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, cites MarkNtel Advisors in the recent research report. The market is expanding due to a combination of factors, including technological advancements, consumer demand for convenience & security, supportive regulatory frameworks, and the digitization of services.
In recent years, several countries have experienced a surge in internet penetration & mobile phone accessibility. As per the statistics by ‘What’s the Big Data Organization’, as of January 2024, the number of mobile phones across the globe was 6.84 billion and is predicted to reach 7.1 billion by the end of 2024. The high penetration of mobile phones across the globe is creating a conducive environment for digital wallets since payment applications can be downloaded and accessed using the phones. Along with cell phones, the higher internet accessibility is also fostering the adoption of digital wallets since the internet connection enables online payment.
Further, the official ministries of countries, such as India, the UAE, etc., are encouraging digitalization to enhance transparency and streamline the payment process. The authorities are increasingly allocating funds & laying initiatives to support the adoption of digital services within industries, such as energy & utilities, media & entertainment, etc. The active measures by the government have compelled the top companies to offer online payment modes that help consumers make payments online rather than by cash. This provides customers more convenience and flexibility, owing to which the tech-savvy population & office-going individuals highly prefer to choose digital payment gateways.
Also, these platforms offer cross-border transactions. Therefore, individuals residing in foreign countries tend to choose these platforms to transfer money securely, enlarging the market size, further states the research report, “Global Digital Wallet Market Analysis, 2024.”
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Global Digital Wallet Market Segmentation Analysis
Near Field Communication (NFC) to Witness Growth During Forthcoming Years
Based on the technology segment, the market is further bifurcated into, Near Field Communication (NFC), QR Code, Text Based/ Short Message Service, and Digital Only. Of them all, NFC holds a prominent market share since it enables rapid and hassle-free transactions by allowing users to simply tap their devices close to a point-of-sale terminal. This seamless functionality is highly prioritized by consumers seeking efficient payment options, eliminating the need for physical cards or cash.
Also, the combination of convenience, security, broad device compatibility, and alignment with the growing preference for contactless payments positions NFC as a pivotal technology driving the global adoption and expansion of digital wallets. Further, as industries and consumers increasingly recognize these advantages, NFC is poised to play an even more significant role in shaping the future of digital payments & advancing the overall digital wallet market.
Asia-Pacific Experiencing Substantial Growth in the Market
Geographically, demand for digital wallets in Asia-Pacific countries has surged owing to supportive government policies and widespread smartphone and internet access. Countries like China, India, and Southeast Asian nations have seen a rapid increase in smartphone usage & internet connectivity, facilitating smooth digital transactions.
Moreover, the allocation of funds to improve the internet infrastructure and incorporation of merging technologies, like Artificial Intelligence (AI), Blockchain, etc., within the payment solutions has further made digital wallets more user-friendly and simple. Along with this, the initiatives & programs laid by the government to promote the digital economy, including improved online banking infrastructure and financial inclusion efforts are expected to sustain market growth in the coming years.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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 are looking forward to strengthening their market position.
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Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Global Digital Wallet Market?
- What key factors would propel and impede the industry across the regions?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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