains. The objective of the firms in the market to grow their shareholder’s value, while enhancing the capability to power their competitive edge has enabled the company’s growth to a great extent. The chances for increasing revenue inflow in the business are expected to multiply through the forecast period.
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).
Detailed Regional Analysis
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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