E Wallet Market to Undergo a Phenomenal Period of Transformation in the Forecast Period

Pune, India, February 05, 2018 /MRFR Press Release/- Market research future published a Half cooked research report on Global E wallet Market.

E - Wallet Market – Overview

Development of ecommerce concepts has spread in the market rapidly. Market Research Future, a firm which specializes in market reports related to the Information and Communications Technology sector among others, recently published a report on this market. The E-wallet market on an international level is expected to grow at a CAGR of 22.10% and is estimated to reach market size USD 590.2 billion approximately by the 2032.

Advancement of technology has led to a rapid pace of development of the market. Smartphones are one of the major factors that have led to widespread penetration of e wallets in the masses. The convenience of having money on demand has triggered the migration of individuals to cashless transactions. Improvement in internet infrastructure and mobile network connectivity has promoted growth of the market.

Industry Segments

The Global E wallet market has been segmented on the basis of type, mode, application and region.

By Type: Closed e-wallets, semi closed e-wallets, open e-wallets

By Mode: Online payment, M-wallet

By Application: Retail, transportation, entertainment, banking and others

By Region: North America, Europe, Asia pacific and Rest of the world (ROW)

Regional Analysis

Geographically, the North American market followed by Europe are some of the major regions contributing in a major way to the market growth. The Asia pacific region comprising of countries like Japan, China, and India are moving towards cashless economies. Due to this, there are high growth opportunity for e-wallet due to increased adoption of the smartphones in this region. In India, demonetization has affected online payment transfer, leading to an increase in the number of transactions drastically. The government support for cashless and digital economy and other such initiatives will fuel the growth of e-wallet market in the coming years. Moreover, countries across the globe are increasingly supporting online wallet payment which will help to track all types of transaction and lower transactions related to black money.

Global Competitive Analysis:

The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. Companies aiming to capture a substantial share of the market segment as early as possible, experimentation with numerous advantage points being seriously considered and implemented. The top opportunities for this sector’s long term development can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. The industry players in the segment are effectively utilizing their primary resources to initiate long lasting growth changes. A trend of volume-driven growth has been observed in the market of late with the development of different varieties of product types.

 Industry Updates:

Jan 2018 Touch ‘n Go has obtained the approval from Bank Negara Malaysia to operate and offer mobile e-wallet services in Malaysia. The services will be offered via TNG Digital and is a joint venture company with the Ant Financial Group. CIMB Group Holdings, which owns 52% in TNG stated that the new mobile e-wallet will facilitate payments in a cashless and cardless environment by leveraging on Ant Financial’s Alipay technology platform.

Jan 2018 Paytm Payments Bank is trying to entice corporate entities with digital gifts such as food and gift wallets for their employees. The bank has set an objective of reaching a customer base of 500 million over the next 2-3 years. The bank asserts to have 170 million customers, including those using the Paytm e-wallet.

Oct 2017 Tata Group owned e-commerce marketplace Tata CliQ will launch an e-wallet exclusively for use in the marketplace in the next 4-5 months and eventually foray into selling services such as financial services. 

Jan 2018 U Mobile has announced that it is launching e wallet service that is pending approval from Bank Negara Malaysia. While they have renewed the service agreement with Ericsson, which the latter will focus on delivering technology and innovation to upgrade the telco’s service.