Steve Smith
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.
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Key Findings of the Study: Digital Wallet Market
Global Digital Wallet Market Driver: Favorable Policies & Digitalization Initiatives for Encouraging Cashless Transactions
Globally, both public & private sectors are concentrating more on implementing cutting-edge technology, like big data analytics, AI, and the IoT, in the finance industry to support digital transformation. Furthermore, in order to push cashless transactions & improve accountability & transparency, the government has launched projects and programs that creates an audit trail that lowers the possibility of money laundering & tax evasion. For instance, in the year 2023, the government of the UAE introduced a fintech action plan, including projects like an instant payments platform and a Central Bank Digital Currency (CBDC) to promote digital transformation in financial services.
Furthermore, administrations of several countries like India, Saudi Arabia, etc., are introducing digital currencies to drive economic growth, thereby, accelerating the adoption of digital wallets and supporting market growth. Additionally, authorities are allocating funds in the fintech sector to encourage the development of advanced digital wallet solutions. These investments and government initiatives would continue to improve consumer demand for digital wallets, making them the preferred choice for financial transactions in the future.
Scope of the Report and Digital Wallet Market Segmentation
By Type
-Proximity
-Remote
By Technology
-Near Field Communication
-QR Code
-Text-based/Short Message Service
-Digital Only
- Near Field Communication (NFC) holds a dominant market share. NFC facilitates fast and convenient transactions by allowing users to tap their devices near a POS terminal.
By Wallet Type
-Open
-Closed
-Semi-closed
By Industry Vertical
-Banking, Financial Services, and Insurance (BFSI)
-Hospitality
-Media & Entertainment
-Retail & E-commerce
-Energy & Utilities
-Telecommunication
-Others (Healthcare, Gaming, etc.)
By End User
-Personal
-Business/Corporate
By Ownership
-Banks
-Telecom Operators
-Device Manufacturers
-Tech Companies
Top leading companies in the Digital Wallet Market includes:
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, and Others
Digital Wallet Market Development
- 2024: One MobiKwik Systems Ltd., introduced Pocket UPI to facilitate UPI payments without linking bank accounts and enabling users to make UPI payments directly from MobiKwik Wallet.
- 2023: Paytm, launched the features such as the Paytm UPI Lite and RuPay credit card on UPI.
For more detailed information about the Digital Wallet market report, click here – https://www.marknteladvisors.com/research-library/digital-wallet-market.html
Geographical analysis:
North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, Japan, India, South Korea, Australia, Rest of Asia-Pacific
South America: Brazil, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
- Asia-Pacific holds a prominent market share since the adoption of digital wallets in the region has been on a remarkable upward trajectory due to supportive digitalization policies, and the increasing penetration of smartphones & internet services.
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