Digital Wallet Market Report 2024 (Global Edition)

Global Digital Wallet Market Report 2024 Market Size Split by Type (Proximity, Remote), by Deployment Type (On-Premise, Cloud), by Industry Verticals (Education, Gaming, Information Technology and Tel...

Digital Wallet Market Report Description

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Digital Wallet Market Insights Video

Competitive Landscape of the Digital Wallet Market

The competitive landscape of the digital wallet market is characterized by a mix of established financial institutions and innovative fintech companies. Major players like PayPal, Apple, and Google dominate the market, leveraging their extensive customer bases and technological expertise. Meanwhile, fintech startups such as Revolut and Stripe are challenging traditional players with unique features and enhanced user experiences. Partnerships between tech firms and banks are increasingly common, fostering innovation. Additionally, regional players are emerging, adapting to local preferences and regulatory environments, intensifying competition.

In September 2022, Alipay+, operated by Ant Group, is collaborating with Thunes, a global cross-border payments company, to enable Thunes' European customers and merchants to accept payments via various Asian mobile wallets. This partnership will support mobile wallets such as KakaoPay in South Korea, Touch 'n Go in Malaysia, Boost in the Philippines, and Alipay in China. Additionally, the collaboration will include Thai services like Rabbit, LINE Pay, and TrueMoney. (Source: https://www.thunes.com/news/thunes-partners-with-alipay-to-connect-european-merchants-with-hundreds-of-millions-of-asian-consumers/) In June 2022, A collaboration between Mobily, a prominent telecommunications and digital service provider based in Saudi Arabia, and MoneyGram International, Inc., a global leader in digital P2P payments, has led to the introduction of MoneyGram's advanced international money transfer services on Mobily Pay. This partnership allows millions of consumers in Saudi Arabia to quickly and easily send money abroad using the Mobily Pay mobile wallet. (Source: https://developingtelecoms.com/telecom-technology/financial-services/13568-saudi-s-mobily-pay-partners-with-moneygram-for-transfer-service.html) In June 2023, PayPal Holdings, Inc. and KKR, a prominent global investment firm, have entered into an exclusive multi-year agreement for a €3 billion (approximately $3.37 billion) replenishing loan commitment. Under this arrangement, private credit funds and accounts managed by KKR will acquire up to €40 billion (about $44.87 billion) in buy now, pay later (BNPL) loan receivables generated by PayPal in Italy, France, the United Kingdom, Spain, and Germany. (Source: https://newsroom.paypal-corp.com/2023-06-20-PayPal-and-KKR-Announce-Exclusive-Multi-Year-Relationship-for-European-Pay-Later-Receivables)

Top Companies Market Share in Digital Wallet Industry: (In no particular order of Rank)

• PayPal Holdings
• Inc.
• Apple Inc.
• Google LLC
• Samsung Electronics Co.
• Ltd.
• Amazon.com
• Inc.
• Alibaba Group Holding Limited
• Tencent Holdings Limited
• Square
• Inc. (now Block
• Inc.)
• Stripe
• Inc.
• Visa Inc.
• Mastercard Incorporated
• American Express Company
• Adyen N.V.
• Revolut Ltd.
• Payoneer Inc.
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Digital Wallet Market

Which Region Dominates the Digital Wallet Market in 2024?

According to Cognitive Market Research, North America currently dominates the Digital Wallet market, and the region is expected to have significant growth during the projected period. This is due to the region's high smartphone penetration and widespread internet access. The region's strong e-commerce growth has led to increased demand for secure, convenient payment solutions. Established players like PayPal, Apple, and Google offer trusted digital wallet services, enhancing consumer confidence. Additionally, a tech-savvy population embraces cashless transactions, driven by the COVID-19 pandemic, which accelerated the adoption of digital payment methods. Government initiatives promoting financial inclusion further bolster market growth.

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is growing at the fastest CAGR in the digital wallet market due to rapid smartphone adoption and increasing internet penetration. A large, young population is driving demand for convenient and secure payment solutions. Countries like China and India lead in mobile payment innovations, supported by government initiatives that promote digital transactions. The rise of e-commerce and fintech startups further fuels adoption, while cultural shifts towards cashless transactions enhance the region's growth potential in the digital wallet market.

The current report Scope analyzes Digital Wallet Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Digital Wallet

According to Cognitive Market Research, the global Digital Wallet market size was estimated at USD 51245.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 20498.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.7% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Digital Wallet market with a market size of USD 16173.08 million in 2024 and is projected to grow at a CAGR of 18.5% during the forecast period. The U.S. market's the increasing adoption of mobile payments, driven by the convenience and security they offer is driving the Digital Wallet market.
• The Canada Digital Wallet market had a market share of USD 2459.78 million in 2024 and is projected to grow at a CAGR of 19.5% during the forecast period. Canada’s partnerships between financial institutions and technology companies is driving the Digital Wallet market.
• The Mexico Digital Wallet market is projected to witness growth at a CAGR of 19.2% during the forecast period, with a market size of USD 1865.34 million in 2024.

