Global Digital Wallet Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Device (PC/Laptops, Smartphones), By Application (Money Transfer, Recharge, Movie Booking, Food Ordering, Others), And By Geography - Forecasts From 2022 To 2027

Published:  Sep 2022 Report Code: KSI061613471 Pages: 120

The global digital wallet market was estimated at US$196.812 billion in 2020.

The global digital wallet market is anticipated to surge at a robust rate during the next five years, primarily on account of the rising penetration of smartphones coupled with growing internet penetration. Also, the rising acceptance of digital payments by retailers is projected to drive market growth during the next five years. The booming e-commerce industry, along with the rising acceptance of numerous digital payments through wallets by various e-commerce companies, is also projected to boost the market growth in the coming years. Digital wallets are financial accounts that let the user make payments, store funds, track payments, pay bills, and many other things through a digital wallet via smartphones or pc/laptops.

The shifting trend toward the digital economy in many countries, such as India, Singapore, Norway, and Sweden, among others, is leading to the wide adoption of digital wallets. In addition, the growing investments by key players in the market to develop the required infrastructure to cater to the growing consumer needs also show the potential for the market to surge throughout the forecast period beyond. However, security concerns regarding the safety of payments are anticipated to inhibit market growth during the next five years.

Growing internet penetration is driving the market growth

The growing integration among the key economies has led to the increasing adoption of technology which has surged the need for internet accessibility. The major factor that has led to the deep penetration of the internet among the general population is the rapid increase in the number of smartphone users, on account of growing smartphone shipments over the past decade, thus improving internet penetration rapidly, more specifically in developing economies. According to the World Bank, the percentage of the population using the internet increased from 20.412% in 2007 to 49.723% in 2017.

 Simultaneously, the number of households with broadband access has increased significantly in both developed and developing economies. For instance, in China, subscriptions to fixed broadband increased from 82,879,000 in 2008 to 407,382,000 in 2018. Similarly, in India, it reached 18,170,000 by 2018 from just 5,280,000 in 2008. All these factors are instigating the growth of the e-commerce sector, online purchase of food, online bill payments, online recharges, and digital payments at retail outlets, which positively impact the demand for digital wallets and add up to the market growth during the coming years.  The growing internet penetration will increase the trend of online payments and, as such, will continue to drive the demand for digital wallets in the next five years.

The government’s support for the digitalization of the economy is anticipated to propel the market growth

The growth of the digital wallet market in the coming years also depends on government support for the adoption of the digitization trend is likely to push the demand for digital wallets and thereby augment the market growth. For instance, the Digital India campaign was launched by the Government of India to expand the accessibility of government services to all the citizens of the country electronically. The enhancement of internet connectivity through improved infrastructure coupled with the development of new digital wallet platforms also shows the potential for market growth throughout the forecast period and beyond. Moreover, the various policies framed by the government of various countries is also projected to bolster market growth shortly.

Smartphones to rule the market

Based on the device, the global digital wallet market has been classified into laptops/pc and smartphones. Smartphones are projected to hold a substantial share throughout the forecast period because of the high penetration of smartphones, especially in the developing economies of the world, such as India, China, and Indonesia. Furthermore, the development of numerous platforms for smartphones also supports the market growth for this segment in the coming years. Moreover, the high mobility of smartphones, along with ease of payments through these devices at numerous locations, is supplementing the market growth for smartphones. In addition, the rising penetration of numerous platforms for food deliveries, movie tickets, and raid-hailing services for smartphones, coupled with the growing acceptance of these platforms towards the acceptance of digital payments, are also some of the key factors which are expected to drive the digital wallet market growth significantly.

Food order is projected to show decent growth

Based on application, the market has been classified into money transfer, recharge, movie booking, food ordering, and others. The market for food ordering is anticipated to show good growth in the coming years owing to the burgeoning adoption of online platforms for ordering food, such as zomato, swiggy, and food panda, among others. In addition, the growing acceptance by these platforms of digital payments also supports the growth of this segment.

The Asia Pacific is one of the major regional markets

Geographically, the global digital wallet market has been segmented based on North America, South America, the Middle East and Africa, and the Asia Pacific. The Asia Pacific region is anticipated to surge at a noteworthy rate throughout the forecast period due to the substantially growing penetration of the internet in countries such as India and China. In addition, to government initiatives such as the Digital India Programme, the Indian government is also supporting the market growth in this region. North America is anticipated to hold a substantial share owing to the high internet penetration, early adoption of technology coupled with well-established infrastructure.

