North America 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 Country - Forecasts From 2022 To 2027

Published:  May 2022 Report Code: KSI061613797 Pages: 95

The North American digital wallet market was valued at US$55.065 billion in 2020. 

The high penetration of smartphones and internet connectivity has significantly driven the adoption of digital wallets in North American countries in the past few years. The early adoption of new technologies and the presence of major market players in the region contribute substantially to the digital wallet market growth in North America. The high rate of digitalization of personal, professional, and business experiences is further bringing up digital wallets as a crucial alternative payment method for banks’ clients. Banks in countries like the United States and Canada are also partnering up with digital wallet service providers as a response to the changing consumer payment preferences, thus positively impacting the digital market growth. For example, Citi and PayPal expanded their partnership in December 2019 in the U.S. for Citi’s institutional clients so that they can make payments into customers’ PayPal digital wallets. In April 2018, Samsung Pay expanded its customer base in North America by joining the Royal Bank of North America (RBC) personal payment cards supported by the mobile payment system. Market players are also expanding their reach in the North American digital wallet market, thereby bolstering its overall regional market growth. For example, in 2017, Paytm launched its bill payment service in North America, available on both iOS and Android in the country. The rapidly growing e-commerce industry in North America also leads to a surge in the adoption of digital wallets across the region. This growth is further accelerated by rising investments by retailers in digital platforms to reach a vast majority of customers across this region, thereby driving the regional market growth.

The recent COVID-19 global pandemic outbreak has caused a sudden rise in the usage of various digital wallets in North American countries. Digital banks and e-wallets are experiencing an uptick in overall demand in the region as quarantine and social distancing measures rapidly turn digital transactions into a necessity. According to the latest survey report by the Electronic Transactions Association, more than 27 percent of small businesses in the U.S. have already reported a rise in contactless payment services, including Apple Pay. Retailers such as Burger King and Walmart are also encouraging the cashless and contactless payment trend to reduce the transmission of this virus.

The North American digital wallet market has been segmented based on the device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, the North American digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others. By country, the North American digital wallet market has been segmented into the United States, Canada, and Mexico.  

Key Developments in the Market:

  • In January 2022, the X World Wallet, an app-based multi-currency debit account that effectively combines a loyalty program, a travel reservations platform, and discounts with a globally integrated sustainability initiative, has been made available statewide by Rêv USA, Inc. ("Rêv"), a payment products innovations firm. The X World Wallet account can be loaded with funds from a user's existing bank accounts and is linked to real and digital Visa cards that can be added to Google, Samsung, and Apple Pay digital wallets for tap-and-go convenience.
  • In September 2021, PayPal launched a new app, an all-in-one, personalized, user-friendly, and convenient software for managing finances. The redesigned PayPal app includes additional features such as PayPal Savings, Synchrony Bank's new high-yield savings account, and new in-app shopping tools with exciting redeemable rewards.
  • In February 2022, Paysafe, a global specialized payments platform, announced an expanded collaboration with BetWildwood, Wildwood Casino's official online sportsbook. BetWildwood has upgraded its existing Skrill wallet to include Paysafe's new Skrill USA digital wallet, allowing it to expedite depositing and payouts for its players while supporting broader customer acquisition and retention.  

COVID-19 Insights

COVID-19 has significantly impacted the digital wallet in North America. The increasing surge in active cases and spread of the infection caused many consumers to shift towards contactless digital wallet technology. Furthermore, the growing number of digital payments is further driving the penetration of digital wallets. E-payment systems or cashless payment systems have progressively emerged amid the epidemic as a payment system instrument.

Segmentation

  • By Device
    • PC/Laptops
    • Smartphones
  • By Application
    • Money Transfer
    • Recharge
    • Movie Booking
    • Food Ordering
    • Others
  • By Country
    • United States
    • Canada
    • Mexico
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. Porter’s Five Force 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. North America Digital Wallet Market Analysis, By Device
5.1. Introduction
5.2. PCs/Laptops
5.3. Smartphones

6. North America 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. North America Digital Wallet Market Analysis, By Country
7.1. Introduction
7.2. United States
7.3. Canada
7.4. Mexico

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. Companies Profiles
9.1. Apple Inc.
9.2. Google
9.3. SAMSUNG ELECTRONICS CO., LTD.
9.4. PayPal
9.5. PAYTM LABS
9.6. Square, Inc.
9.7. Amazon Payments, Inc.
9.8. MercadoPago
9.9. BillMo

Apple Inc.

Google

SAMSUNG ELECTRONICS CO., LTD.

PayPal

PAYTM LABS

Square, Inc.

Amazon Payments, Inc.

MercadoPago

BillMo

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