Europe Digital Wallet

According to Cognitive Market Research, the global Digital Wallet market size was estimated at USD 51245.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 15373.65 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.0% from 2024 to 2031.

• The United Kingdom Digital Wallet market had a market share of USD 2582.77 million in 2024 and is projected to grow at a CAGR of 19.8% during the forecast period. In the UK, Digital Wallet sales witness an upswing due to rising smartphone adoption and an increasing preference for cashless transactions among consumers.
• The France Digital Wallet market is projected to witness growth at a CAGR of 18.2% during the forecast period, with a market size of USD 1414.38 million in 2024.
• According to Cognitive Market Research, the German Digital Wallet market size was valued at USD 3043.98 million in 2024 and is projected to grow at a CAGR of 19.2% during the forecast period. In Germany, Digital Wallet surged due to presence of major market players.
• The Italy Digital Wallet market is projected to witness growth at a CAGR of 18.4% during the forecast period, with a market size of USD 1322.13 million in 2024.
• The Russia Digital Wallet market is projected to witness growth at a CAGR of 18.0% during the forecast period, with a market size of USD 2382.92 million in 2024.
• The Spain Digital Wallet market is projected to witness growth at a CAGR of 18.1% during the forecast period with a market size of USD 1260.64 million in 2024
• The Luxembourg Digital Wallet market is projected to witness growth at a CAGR of 19.1% during the forecast period, with a market size of USD 476.58 million in 2024.
• The Portugal Digital Wallet market is projected to witness growth at a CAGR of 18.8% during the forecast period, with a market size of USD 322.85 million in 2024.
• The Greece Digital Wallet market is projected to witness growth at a CAGR of 19.3% during the forecast period, with a market size of USD 184.48 million in 2024.
• The Rest of Europe's Digital Wallet market is projected to witness growth at a CAGR of 17.7% during the forecast period, with a market size of USD 2382.92 million in 2024.

Asia Pacific Digital Wallet

According to Cognitive Market Research, the global Digital Wallet market size was estimated at USD 51245.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 11786.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 22.5% from 2024 to 2031.

• According to Cognitive Market Research, the China Digital Wallet market size was valued at USD 5303.91 million in 2024 and is projected to grow at a CAGR of 22.0% during the forecast period. Digital Wallet surged in China due to rapid smartphone adoption and increasing internet penetration.
• The Japan Digital Wallet market is projected to witness growth at a CAGR of 21.0% during the forecast period, with a market size of USD 1626.53 million in 2024.
• The India Digital Wallet market had a market share of USD 1414.38 million in 2024 and is projected to grow at a CAGR of 24.3% during the forecast period. India's popularity of fintech companies is driving the Digital Wallet market.
• The South Korean Digital Wallet market is projected to witness growth at a CAGR of 21.6% during the forecast period, with a market size of USD 1178.65 million in 2024.
• The Australian Digital Wallet market is projected to witness growth at a CAGR of 22.2% during the forecast period, with a market size of USD 612.90 million in 2024.
• The South East Asia Digital Wallet market is projected to witness growth at a CAGR of 23.5% during the forecast period, with a market size of USD 813.27 million in 2024.
• The Rest of Asia Pacific Digital Wallet market is projected to witness growth at a CAGR of 22.3% during the forecast period, with a market size of USD 836.84 million in 2024.

South America Digital Wallet

According to Cognitive Market Research, the global Digital Wallet market size was estimated at USD 51245.5 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 2562.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.9% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Digital Wallet market size was valued at USD 1096.65 million in 2024 and is projected to grow at a CAGR of 20.5% during the forecast period. Digital Wallet flourished in Brazil due to increased smartphone penetration and the rising popularity of online shopping.
• Argentina's Digital Wallet market had a market share of USD 430.46 million in 2024 and is projected to grow at a CAGR of 20.8% during the forecast period. Argentina's government initiatives to promote cashless transactions is driving the Digital Wallet market.
• Colombia Digital Wallet market is projected to witness growth at a CAGR of 19.7% during the forecast period, with a market size of USD 228.04 million in 2024.
• Peru Digital Wallet market is projected to witness growth at a CAGR of 20.1% during the forecast period, with a market size of USD 210.11 million in 2024.
• Chile Digital Wallet market is projected to witness growth at a CAGR of 20.2% during the forecast period, with a market size of USD 184.48 million in 2024.
• The Rest of Latin America's Digital Wallet market is projected to witness growth at a CAGR of 19.0% during the forecast period, with a market size of USD 412.53 million in 2024.

