COVID-19 Impact and Recovery Analysis- E-Wallet Market

The E-Wallet Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.

E-wallets have emerged as a convenient payment method for online or offline purchases. These are prepaid wallets that require loading of money from customers bank account or credit/debit card prior to making a payment. E-wallets are primarily used to store credit card or debit card information, funds, loyalty points, enabling payments and so on. With advancement in technology the difference between e-wallets, mobile wallets and digital wallets is getting marginal with a slight change in access and storage of funds. Majority e-wallet service providers are focusing on expanding capabilities to ensure customer loyalty through flexibility. However, few are focusing on improving transaction security through closed payment ecosystem.

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Expansion of e-commerce industry along with integration of technology has led to the emergence of significant number of e-wallet across different parts of the world. A significant number of retail and e-commerce companies have designed their e-wallet for payment at dedicated stores across the globe. For instance, Walmart Pay is used across the outlets of Wal-Mart Stores, Inc.’s (WMT) for payment and storing loyalty point. Additionally, e-wallets are also used to store other information such as insurance card, library card, and flyer cards, to name a few. This offers the users a flexibility to store all the payment and essential cards details at one place., thereby contributing towards the growth of global e-wallet market.

Flexibility offered by open e-wallets to drive the growth of global e-wallet market

The global e-wallet market is segmented based on type, payment mode, industry vertical, and geography. Based on type, the global e-wallet market is segmented into closed e-wallets, semi closed e-wallets, and open e-wallets. The open e-wallets segment contributed the largest share to the global e-wallet market in 2019 owing to flexibility of payment and access to financial outlets such as ATM. The open e-wallets can be used to make payment for transaction, store reward points and withdraw cash from banks or ATM. This is anticipated to contribute towards the adoption of open e-wallets globally during the forecast period.

Expansion of e-commerce and acceptance of advanced payment terminologies across offline retails stores to drive the growth of e-wallet in retail industry

Based on industry vertical, the global e-wallet market is segmented into retail, entertainment, banking, transportation, and others. The applications of e-wallet in retail transactions contributed a dominating share to the global e-wallet market in 2019 and is expected to be a dominating segment throughout the forecast period. Expansion of online retail industry and adoption of new payment technologies are the key attributes towards the growth of e-wallets across retail industry. The transportation segment is expected to grow significantly during the forecast period owing to rising integration of e-wallets with transportation infrastructures across the globe.

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Based on geography, the global e-wallet market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed a dominating share to the global e-wallet market owing to strong adoption and presence of leading technology developers across the United States and Canada. Europe is expected to witness prominent growth during the forecast period with strong digital payment processing network across the region. Asia Pacific is expected to be the fastest growing segment during the forecast period owing to increased investment in digital currency and rapid adoption of e-wallet solutions across leading countries.