Shaping the Future: Digital Wallet Market Trends and Forecasts for 2030

Global Digital Wallet Market Overview:

According to MarkNtel Advisors study 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. The need for digital wallets is growing tremendously worldwide owing to various factors, like technological innovation, growing consumer demand for convenience & security, supportive legal frameworks, and the digitization of services.

Key Findings of the Study: Digital Wallet market

Global Digital Wallet Market Opportunity:

Adoption of Digital Payments for Cross-Border Transactions – In recent years, businesses and consumers across countries like India, Saudi Arabia, etc., are increasingly seeking faster, more secure, and cost-effective ways to conduct international transactions. For customers living in foreign nations, there is a requirement for payment gateways, such as Digital Wallets, that facilitate instant fund transfers across borders, streamline currency conversions, and provide enhanced security features, such as blockchain technology for transparent and secure transactions.

Also, companies in the market are actively leveraging this opportunity by expanding their digital wallet offerings to include robust functionalities tailored for international transactions. Key features like real-time transaction tracking, competitive exchange rates, and compliance with international regulatory standards are becoming standard offerings. Hence, these efforts by the companies are anticipated to further amplify the demand for digital payment platforms for cross-border payments globally in the forecast years.

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Scope of the Digital Wallet Market Report Segmentation

-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

-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

-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

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Geographical analysis:

-By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

Geographically, Asia-Pacific holds a prominent market share since the adoption of digital wallets in the region has been on a remarkable upward trajectory due to supportive digitalization policies, and the increasing penetration of smartphones & internet services. Asian countries like China, India, etc., have witnessed the expansion of high-speed internet infrastructure, enabling seamless digital transactions. Moreover, these Asia-Pacific nations have seen significant investments in improving internet connectivity, further creating a conducive environment for digital payment solutions, like digial wallets, and facilitating digital wallets' adoption to make payments online.

Additionally, there is a growing preference for cashless transactions among consumers in Asia-Pacific since they are more convenient, faster, and secure. As per the report by MasterCard, more than 94% of consumers in APAC considered using emerging payment methods in 2021. This substantial shift of consumers towards digital payments over cash, particularly for everyday transactions is uplifting the Asia-Pacific's Digital Wallet Market growth.

Global Digital Wallet Industry Recent Development:

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.

Current Landscape of Digital Wallet Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Digital Wallet market. The research report profiles major players, including

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Google
Apple Inc.
Amazon Web Services, Inc.
PayPal Holdings, Inc.
One MobiKwik Systems Limited
Paytm
Alipay
PhonePe
Gopay
Freecharge Payment Technologies Pvt. Ltd.
Skrill
Samsung
Dwolla, Inc.
Barclays Bank Delaware
Mastercard
Others

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