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E-wallet Market Analytical Overview, Growth Factors, Demand and Trends Forecast Report till 2023Market 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. Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/4633 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 market for E wallets is segmented on the basis of type, modes, and application. On the basis of type, the E-wallet market is further divided into closed e-wallets, semi closed e –wallets and open e-wallets. Closed e-wallets are issued by an entity for facilitating the purchase of goods/services from it. Semi closed e-wallets are similar to that of closed ones but here the user can get financial services at merchants location which have a specific contract with the issuer to accept them. Cash with drawl is not permitted in both the cases. The open wallets is a different case where user can withdrawal at ATMs or Banking Correspondents. 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. 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 Geographically, the North American market followed by Europe are some of the major regions contributing in a major way to the market growth. The Asia pacific region comprising of countries like Japan, China, and India are moving towards cashless economies. Due to this, there are high growth opportunity for e-wallet due to increased adoption of the smartphones in this region. In India, demonetization has affected online payment transfer, leading to an increase in the number of transactions drastically. The government support for cashless and digital economy and other such initiatives will fuel the growth of e-wallet market in the coming years. Moreover, countries across the globe are increasingly supporting online wallet payment which will help to track all types of transaction and lower transactions related to black money. Get Complete Report @ https://www.marketresearchfuture.com/reports/e-wallet-market-4633 Intended Audience Service providers Software Developers IT enablers Cloud providers Banks Storage Providers Software Investors Database solutions About Us: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members. Media Contact: Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune - 411028 Maharashtra, India +1 646 845 9312 Email: [email protected] As a community-building service, TMCnet allows user submitted content which is not always proofed by TMCnet editors. If you feel this entry is of inferior quality or wish to report it for some reason, please forward the URL to "webedit [AT] tmcnet [DOT] com" with your comments. |