Digital Wallet is considered to be a type of online money or currency storage application or service that allows the different users to make payments on websites or apps for different purposes such as food ordering, and money transfer, among others.
According to the report, the Digital Wallet Market was estimated at a value of US$58.596 billion in 2019.
The rising demand for smartphones owing to the rise in disposable income
There has been a rapid rise in industrialization and urbanization, which has led to the increase in the spending power of individuals, thereby, allowing them to purchase consumer electronics and other devices, this has resulted in the increasing usage of online services and online payment portals more easily. This is because, there are many applications it can cater to, provide them with benefits such as cashback on different cards, and different banks among some other lucrative offers with added security.
Increased participation of the market players in providing their digital payment and digital wallet platforms for facilitating secure and fast transactions
The market players are increasingly participating in the provision of solutions and launching products in order to contribute to the growth of the market. For example top players such as Samsung and Apple, involved in the manufacture and sale of smartphones offer their own digital and online payment apps in smartphones in order to boost the usage of the online transaction and digital wallet services.
Food Ordering and Movie Booking to hold a considerable share over the forecast period
By Application, Food Ordering, and Movie booking are expected to hold a notable share over the forecast period owing to the rising number of individuals using internet services and online payment methods to make payment. This is due to the digital wallet specific discounts offered, the convenience it provides, and the availability of food ordering and movie ticket apps proving this service on their payment page.
The Asia Pacific region holds a significant share in the market and grows at a noteworthy pace
The Asia Pacific region is estimated to hold a significant market share over the forecast period and grow at a noteworthy pace. This is attributable to the fact there are increasing initiatives being taken by the government of countries such as India in order to boost the economy. The initiatives such as Digital India has facilitated the growth of online wallets such as PayTM, allowed the payment service BHIM UPI, (which is called as Unified Payments Service) to gain traction and popularity. This is due to the fact that it is able to facilitate payments to other users directly into their bank accounts at any time of the day, removing the imitations other methods such as NEFT and RTGS pose.
The major players covered as part of the report are among others.
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This report has segmented the Digital Wallet marketon the basis following terms.