Recent Developments

  • A Hong Kong-based fintech business named EMQ claimed in January 2022 that it had expanded its worldwide payment capabilities by providing real-time payouts to significant mobile wallets in Indonesia.
  • To allow owners of Galaxy smartphones to store travel documents, credit and debit cards, cryptocurrencies, digital keys, credentials, and other items, Samsung Electronics introduced a new digital wallet in June 2022 and combined its payments and biometric identification apps.  Available in Spain, Germany, Italy, France, the U.K., and the U.S., the Samsung Wallet app combines Samsung Pay with Samsung Pass, and more nations are anticipated to be added.
  • In January 2022, HUMBL, Inc., a US-based provider of merchant services software, announced the integration of BLOCKS to its HUMBL Pay mobile wallet, enabling users to purchase BLOCKS through gasless, peer-to-peer transactions.
  • In June 2022, Meta introduced its wallet service as a general means of payment that could be applied to both the real world and the metaverse's virtual realm. Meta Pay, the wallet service, is simply a development of Facebook Pay. According to the corporation, using Meta Pay may increase access to a greater variety of digital goods that come with their certificates of ownership.

COVID-19 Impact on Digital Wallet Market

The mobile wallet market has had tremendous development potential as a result of COVID-19. The shutdown implemented by several nations to slow the spread of the virus had a detrimental effect on businesses by obstructing their activities. Due to these constraints, mobile wallets have become a practical way to sustain cash flow and keep the firm afloat. Another important element driving the mobile wallet market is the rise in consumers' reliance on online shopping sites. Due to the market's ability to support contactless payment, which aids in maintaining social distance norms, growth is projected.

Global Digital Wallet Market Scope:

Report Metric Details
 Market Size Value in 2020  US$196.812 billion
 Growth Rate  CAGR during the forecast period
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments Covered  Device, Application, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Samsung, Apple Inc., Google LLC, PayPal, American Express Company, Paytm Payments Bank Ltd, One Mobikwik System Ltd, Zelle, Walmart, Mastercard
 Customization Scope  Free report customization with purchase

 

Segmentation

  • By Device
    • PC/Laptops
    • Smartphones
  • By Application
    • Money Transfer
    • Recharge
    • Movie Booking
    • Food ordering
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • South Africa
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Indonesia
      • Taiwan
      • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of the global digital wallet market?
A1. The global digital wallet market was estimated at US$196.812 billion in 2020.


Q2. Who are the major players in the digital wallet market?
A2. Prominent key market players in the global digital wallet market include Samsung, Apple Inc., Google LLC, PayPal, and American Express Company among others. 


Q3. How is the global digital wallet market segmented?
A3. The digital wallet market has been segmented by device, application, and geography.


Q4. What factors are anticipated to drive the digital wallet market growth?
A4. The global digital wallet market is anticipated to surge at a robust rate during the next five years primarily on the account of rising penetration of smartphones coupled with growing internet penetration.


Q5. Which region holds the largest market share in the digital wallet market?
A5. North America is anticipated to hold a substantial share of the digital wallet market owing to the high internet penetration, early adoption of technology coupled with well-established infrastructure.

1. Introduction
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. Global Digital Wallet Market Analysis, By Device
5.1. Introduction
5.2. PC/Laptops
5.3. Smartphones

6. Global Digital Wallet Market Analysis, By Application
6.1. Introduction
6.2. Money Transfer
6.3. Recharge
6.4. Movie Booking
6.5. Food ordering
6.6. Others 

7. Global Digital Wallet Market Analysis, By Geography
7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. United Kingdom
7.4.4. Spain
7.4.5. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. Israel
7.5.3. South Africa
7.5.4. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. Japan
7.6.3. South Korea
7.6.4. India
7.6.5. Indonesia
7.6.6. Taiwan
7.6.7. Others

8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9. Company Profiles
9.1. Samsung
9.2. Apple Inc.
9.3. Google LLC
9.4. PayPal
9.5. American Express Company
9.6. Paytm Payments Bank Ltd
9.7. One Mobikwik System Ltd 
9.8. Zelle
9.9. Walmart
9.10. Mastercard

Samsung

Apple Inc.

Google LLC

PayPal

American Express Company

Paytm Payments Bank Ltd

One Mobikwik System Ltd

Zelle

Walmart

Mastercard

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