Market Overview:
The global digital wallets market is expected to grow at a CAGR of over 20% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing adoption of digital wallets by consumers and businesses across the globe. Additionally, the growing demand for mobile payments and rising number of partnerships between wallet providers and financial institutions are also contributing to the growth of this market. On the basis of type, hardware wallets held a major share of the global digital wallets market in 2017. This can be attributed to their high security features as compared to software and services-based wallets. However, software-based wallets are expected to witness higher growth during the forecast period owing to their ease-of-use and low cost as compared with hardware wallets.
Product Definition:
A digital wallet refers to an electronic device that allows an individual to make electronic transactions. This can include purchasing items online, paying bills, or transferring money between accounts. Digital wallets can be used on a variety of devices, including smartphones and computers. The importance of digital wallets lies in their ability to provide a fast and convenient way for individuals to conduct transactions without having to use cash or credit cards.
Hardware:
Hardware is the physical devices and tools used by a person to perform a task. In digital wallets, Hardware consists of Wallets, Protective cases and Cardreaders.
As compared to software, hardware plays an important role in securing financial transactions as it provides an additional layer of security for cashless payments.
Software:
Software is the part of digital wallets that helps in managing transactions between two parties. It also helps to track all the activities carried out using a wallet. The software is used for generating and printing paper wallets, loading accounts, and sending & receiving money.
The major function of software in digital wallets is to provide an interface between a user and his/her wallet application which allows the user to carry out various functions including send & receive money, check transaction history etc.
Application Insights:
The market is segmented by application into mobile network operators, financial institutions (banks), payment intermediaries, intermediaries, merchants and customers. The payment network segment held the largest share in 2017. Digital wallets allow users to carry out transactions via phones or computers without the need for printing receipts or physically carrying cash. This has led to an increase in adoption among consumers as well as businesses globally.
The mobile network operators (MNOs) are expected to emerge as one of the prominent end-users of digital wallets due to their initiatives such as M-PESA that enable access from both sides - customers and providers - thereby driving growth across all other applications segments over the forecast period.
Regional Analysis:
The market in Asia Pacific is expected to grow at a significant rate over the forecast period. The growth can be attributed to increasing smartphone penetration and rapid digitalization in countries such as India, China, and Japan. Moreover, favorable government initiatives promoting financial inclusion are anticipated to drive the regional market growth over the forecast period. For instance, according to World Bank Group (WBG), about 2 billion people worldwide do not have access to basic banking services which include MFI payment instruments such as mobile wallets or bank accounts due to various factors including geography and socio-economic status of individuals.
North America held a substantial share in 2016 owing high adoption of mobile payments across this region driven by consumers’ demand for flexibility and ease of use while making payments through their smartphones.
Growth Factors:
- Increasing demand for digital payments and online transactions
- Proliferation of smartphones and other mobile devices
- Rising number of e-commerce users and merchants
- Growing popularity of cloud-based wallets and services
- Government initiatives to promote cashless transactions
Scope Of The Report
Report Attributes
Report Details
Report Title
Digital Wallets Market Research Report
By Type
Hardware, Software, Services
By Application
MNOs, Financial Institutions (Banks), Payment Network, Intermediaries, Merchants, Customers
By Companies
MasterCard, Apple, Amazon, Square, Citibank, Citrus Payment, Dwolla, Merchant Customer Exchange, Visa, Microsoft, Sprint, First Data, Paytm, Samsung, Google
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
228
Number of Tables & Figures
160
Customization Available
Yes, the report can be customized as per your need.
Global Digital Wallets Market Report Segments:
The global Digital Wallets market is segmented on the basis of:
Types
Hardware, Software, Services
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
MNOs, Financial Institutions (Banks), Payment Network, Intermediaries, Merchants, Customers
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- MasterCard
- Apple
- Amazon
- Square
- Citibank
- Citrus Payment
- Dwolla
- Merchant Customer Exchange
- Visa
- Microsoft
- Sprint
- First Data
- Paytm
- Samsung
- Google
Highlights of The Digital Wallets Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hardware
- Software
- Services
- By Application:
- MNOs
- Financial Institutions (Banks)
- Payment Network
- Intermediaries
- Merchants
- Customers
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Digital Wallets Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A digital wallet is a software application or website that allows users to store and use virtual currency, such as Bitcoin. Digital wallets allow users to send and receive payments without having to carry physical cash around.
