Digital Wallets Market 2019 Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast to 2025
New Market Study Report “Digital Wallets Market –Market Demand, Growth, Opportunities, Analysis of Top Key Players and Forecast to 2025” Wiseguyreports.Com adds To Its Research Database.
Pune, India – October 24, 2019 /MarketersMedia/ —
Digital Wallets Market 2019-2025
New Study Report “Digital Wallets Market 2019 Global Market Opportunities, Challenges, Strategies and Forecasts 2025” Added on Wiseguyreports.com.
Introduction/Market Overview:
Global Digital Wallets Market Size, Status and Forecast 2019-2025
A digital wallet sometimes called an “electronic wallet” or “e-wallet,” is an electronic method of initiating payment. A digital wallet refers to an advanced software-based system that can be used for making online transactions. By using a digital wallet, online purchases can be committed easily through tablets, smartphones, or laptops. Digital wallets must be linked to a particular credit/debit card. Users require to link their digital wallet to a bank account as well. Then, using login credentials and software, customers can use their digital wallet to initiate payments. Digital wallets eliminate the requirement of carrying a physical wallet, cash, and cards.
Digital wallets/electronic wallets provide an efficient way to store the client’s payment and account-related information and passwords for several payment websites and methods. Digital wallets operate well with micropayment modules, which are used for small eCommerce financial transactions made in exchange for a product, service, or web-based content creation. Digital wallet software is easy to understand, operate and have an interactive user interface. Digital wallets have exceptional registration procedures. This feature enables users to get securely registered on the application. Users can register themselves using a phone or email ID. The user then requires to confirm the account credentials and once the account gets confirm then the user can proceed to initiate payment.
Users can easily integrate their authorized bank account with their digital wallet account instantly. Using a credit/debit card or net banking, users can link their bank accounts and generate their dedicated UPI pin. Digital wallet software includes advanced security and integrity features. Government organizations, private companies, and individuals waste their valuable time and resources in making and receiving inefficient cash payments. Digital wallets allow users to make digital payments quickly and efficiently while decreasing the overall cost. Accountability and transparency are harder to attain with cash payments, as they are anonymous and hard to trace. Digital wallets, that facilitate digital payments, increase accountability and tracking and reduce the risk of theft and corruption.
Important key Players analysis: MasterCard, Apple, Amazon, Square, Citibank, Citrus Payment, Dwolla, Merchant, Customer Exchange, Visa, Microsoft, Sprint, First Data, Paytm, Samsung, Google and more.
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Market Segmentation
The global digital wallet market can be analyzed on the basis of product types, crucial applications, and regional markets.
Based on the product type, the digital wallet market can be segmented into-
Hardware
Software
Services
Based on the applications, the digital wallet market can be segmented into-
MNOs
Financial Institutions (Banks)
Payment Network
Intermediaries
Merchants
Customers
Digital wallets have emerged as a crucial and most efficient tool for advancing financial inclusion as the product reduces the cost of providing financial services to consumers and increases the convenience and safety of banking. Also, digital wallets enable business organizations to enhance their client’s experience by providing an environment where transactions can be made easily and securely. Digital wallets also enable organizations to develop good relations with their customers and enhance their brand’s loyalty and value.
Regional Analysis
North America, Europe, Asia Pacific, Southeast Asia, and Central and South America are the major regions driving the growth of digital wallets market. North America and Europe are the two prominent markets for digital wallets. Growing consumer awareness regarding the benefits of digital payment, ongoing technological advancements in banking and financial organizations, improved security, efficiency, and performance of digital wallets and availability of a large number of market players are the major factors driving the product demand in North America and Europe. Asia Pacific digital wallet market is expected to witness considerable growth in the coming future. Considering the advantages of digital payment, retailers and online stores operating in India, China, and Japan have started adopting digital wallets. This factor is expected to support the growth of Asia Pacific digital wallet market.
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Industry News
MobiKwik, a newly developed digital wallet, is fighting a broader battle against deep-pocketed rivals such as Paytm, Google Pay, and PhonePe in a highly competitive digital payments industry verticals. As a part of the payment gateway business, MobiKwik processes card-based transactions for several merchants and attains a commission per transaction. The organization also sells micro insurance products, offers mobile wallet service, and offers additional solutions related to mutual fund investments and digital credit.
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