Market Synopsis:
With the emergence of e-commerce and online purchases, the procedure required for the payment system is also changing, forcing it to go digital due to which users migrated from cash payments to plastic card payments and now to contactless payments. These payments occur through digital channels either held on digital wallets or in the cloud, or from new digital payment mechanisms. Since the scenario is still evolving a wide variety of names are used for such transactions such as e-money, digital money, micro-payments and many others.
Many E- wallet services like paytm & free charge work through apps in smart phone. Regardless the traditional payment procedure, an E wallet is based on encryption software which substitutes analog wallet during monetary transactions. Further, E-Wallet allows you to store multiple credit card and bank account numbers in a secure environment and eliminate the need to enter in account information during money transactions. Once user gets registered and creates an E-Wallet profile, access will be provided to make payments faster and with less typing.
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In the latest trend, NFC chip enabled smartphone are expected to drive the market as most of the smartphone manufacturers are equipping the phones with NFC (Near field communication). Placing smart phone within four inches of pay pad or contact less reader will prompt wallet or passbook for payment confirmation.
Further, as per industry developments, In July 2017, Axis Bank acquired free charge e-commerce Company offering digital transactions. On the other end paytm is being backboned by several funding’s in order to boost in e- wallet transactions. Citrus pay is acquired by PayU owned by Naspers for $130M to expand its operations in India. The endless opportunities in this field inviting more players to invest in E-Wallet Market.
The global E-wallet market is expected to grow at CAGR of 15% and estimated to reach market size of approximately USD 2,100 billion by the end of forecast period 2017-2023.
Key Players:
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 market.
Segments:
For the purpose of this study, Market Research Future has segmented the Global E wallet market by type, by mode, by application and by region.
By Type:
Closed e-wallets
Semi closed e-wallets
Open e-wallets
By Mode:
Online Payment
M-wallet ( Mobile wallet )
By Application:
Retail
Transportation
Entertainment
Banking
Others
By Region:
North America
Europe
Asia pacific
Rest of the world (ROW)
Intended Audience
Service providers
Software Developers
IT enablers
Cloud providers
Banks
Storage Providers
Software Investors
Database solutions
Regional Analysis:
Geographically, North America followed by Europe formed some of the major regions contributing to the market growth. I Asia pacific, Japan, China, and India are moving towards cashless countries. There is the high growth opportunity for e-wallet due to increased adoption of the smartphone in this region. In India, after demonetization, online payment transfer has been increased drastically. Government supports the cashless country and digital country and such initiatives will fuel the growth of e-wallet market. Paytm saw a 4.7% jump in its valuation in last three months. Free charge doubled its number of users post demonetization & moving towards cash less economy. All the countries across the globe are supporting online wallet payment which will help to track all type of transaction and lower the black money transactions.
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TABLE OF CONTENTS
LIST OF TABLES
TABLE 1 GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 2 GLOBAL E-WALLET MARKET, BY TYPE
TABLE 3 GLOBAL E-WALLET MARKET, BY MODE
TABLE 4 GLOBAL E-WALLET MARKET, BY REGION
TABLE 5 NORTH AMERICA GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 6 NORTH AMERICA GLOBAL E-WALLET MARKET, BY TYPE
TABLE 7 NORTH AMERICA GLOBAL E-WALLET MARKET, BY MODE
TABLE 8 U.S. GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 9 U.S. GLOBAL E-WALLET MARKET, BY TYPE
TABLE 10 U.S. GLOBAL E-WALLET MARKET, BY MODE
TABLE 11 CANADA GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 12 CANADA GLOBAL E-WALLET MARKET, BY TYPE
TABLE 13 CANADA GLOBAL E-WALLET MARKET, BY MODE
TABLE 14 MEXICO GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 15 MEXICO GLOBAL E-WALLET MARKET, BY TYPE
TABLE 16 MEXICO GLOBAL E-WALLET MARKET, BY MODE
TABLE 17 EUROPE GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 18 EUROPE GLOBAL E-WALLET MARKET, BY TYPE
TABLE 19 EUROPE GLOBAL E-WALLET MARKET, BY MODE
TABLE 20 U.K. GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 21 U.K. GLOBAL E-WALLET MARKET, BY TYPE
TABLE 22 U.K. GLOBAL E-WALLET MARKET, BY MODE
TABLE 23 GERMANY GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 24 GERMANY GLOBAL E-WALLET MARKET, BY TYPE
TABLE 25 GERMANY GLOBAL E-WALLET MARKET, BY MODE
TABLE 26 FRANCE GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 27 FRANCE GLOBAL E-WALLET MARKET, BY TYPE
TABLE 28 FRANCE GLOBAL E-WALLET MARKET, BY MODE
TABLE 29 ITALY GLOBAL E-WALLET MARKET, BY APPLICATION
TABLE 30 ITALY GLOBAL E-WALLET MARKET, BY TYPE
Continued…
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