Some of the major companies in the digital wallets market are MasterCard, Apple, Amazon, Square, Citibank, Citrus Payment, Dwolla, Merchant Customer Exchange, Visa, Microsoft, Sprint, First Data, Paytm, Samsung, Google.
The digital wallets market is expected to register a CAGR of 20%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Digital Wallets Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Digital Wallets Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Digital Wallets Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Digital Wallets Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Digital Wallets Market Size & Forecast, 2018-2028
4.5.1 Digital Wallets Market Size and Y-o-Y Growth
4.5.2 Digital Wallets Market Absolute $ Opportunity
Chapter 5 Global Digital Wallets Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Digital Wallets Market Size Forecast by Type
5.2.1 Hardware
5.2.2 Software
5.2.3 Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Digital Wallets Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Digital Wallets Market Size Forecast by Applications
6.2.1 MNOs
6.2.2 Financial Institutions (Banks)
6.2.3 Payment Network
6.2.4 Intermediaries
6.2.5 Merchants
6.2.6 Customers
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Digital Wallets Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Digital Wallets Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Digital Wallets Analysis and Forecast
9.1 Introduction
9.2 North America Digital Wallets Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Digital Wallets Market Size Forecast by Type
9.6.1 Hardware
9.6.2 Software
9.6.3 Services
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Digital Wallets Market Size Forecast by Applications
9.10.1 MNOs
9.10.2 Financial Institutions (Banks)
9.10.3 Payment Network
9.10.4 Intermediaries
9.10.5 Merchants
9.10.6 Customers
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Digital Wallets Analysis and Forecast
10.1 Introduction
10.2 Europe Digital Wallets Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Digital Wallets Market Size Forecast by Type
10.6.1 Hardware
10.6.2 Software
10.6.3 Services
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Digital Wallets Market Size Forecast by Applications
10.10.1 MNOs
10.10.2 Financial Institutions (Banks)
10.10.3 Payment Network
10.10.4 Intermediaries
10.10.5 Merchants
10.10.6 Customers
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Digital Wallets Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Digital Wallets Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Digital Wallets Market Size Forecast by Type
11.6.1 Hardware
11.6.2 Software
11.6.3 Services
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Digital Wallets Market Size Forecast by Applications
11.10.1 MNOs
11.10.2 Financial Institutions (Banks)
11.10.3 Payment Network
11.10.4 Intermediaries
11.10.5 Merchants
11.10.6 Customers
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Digital Wallets Analysis and Forecast
12.1 Introduction
12.2 Latin America Digital Wallets Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Digital Wallets Market Size Forecast by Type
12.6.1 Hardware
12.6.2 Software
12.6.3 Services
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Digital Wallets Market Size Forecast by Applications
12.10.1 MNOs
12.10.2 Financial Institutions (Banks)
12.10.3 Payment Network
12.10.4 Intermediaries
12.10.5 Merchants
12.10.6 Customers
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Digital Wallets Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Digital Wallets Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Digital Wallets Market Size Forecast by Type
13.6.1 Hardware
13.6.2 Software
13.6.3 Services
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Digital Wallets Market Size Forecast by Applications
13.10.1 MNOs
13.10.2 Financial Institutions (Banks)
13.10.3 Payment Network
13.10.4 Intermediaries
13.10.5 Merchants
13.10.6 Customers
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Digital Wallets Market: Competitive Dashboard
14.2 Global Digital Wallets Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 MasterCard
14.3.2 Apple
14.3.3 Amazon
14.3.4 Square
14.3.5 Citibank
14.3.6 Citrus Payment
14.3.7 Dwolla
14.3.8 Merchant Customer Exchange
14.3.9 Visa
14.3.10 Microsoft
14.3.11 Sprint
14.3.12 First Data
14.3.13 Paytm
14.3.14 Samsung
14.3.15 Google
