Payment Wallet Market Report 2024

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.

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 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 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.


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