Pune, India -- (SBWIRE) -- 02/02/2018 -- Market Highlights:
An E- wallet is a service where user can send or receive money via digital transaction. E-wallet allows users to save multiple credit cards and bank account numbers in a secure environment which eliminates the need of filling account information while making payments. The advancement in technology and emerging of smart phones are playing a vital role in making the e-wallets popular. Introduction of payment technologies by Google, Apple, Samsung, PayPal and many more along with consolidation of banking, service providers have encouraged the market growth within a short span of time.
Market Research Future observes the industry's supporting equipment and technology like RFID, smartphones and 4G technology are growing in a speedy way which helps in supporting e-wallets usage. The on- demand economy is taking its shape among major retailers and will continue to grow as small business merchants have identified the potential in it. Proliferation of e-commerce has also helped in fetching people towards e-wallets by offering special discounts.
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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.
- Closed e-wallets
- Semi closed e-wallets
- Open e-wallets
- Online Payment
- M-wallet ( Mobile wallet )
- North America
- Asia pacific
- Rest of the world (ROW)
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.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific and Rest of the world. The market for e-wallet in North America is being led by PayPal, Android pay and Google pay. The Europe is having 49 plus live digital wallets, out of which 26 are operated by banks. Bank Consortia accounts fourteen digital wallets. The Non-Bank players like Netellar and Skrill are leading the market followed by PayPal, SEQR, Amazon Pay and many more. While coming to Asia Pacific region China and India shows a rapid growth in the usage of e-wallets in recent years. Internet penetration along with rise in cashless transactions helped this sector to boost its operations. The government and business leaders are innovating continuously and looking for market expansion by various acquisitions and mergers. Banking organizations like Axis Bank acquired free charge on a cash deal of Rs.385 crores to expand its services into e-wallet services. Naspers PayU acquired citrus pay which is a start up to expand its operations in India. Like this many more startups were being encouraged, backboned or getting merged with market players to drive the economy to go cashless. Government bodies feel that going cashless will not only reduce the physical cash flow, but also a solution provider for black markets.
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- Service providers
- Software Developers
- IT enablers
- Cloud providers
- Storage Providers
- Software Investors
- Database solutions
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