Global Digital Wallet Market Research Report: Forecast (2024-2030)

Digital Wallet Market Report - By Type (Proximity, Remote), By Technology (Near Field Communication, QR Code, Text-based/Short Message Service, Digital Only), By Wallet Type (Open,...... Closed, Semi-closed), By Industry Vertical (Banking, Financial Services, and Insurance (BFSI), Hospitality, Media & Entertainment, Retail & E-commerce, Energy & Utilities, Telecommunication, Others (Healthcare, Gaming, etc.)), By End User (Personal, Business/Corporate), By Ownership (Banks, Telecom Operators, Device Manufacturers, Tech Companies), and Others Read more

  • ICT & Electronics
  • Jul 2024
  • 185
  • PDF, Excel, PPT

Market Definition

Digital wallets are online programs that let users save money and transact via smartphones, smartwatches, and other devices. These applications facilitate payments by streamlining the procedure & eradicates the requirement to carry cash or deal with the inconvenience of handling several cards, making it easier for user to make payments.

Market Insights & Analysis: Global Digital Wallet Market (2024-30):

The Global Digital Wallet Market size was valued at USD 2,140.18 billion in 2023 and is projected to reach USD 7,857.70 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 20.58% during the forecast period, i.e., 2024-30. The need for digital wallets is growing tremendously worldwide owing to various factors, like technological innovation, growing consumer demand for convenience & security, supportive legal frameworks, and the digitization of services.

The global proliferation of smartphones has been one of the reasons responsible for the growth of digital wallets. According to Groupe Spécial Mobile (GSMA), as of 2023, over half (54%) of the global population, i.e., approximately 4.3 billion individuals own a smartphone. Hence, with individuals gaining more access to smartphones, the potential user base for digital wallets is also expanding significantly. Also, mobile phones offer a convenient platform for accessing digital wallets due to which users can easily download wallet apps, link their payment methods, and manage transactions directly from their devices. This makes digital payment solutions an attractive option for everyday financial activities, thus supporting market growth.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 20.58%
Regions Covered North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, Japan, India, South Korea, Australia, Rest of Asia-Pacific
South America: Brazil, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
Key Companies Profiled Google, Apple Inc., Amazon Web Services, Inc., PayPal Holdings, Inc., One MobiKwik Systems Limited, Paytm, Alipay, PhonePe, Gopay, Freecharge Payment Technologies Pvt. Ltd., Skrill, Samsung, Dwolla, Inc., Barclays Bank Delaware, Mastercard, and Others
Market Value (2023) USD 2,140.18 Billion
Market Value (2030) USD 7,857.70 Billion

 

Further, several phones come equipped with next-generation technologies that enable contactless payments. This incorporation of advanced technologies lets end-users to make payments by simply tapping their phones at Point-of-Sale (POS) terminals, contributing to the growing popularity of digital wallets across the globe. Additionally, regulatory bodies worldwide are increasingly supporting digital payments to advance financial inclusion and enhance transaction transparency. Several national governments are implementing policies and incentives to promote these digital transactions. Moreover, these favorable policies are creating a conducive environment for the adoption of digital payment solutions by individuals and businesses. As these platforms become essential tools for accessing and participating in formal financial systems globally, the demand for digital wallets will continue to rise.

Furthermore, industry verticals like Media & Entertainment and Energy & Utilities are also playing an important role in advancing digital transactions worldwide. Nations, such as the US, South Korea, and India are actively utilizing digital platforms for streaming services, online gaming, and virtual events. Moreover, these nations are promoting seamless online transactions for subscriptions, pay-per-view models, and in-app purchases, enlarging the market size. Meanwhile, several countries like Germany, the UK, and Japan are aligning their efforts to digitize utility payments and transactions by launching initiatives that include online bill payments, mobile apps for meter readings, and automated systems for managing energy consumption data. With these digital payment ecosystems, the countries aim to enhance customer experiences, cut operational costs, and improve transparency in energy transactions. Consequently, these benefits are attracting consumers to make bill payments online and streamline their financial processes, thereby amplifying market growth.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Global Digital Wallet Market Trends & Developments
  5. Global Digital Wallet Market Start Up Ecosystem
    1. Entrepreneurial Activity
    2. Year-on-Year Funding Received
    3. Funding Received by Top Companies
    4. Key Investors Active in the Market
    5. Series-wise Funding Received
      1. Seed Funding
      2. Angel Investing
      3. Venture Capitalists (VC) Funding
      4. Others
  6. Global Digital Wallet Market Dynamics
    1. Drivers
    2. Challenges
  7. Global Digital Wallet Market Regulations, Policies & Standards
  8. Global Digital Wallet Market Hotspot & Opportunities
  9. Global Digital Wallet Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Type
        1. Proximity - Market Size & Forecast 2019-2030, USD Million
        2. Remote - Market Size & Forecast 2019-2030, USD Million
      2. By Technology
        1. Near Field Communication - Market Size & Forecast 2019-2030, USD Million
        2. QR Code - Market Size & Forecast 2019-2030, USD Million
        3. Text-based/Short Message Service - Market Size & Forecast 2019-2030, USD Million
        4. Digital Only- Market Size & Forecast 2019-2030, USD Million
      3. By Wallet Type
        1. Open- Market Size & Forecast 2019-2030, USD Million
        2. Closed- Market Size & Forecast 2019-2030, USD Million
        3. Semi-closed - Market Size & Forecast 2019-2030, USD Million
      4. By Industry Vertical
        1. Banking, Financial Services, and Insurance (BFSI)- Market Size & Forecast 2019-2030, USD Million
        2. Hospitality- Market Size & Forecast 2019-2030, USD Million
        3. Media & Entertainment- Market Size & Forecast 2019-2030, USD Million
        4. Retail & E-commerce- Market Size & Forecast 2019-2030, USD Million
        5. Energy & Utilities- Market Size & Forecast 2019-2030, USD Million
        6. Telecommunication- Market Size & Forecast 2019-2030, USD Million
        7. Others (Healthcare, Gaming, etc.)- Market Size & Forecast 2019-2030, USD Million
      5. By End User
        1. Personal- Market Size & Forecast 2019-2030, USD Million
        2. Business/Corporate- Market Size & Forecast 2019-2030, USD Million
      6. By Ownership
        1. Banks- Market Size & Forecast 2019-2030, USD Million
        2. Telecom Operators- Market Size & Forecast 2019-2030, USD Million
        3. Device Manufacturers- Market Size & Forecast 2019-2030, USD Million
        4. Tech Companies- Market Size & Forecast 2019-2030, USD Million
      7. By Region
        1. North America
        2. South America
        3. Europe
        4. The Middle East & Africa
        5. Asia-Pacific
      8. By Competition
        1. Competition Characteristics
        2. Market Share Analysis
  10. North America Digital Wallet Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030, USD Million
      2. By Technology- Market Size & Forecast 2019-2030, USD Million
      3. By Wallet Type- Market Size & Forecast 2019-2030, USD Million
      4. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
      5. By End User- Market Size & Forecast 2019-2030, USD Million
      6. By Ownership- Market Size & Forecast 2019-2030, USD Million
      7. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    4. Canada Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    5. Mexico Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
  11. South America Digital Wallet Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030, USD Million
      2. By Technology- Market Size & Forecast 2019-2030, USD Million
      3. By Wallet Type- Market Size & Forecast 2019-2030, USD Million
      4. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
      5. By End User- Market Size & Forecast 2019-2030, USD Million
      6. By Ownership- Market Size & Forecast 2019-2030, USD Million
      7. By Country
        1. Brazil
        2. Rest of South America
    3. Brazil Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
  12. Europe Digital Wallet Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030, USD Million
      2. By Technology- Market Size & Forecast 2019-2030, USD Million
      3. By Wallet Type- Market Size & Forecast 2019-2030, USD Million
      4. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
      5. By End User- Market Size & Forecast 2019-2030, USD Million
      6. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
    3. Germany Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    4. The UK Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    5. France Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    6. Italy Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    7. Spain Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
  13. The Middle East & Africa Digital Wallet Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030, USD Million
      2. By Technology- Market Size & Forecast 2019-2030, USD Million
      3. By Wallet Type- Market Size & Forecast 2019-2030, USD Million
      4. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
      5. By End User- Market Size & Forecast 2019-2030, USD Million
      6. By Country
        1. Saudi Arabia
        2. The UAE
        3. South Africa
        4. Rest of the Middle East & Africa
    3. Saudi Arabia Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    4. The UAE Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    5. South Africa Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
  14. Asia-Pacific Digital Wallet Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030, USD Million
      2. By Technology- Market Size & Forecast 2019-2030, USD Million
      3. By Wallet Type- Market Size & Forecast 2019-2030, USD Million
      4. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
      5. By End User- Market Size & Forecast 2019-2030, USD Million
      6. By Country
        1. China
        2. Japan
        3. India
        4. South Korea
        5. Australia
        6. Rest of Asia Pacific
    3. China Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    4. Japan Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    5. India Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    6. South Korea Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
    7. Australia Digital Wallet Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Size & Analysis
        1. By Industry Vertical- Market Size & Forecast 2019-2030, USD Million
        2. By End User- Market Size & Forecast 2019-2030, USD Million
  15. Global Digital Wallet Market Key Strategic Imperatives for Success & Growth
  16. Competitive Outlook
    1. Company Profiles 
      1. Google
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Apple Inc.
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Amazon Web Services, Inc.
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. PayPal Holdings, Inc.
        1. Business Description                                       
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. One MobiKwik Systems Limited
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Paytm
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Alipay
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. PhonePe
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Gopay
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Freecharge Payment Technologies Pvt. Ltd.
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Skrill
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      12. Samsung
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      13. Dwolla, Inc.
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      14. Barclays Bank Delaware
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      15. Mastercard
        1. Business Description
        2. Operation Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      16. Others
  17. Disclaimer


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