Payment Wallet Global Market Report 2024

Description

A payment wallet, also known as a digital wallet or e-wallet, is a software application or online service designed for storing, managing, and securely using digital currency or payment methods. These wallets store information related to credit cards, debit cards, bank accounts, and cryptocurrencies, allowing users to conduct electronic transactions via mobile devices or computers without physical cards.

Digital wallets, or e-wallets, are electronic devices or online services that facilitate electronic transactions. They encompass various components such as mobile wallets, online wallets, and contactless payments, offering features such as payment processing, security, fraud protection, and customer support. These applications find utility across sectors including retail, e-commerce, transportation, and healthcare.

The payment wallets market research report is one of a series of new reports from The Business Research Company that provides payment wallets market statistics, including payment wallets industry global market size, regional shares, competitors with a payment wallets market share, detailed payment wallets market segments, market trends and opportunities, and any further data you may need to thrive in the payment wallets industry. This payment wallets market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The payment wallet market size has grown exponentially in recent years. It will grow from $106.01 billion in 2023 to $129.08 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period was driven by the increasing digitalization of transactions, enabling seamless and secure payments, rapid technological advancements, and the growing consumer demand for efficient money management.

The payment wallet market size is expected to see exponential growth in the next few years. It will grow to $287.35 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. Anticipated growth in the forecast period can be attributed to the expanding penetration of smartphones, the benefits of simplified transaction processes, increasing adoption of mobile and online payment methods, advancements in payment processing technologies with enhanced security measures, and the availability of convenient and secure transaction options. Key trends in the forecast period include rapid technological integration, continued digitalization efforts, innovations in smartphone payment technology, expansion into emerging markets promoting financial inclusion, and increased partnerships and collaborations.

The payment wallet market is poised for growth due to increasing digitalization. Digitalization involves converting information, processes, or objects into digital formats usable by computer systems for storage and manipulation. This shift is driven by efficiency gains, convenience, economic expansion, and meeting modern consumer expectations and connectivity needs. Payment wallets are integral to this digital transformation, revolutionizing financial transactions with digital technologies that streamline payments, enhance security, and offer greater user convenience. For example, in October 2023, Australia's digital activity surged by 8.6% to $10.9 billion, contributing to an overall economic growth of 11.7% in 2021-22, underscoring how digitalization propels the payment wallet market forward.

Leading companies in the payment wallet sector are focused on innovation, developing solutions such as digital wallets for digital identity and global finance. These electronic platforms securely store personal identification and financial information, enhancing security, functionality, and user experience. For instance, Worldcoin Inc., a US-based digital currency firm, launched the World App in May 2023 to expand digital identity and global financial services. This innovative digital wallet uses iris scanning for secure identity verification, offering decentralized identity creation, support for multiple cryptocurrencies, peer-to-peer payments, and cryptocurrency storage.

In April 2023, Fobi AI Inc., a Canada-based software company, acquired Passworks S.A. for approximately $5.47 million, aiming to bolster its global presence, access new markets, advance technology, and strengthen its position in the digital payment wallet segment. Passworks S.A., based in Portugal, specializes in digital mobile wallet solutions, further expanding Fobi AI Inc.'s capabilities in the digital payment wallet market.

Major companies operating in the payment wallet market are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Tencent Holdings Limited, American Express Company, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, WeChat Pay, Block Inc., Mercado Libre Inc., Alipay, MoneyGram International Inc., Paytm, Venmo, Early Warning Services LLC, kakaopay Corp., National Payment Corporation of India, Amazon Payments Inc., Dwolla Inc., Swish Maintenance Limited, Trupay

North America was the largest region in the payment wallet market in 2023. Africa is expected to be the fastest-growing region in the market going forward. The regions covered in the payment wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the payment wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The payment wallet market includes revenues earned by entities through peer-to-peer transfers, bill payments, digital wallet recharge, and cashback. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Payment Wallet Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on payment wallet market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for payment wallet ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The payment wallet market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Product: Digital Wallets; Physical Wallets
2) By Components: Mobile Wallets; Online Wallets; Contactless Payments
3) By Offering: Payment Processing; Security And Fraud Protection; Customer Service
4) By Application: Retail; E-Commerce; Transportation; Healthcare
Companies Mentioned: Apple Inc.; Google LLC; Samsung Electronics Co. Ltd.; Alibaba Group Holding Limited; Huawei Technologies Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r19446

