Digital Wallet Market
Overview and Scope
A digital wallet is a software-based application or platform that allows individuals to store, manage, and securely transact with various digital currencies and payment methods. It provides a digital representation of a traditional physical wallet by storing and organizing payment information. Digital wallets offer several benefits, such as ease of use, speed, convenience, and enhanced payment security.
Sizing and Forecast
The digital wallet market size has grown rapidly in recent years. It will grow from $39.77 billion in 2023 to $47.71 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to rise in e-commerce transactions, shift towards cashless payments, mobile penetration and smartphone adoption, security and fraud prevention, convenience in peer-to-peer transactions.
The digital wallet market size is expected to see rapid growth in the next few years. It will grow to $97.54 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to contactless payments and nfc technology, global expansion of mobile banking, integration with reward programs, emergence of central bank digital currencies (cbdcs), cross-border transactions and remittances. Major trends in the forecast period include wearable technology integration, focus on financial inclusion, integration of artificial intelligence (ai), cross-border transactions facilitation, collaborations with merchants and platforms.
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Segmentation & Regional Insights
The digital wallet market covered in this report is segmented –
1) By Type: Proximity, Remote
2) By Deployment Type: On-Premise, Cloud
3) By Industry Verticals: Education, Gaming, Information Technology And Telecommunications, Aerospace And Defense, Legal, Media And Entertainment, Automotive, Banking Financial Services and Insurance, Consumer Goods, Other Industry Verticals
North America was the largest region in the digital wallet market in 2023. The regions covered in the digital wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising number of online transactions is expected to propel the growth of digital wallet markets going forward. Online transactions are commercial transactions carried out over the Internet. It is a payment strategy that tries to complete electronic money transfers or fund settlements. A digital wallet is the most popular online payment tool in the form of an app where people don’t need to enter their card information or carry a physical card for online traction because the wallet securely saves virtual debit and credit card equivalents. Additionally, people can store electronic tickets and coupons there so that they always have the paperwork required. For instance, in July 2023, according to the Office for National Statistics, a UK-based non-ministerial department that reports directly to the UK Parliament, internet sales as a percentage of total retail sales increased from 26.7% in 2022 to 29.6% in 2022. Furthermore, in February 2023, according to the Indian Ministry of Electronics & IT, total number of digital transactions in India increased from 8,840 crore (88,400 million) in FY 2021-22 to 9,192 crore (91,920 million) in FY 2022-2023. Therefore, the rising number of online transactions drives the demand for the digital wallet market.
Key Industry Players
Major companies operating in the digital wallet market report are BharatPe, Paysafe Limited, Paytm, Venmo, Payoneer, Amazon Pay, TransferWise, PhonePe, GoPay, Google LLC, PhonePe Private Limited, FreeCharge, Skrill, Mobikwik, Starbucks App, PayPal Holdings Inc., Square Cash, Fiserv Inc., Dwolla, Paysera, Visa Inc., Payza, Samsung Pay, Alipay.com Co Ltd., Apple Pay, Stripe, Revolut, M-Pesa.
The digital wallet market report table of contents includes:
1. Executive Summary
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