Market Overview —
E-wallet market, in tandem with digitalization, is improving lifestyle. People are now getting access to components that were previously unimaginable. With a wider consumer base, sellers are now getting more opportunities to penetrate the market further and expanding operational facilities. The global e-payment market is touted to increase with a CAGR of 15% during the forecast period (2017-2023), reveals Market Research Future (MRFR) in well-studied research. The report encompasses several factors such as a tendency to adopt cashless payment methods, better cloud facilities, improved payment apps, and ease of payment as possible factors that can drive the E Wallet Market further. In addition, faster payment methods such as contactless and NFC chip-enabled smartphones have made the entire process user-friendly and less time-consuming.
However, the risk of getting the account breached is significantly higher than the traditional payment methods due to which the e-wallet market can get bottlenecked for some time. But major companies involved in such payment methods are actively providing round-the-clock service to arrest such unlawful activity and offer the users trouble-free guidance which can assist the e-wallet market to ensure prospects.
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The E wallet market globally has been segmented on the basis of mode, type, application, and region. Online payment, m-wallet are the segments in the mode segment of the market. The type segment of the e wallet market comprises of semi closed e-wallets, closed e-wallets, open e-wallets. The application based segmentation of the market consists of entertainment, transportation, retail, banking among others. By region, the market comprises of Asia Pacific, North America, Europe, and 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.
Geographically, the North American market trailed by Europe are a few of the key regions backing the market growth in a major way. The Asia pacific region encompassing countries like Japan, China, and India are moving towards cashless economies. Due to this, there are ample growth opportunities for e-wallets owing to the improved adoption of the smartphones in this region. In India, demonetization has affected online payment transfer, leading to an upsurge in the number of transactions drastically. The government backing for the digital and cashless economy along with other such initiatives will fuel the growth of e-wallet market in the coming years. Moreover, nations across the globe are progressively supporting online wallet payment which will help to track all types of transaction and lower transactions linked to black money.
May 2018 AEON Group of Companies has recently presented its virtual electronic wallet, AEON E-Wallet, to the market in support of Bank Negara Malaysia’s Financial Sector Blueprint to alter Malaysia into a cashless nation. The AEON E-Wallet is a tool that covers monetary value and pays in advance to the electronic money. Customers will have to look for the AEON Pay acceptance mark to use the AEON E-Wallet services.
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• Service providers
• Software Developers
• IT enablers
• Cloud providers
• Storage Providers
• Software Investors
• Database solutions
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