1. Executive Summary

2. Payment Wallet Market Characteristics

3. Payment Wallet Market Trends And Strategies

4. Payment Wallet Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Payment Wallet Market Size and Growth

5.1. Global Payment Wallet Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Payment Wallet Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Payment Wallet Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Payment Wallet Market Segmentation

6.1. Global Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Digital Wallets
Physical Wallets
6.2. Global Payment Wallet Market, Segmentation By Components, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Mobile Wallets
Online Wallets
Contactless Payments
6.3. Global Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Payment Processing
Security And Fraud Protection
Customer Service
6.4. Global Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Retail
E-Commerce
Transportation
Healthcare

7. Payment Wallet Market Regional And Country Analysis

7.1. Global Payment Wallet Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Payment Wallet Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Payment Wallet Market

8.1. Asia-Pacific Payment Wallet Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Payment Wallet Market

9.1. China Payment Wallet Market Overview
9.2. China Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Payment Wallet Market

10.1. India Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Payment Wallet Market

11.1. Japan Payment Wallet Market Overview
11.2. Japan Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Payment Wallet Market

12.1. Australia Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Payment Wallet Market

13.1. Indonesia Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Payment Wallet Market

14.1. South Korea Payment Wallet Market Overview
14.2. South Korea Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Payment Wallet Market

15.1. Western Europe Payment Wallet Market Overview
15.2. Western Europe Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Payment Wallet Market

16.1. UK Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Payment Wallet Market

17.1. Germany Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Payment Wallet Market

18.1. France Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Payment Wallet Market

19.1. Italy Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Payment Wallet Market

20.1. Spain Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Payment Wallet Market

21.1. Eastern Europe Payment Wallet Market Overview
21.2. Eastern Europe Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Payment Wallet Market

22.1. Russia Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Payment Wallet Market

23.1. North America Payment Wallet Market Overview
23.2. North America Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Payment Wallet Market

24.1. USA Payment Wallet Market Overview
24.2. USA Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Payment Wallet Market

25.1. Canada Payment Wallet Market Overview
25.2. Canada Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Payment Wallet Market

26.1. South America Payment Wallet Market Overview
26.2. South America Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Payment Wallet Market

27.1. Brazil Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Payment Wallet Market

28.1. Middle East Payment Wallet Market Overview
28.2. Middle East Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Payment Wallet Market

29.1. Africa Payment Wallet Market Overview
29.2. Africa Payment Wallet Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Payment Wallet Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Payment Wallet Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Payment Wallet Market Competitive Landscape And Company Profiles

30.1. Payment Wallet Market Competitive Landscape
30.2. Payment Wallet Market Company Profiles
- 30.2.1. Apple Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Google LLC
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Samsung Electronics Co. Ltd.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Alibaba Group Holding Limited
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Huawei Technologies Co. Ltd.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Payment Wallet Market Other Major And Innovative Companies

31.1. Tencent Holdings Limited
31.2. American Express Company
31.3. Visa Inc.
31.4. PayPal Holdings Inc.
31.5. Mastercard Incorporated
31.6. WeChat Pay
31.7. Block Inc.
31.8. Mercado Libre Inc.
31.9. Alipay
31.10. MoneyGram International Inc.
31.11. Paytm
31.12. Venmo
31.13. Early Warning Services LLC
31.14. kakaopay Corp.
31.15. National Payment Corporation of India

32. Global Payment Wallet Market Competitive Benchmarking

33. Global Payment Wallet Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Payment Wallet Market

35. Payment Wallet Market Future Outlook and Potential Analysis

35.1 Payment Wallet Market In 2028 - Countries Offering Most New Opportunities
35.2 Payment Wallet Market In 2028 - Segments Offering Most New Opportunities
35.3 Payment Wallet Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer