2023: Paytm, launched the features such as the Paytm UPI Lite and RuPay credit card on UPI.

According to MarkNtel Advisors study, 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.

In recent years, businesses and consumers across countries like India, Saudi Arabia, etc., are increasingly seeking faster, more secure, and cost-effective ways to conduct international transactions. For customers living in foreign nations, there is a requirement for payment gateways, such as Digital Wallets, that facilitate instant fund transfers across borders, streamline currency conversions, and provide enhanced security features, such as blockchain technology for transparent and secure transactions.

Also, companies in the market are actively leveraging this opportunity by expanding their digital wallet offerings to include robust functionalities tailored for international transactions. Key features like real-time transaction tracking, competitive exchange rates, and compliance with international regulatory standards are becoming standard offerings. Hence, these efforts by the companies are anticipated to further amplify the demand for digital payment platforms for cross-border payments globally in the forecast years.

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Key Findings in Digital Wallet Market:

Digital Wallet Market Key Players:

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

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Market Segmentation Overview:

By Type

-Proximity

-Remote

By Technology

-Near Field Communication

-QR Code

-Text-based/Short Message Service

-Digital Only

Near Field Communication (NFC) holds a dominant market share. NFC facilitates fast and convenient transactions by allowing users to tap their devices near a POS terminal. This convenience is highly valued by consumers seeking efficient payment methods, eliminating the need for physical cards or cash. Transactions via NFC are generally secure due to encryption protocols and the proximity requirement, which reassures users about the safety of their financial information.

Moreover, the convenience, security, widespread device support, and alignment with contactless payment trends position NFC as a pivotal technology in driving the growth and adoption of digital wallets worldwide. Thus, with more industries & consumers recognizing these benefits, NFC is expected to continue playing a crucial role in shaping the future of digital payments and enhancing the overall Digital Wallet Market.

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

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By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Digital Wallet Industry Recent Development:

2024: One MobiKwik Systems Ltd., introduced Pocket UPI to facilitate UPI payments without linking bank accounts and enabling users to make UPI payments directly from MobiKwik Wallet.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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