E-wallet market, in tandem with digitalization, is improving lifestyle. People are now getting access to components that were previously unimaginable. With a wider consumer base, sellers are now getting more opportunities to penetrate the market further and expanding operational facilities. The global E wallet Market is touted to increase with a CAGR of 15% during the forecast period (2017-2023), reveals Market Research Future (MRFR) in well-studied research. The report encompasses several factors such as a tendency to adopt cashless payment methods, better cloud facilities, improved payment apps, and ease of payment as possible factors that can drive the e-wallet market further. In addition, faster payment methods such as contactless and NFC chip-enabled smartphones have made the entire process user-friendly and less time-consuming.
However, the risk of getting the account breached is significantly higher than the traditional payment methods due to which the e-wallet market can get bottlenecked for some time. But major companies involved in such payment methods are actively providing round-the-clock service to arrest such unlawful activity and offer the users trouble-free guidance which can assist the e-wallet market to ensure prospects.
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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 Industry.
The e-wallet market can be segmented by type, mode, and application.
- Based on type, the e-wallet market can be segmented into closed e-wallets, semi-closed e-wallets, and open e-wallets. Closed e-wallets are issued for the purchasing of goods/services from it. Semi-closed e-wallets are providing additional financial services at merchant’s location with specific conditions. Cash withdrawal is not permitted in both cases. Open wallets can be used to withdraw cash from ATMs or banking correspondents.
- By mode, the e-wallet market includes online payment, and mobile wallet (M-wallet).
- By application, the e-wallet market can be segmented into retail, transportation, entertainment, banking, and others.
Region-specific analysis of the e-wallet market includes namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is leading the market by fetching in the maximum share of the global revenue. The region has the superior infrastructure, and cloud segment is developing rapidly which is giving the market a better opportunity to explore e-payment options. Furthermore, the e-commerce section is gaining traction at a breakneck speed as most of the e-commerce behemoths are based out of this region. This is substantially backing up the growth of the e-wallet system.
Europe is also enjoying significant profits owing to a similar market scenario like that of North America. People in the region are also tech-savvy, which is further propelling the market. Meanwhile, the APAC region is picking up a stellar speed as emerging economies are fast adopting this technology. Digitalization process has penetrated the regional market well which has created opportunities for both regional and global e-commerce giants. Furthermore, a huge population base with increasing per capita income can be considered a boon for the regional e-wallet market growth.
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TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Smart Contracts
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
- Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.2 Supply Chain Analysis
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