Market Snapshot:
Digital Wallets are referred as electronic based payment or internet that stores both financial value as well as personal identity related information in a computer or mobile. Digital Wallets market has high growth prospects due to demand of security by encrypting personal information for the real transactions. The major companies are adding more proven store-based retailing in Asia-Pacific countries as these countries are focused on fastest-growing verticals for the digital payment application.
Highlights from Digital Wallets Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
The key Players profiled in the report are Alibaba Group Holdings Ltd. (China), Apple Inc. (United States), Citrus Payment Solutions (India), Google, Inc. (United States), Oxigen Services India Pvt. Ltd. (India), Paypal Holdings Ltd. (United States), Samsung Electronics Inc. (South Korea) and Visa (United States).
Geographic Breakdown and Segment Analysis
The Global Digital Wallets market presents a comprehensive analysis of the Digital Wallets market by product type (Open, Closed and Semi-Closed), by end-user/application (Retail, Healthcare, IT, Education and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Digital Wallets industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest. For instance, while the North America holds majority of market share of the Digital Wallets market, the Europe has emerged as a crucial market for several Digital Wallets brands.
Analyst at AMA have segmented the market study of Global Digital Wallets market by Type, Application and Region.
Influencing Trend:
Collaboration and Tie Up Of Leading Players
Market Growth Drivers:
Consumer Preference towards Digitalization and Urbanization. and Rising Demand of Electronic Transactions and Purchasing Items by Computers.
Challenges:
Stiff Competition between Major Players
Restraints:
Lack of Awareness among Customers and Adverse Impact due to Cyber Crimes.
Opportunities:
Growing Government Focus on Promoting Cashless Economy. and Increasing Demand at Developing Countries.
Market Developments Activities:
In October 2023, Samsung launches its own virtual credit card in the US, allowing users to manage finances and make contactless payments directly through Samsung Pay. This marks an entry into the credit card space for Samsung and potentially intensifies competition in the digital wallet market.
The companies are exploring the market by adopting mergers & acquisitions, partnership, investments as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. The market also observed strong collaborations between automakers and original equipment manufacturer, with a strong innovation.
Key Target Audience
Digital Wallets Manufacturers, Digital Wallets Traders, End-Use Market Participants of Different Segments of Digital Wallets, Government and Research Organizations, R&D Institutions and Others