The payment wallet market has seen exponential growth, increasing from $106.01 billion in 2023 to $129.08 billion in 2024, at a CAGR of 21.8%. This growth is attributed to rising digitalization, the convenience of seamless transactions, secure and quick payment options, rapid technological advancements, and the need for consumers to manage their money efficiently. The market is expected to continue its exponential growth, reaching $287.35 billion by 2028, with a CAGR of 22.1%. This forecasted growth will be driven by increasing smartphone penetration, the advantages of easy transactions, growing adoption of mobile and online payment methods, advancements in payment processing technologies, enhanced security measures, and convenient payment options. Key trends for the forecast period include rapid technological integration, increased digitalization techniques, innovations in smartphone payment technology, the rise of financial inclusion in emerging markets, and the emergence of new partnerships and collaborations in the payment industry.
Major Driver In The Payment Wallet Market
The manual car charger market is expected to grow with the rising demand for electric vehicles (EVs). As EVs gain popularity due to environmental concerns, battery advancements, and government incentives, the need for manual chargers—essential for home and public charging—rises. The International Energy Agency reported a 35% annual increase in EV sales, with 3.5 million units sold in 2023. The manual car charger market, valued at $1 billion in 2023, is projected to reach $1.3 billion in 2024 and $2 billion by 2028, driven by the surge in EV adoption.
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Payment Wallet Market Competitive Landscape
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
Key Payment Wallet Market Trend
The payment wallet market is evolving with the introduction of digital wallets for digital identity and global finance to enhance security and user experience. Digital wallets offer secure storage of personal identification and financial details. In May 2023, Worldcoin Inc., a US-based digital currency company, launched the World App, a digital wallet designed to support decentralized identity and global financial services. It features iris scanning for secure identity verification, supports multiple cryptocurrencies, and facilitates peer-to-peer payments, offering a comprehensive solution for modern financial needs.
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Payment Wallet Market Segmentation
The payment wallet market covered in this report is segmented –
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
By Geography:The regions covered in the payment wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Payment Wallet Global Market Report 2024 furnishes information about the global payment wallet market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