Middle East and Africa Digital Wallet

According to Cognitive Market Research, the global Digital Wallet market size was estimated at USD 51245.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 1024.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2031..

• The GCC Countries Digital Wallet market is projected to witness growth at a CAGR of 21.0% during the forecast period, with a market size of USD 438.66 million in 2024. Digital Wallet sales flourish due to the presence of major market players.
• The Egypt Digital Wallet market is projected to witness growth at a CAGR of 20.5% during the forecast period, with a market size of USD 107.62 million in 2024.
• The South Africa Digital Wallet market is projected to witness growth at a CAGR of 21.2% during the forecast period, with a market size of USD 161.94 million in 2024. Digital Wallet sales flourished in South Africa due to increasing smartphone adoption and the expansion of internet connectivity.
• The Turkey Digital Wallet market is projected to witness growth at a CAGR of 19.7% during the forecast period, with a market size of USD 88.14 million in 2024.
• The Nigeria Digital Wallet market is projected to witness growth at a CAGR of 19.3% during the forecast period, with a market size of USD 107.62 million in 2024.
• The Rest of the MEA Digital Wallet market is projected to witness growth at a CAGR of 19.2% during the forecast period, with a market size of USD 120.94 million in 2024.

Digital Wallet Market Analysis

Digital Wallet Market Type Segment Analysis

According to Cognitive Market Research, Proximity are likely to dominate the Digital Wallet Market over the forecast period. The proximity type captured the largest market share in the digital wallet market due to its convenience and speed in facilitating transactions. This method allows users to make contactless payments simply by tapping their devices at point-of-sale terminals, enhancing the overall shopping experience. The growing acceptance of Near Field Communication (NFC) technology by retailers and consumers has driven widespread adoption. Additionally, the demand for secure, fast payment options during the COVID-19 pandemic has further accelerated the preference for proximity-based digital wallet solutions.

The remote type is growing at the highest CAGR in the digital wallet market due to the increasing popularity of online shopping and the convenience it offers for remote transactions. Consumers prefer remote digital wallets for their ease of use, allowing payments for goods and services from anywhere without physical presence. The rise of e-commerce, fueled by the COVID-19 pandemic, has significantly contributed to this growth. Additionally, advancements in security features and integration with various platforms enhance consumer confidence, further driving adoption.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Digital Wallet Industry. Request a Free Sample PDF!

Digital Wallet Market Deployment Type Segment Analysis

According to Cognitive Market Research, the On-Premise segment holds the largest market share. The on-premise deployment type captured the largest market share in the digital wallet market due to its advantages in data security and control. Many businesses prefer on-premise solutions to ensure that sensitive customer information is stored within their infrastructure, minimizing the risk of data breaches. This deployment model allows for greater customization to meet specific organizational needs and regulatory requirements. Additionally, companies with established IT resources often find on-premise systems more aligned with their existing operations, driving continued adoption in this segment.

The cloud deployment type is growing at the highest CAGR in the digital wallet market due to its scalability, flexibility, and cost-effectiveness. Cloud solutions enable businesses to quickly adapt to changing demands without heavy upfront investments in infrastructure. This deployment model facilitates easy access to data and applications from anywhere, enhancing user experience and operational efficiency. Additionally, cloud providers often offer robust security features and regular updates, which appeal to businesses looking for reliable, low-maintenance solutions, further driving adoption.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Digital Wallet Industry Verticals Segment Analysis

Digital Wallet Market Industry Verticals Segment Analysis

According to Cognitive Market Research, the Information Technology and Telecommunications segment holds the largest market share. The Information Technology and Telecommunications industry verticals captured the largest market share in the digital wallet market due to their integral role in facilitating secure, efficient transactions. Companies in this sector drive technological advancements, enabling seamless integration of digital wallets with mobile devices and platforms. The increasing demand for mobile payments, driven by consumer convenience and evolving payment preferences, has propelled adoption. Additionally, telecom operators often partner with fintech firms to offer digital wallet services, enhancing customer engagement and expanding market reach within this vertical.

The education industry vertical is growing at the highest CAGR in the digital wallet market due to the increasing adoption of digital payment solutions for tuition fees, course materials, and online classes. Educational institutions are leveraging digital wallets to streamline payment processes, enhance convenience, and reduce cash handling. Additionally, the rise of e-learning platforms has accelerated the demand for secure online transactions. The focus on financial inclusion and easier access to education further drives the growth of digital wallets in this sector.

• Education
• Gaming
• Information Technology and Telecommunications
• Aerospace and Defense
• Legal
• Media and Entertainment
• Automotive
• Banking Financial Services and Insurance
• Consumer Goods
• Other Industry Verticals

Author's Detail

David Fuller

Senior Analyst at Cognitive Market Research

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I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building.

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