The global e-wallet market is expected to grow at a CAGR of 23.40% during the forecast period 2022-2030. The market is driven by the increasing adoption of e-commerce, the growing use of smartphones, and the rising awareness about the benefits of using e-wallets.

E-wallets are digital wallets that allow users to store their payment information and make payments online or through mobile apps. They offer a number of benefits over traditional payment methods, such as convenience, security, and speed.

The increasing adoption of e-commerce is one of the major factors driving the growth of the e-wallet market. E-commerce is growing rapidly around the world, as more and more people are shopping online. This is creating a large and growing market for e-wallets, as they are the preferred payment method for many online shoppers.

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The growing use of smartphones is another major factor driving the growth of the e-wallet market. Smartphones are becoming increasingly popular, and they are being used for a variety of purposes, including making payments. This is creating a large and growing market for mobile wallets, as they are the preferred payment method for many smartphone users.

The rising awareness about the benefits of using e-wallets is another major factor driving the growth of the e-wallet market. E-wallets offer a number of benefits over traditional payment methods, such as convenience, security, and speed. These benefits are becoming increasingly known to consumers, which is driving the growth of the e-wallet market.

The e-wallet market is segmented by type, mode, application, and region. By type, the market is segmented into closed e-wallets, semi-closed e-wallets, and open e-wallets. Closed e-wallets are those that can only be used to make payments within a specific merchant's ecosystem. Semi-closed e-wallets are those that can be used to make payments within a specific merchant's ecosystem, as well as at other merchants that accept the e-wallet. Open e-wallets are those that can be used to make payments at any merchant that accepts the e-wallet.

By type: 

The market is segmented into closed e-wallets, semi-closed e-wallets, and open e-wallets. Closed e-wallets are those that can only be used to make payments within a particular network or ecosystem. Semi-closed e-wallets are those that can be used to make payments within a particular network or ecosystem, but can also be used to make payments to other merchants that accept e-wallet payments. Open e-wallets are those that can be used to make payments to any merchant that accepts e-wallet payments.

By mode: 

The market is segmented into online payment and mobile wallet payment. Online payment refers to the use of e-wallets to make payments for goods and services online. Mobile wallet payment refers to the use of e-wallets to make payments for goods and services using a mobile device.

By application: 

The market is segmented into retail, transportation, entertainment, banking, and others. Retail refers to the use of e-wallets to make payments for goods and services in retail stores. Transportation refers to the use of e-wallets to make payments for transportation services, such as taxi fares and bus fares. Entertainment refers to the use of e-wallets to make payments for entertainment services, such as movie tickets and concert tickets. Banking refers to the use of e-wallets to make payments for banking services, such as bill payments and money transfers. Others refers to the use of e-wallets for other purposes, such as charitable donations and online gambling.

By region: 

The market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is the largest market for e-wallets, followed by Europe and Asia Pacific. RoW is expected to be the fastest-growing market for e-wallets.

The major players operating in the e-wallet market include PayPal, Google Pay, Apple Pay, Samsung Pay, Alipay, and WeChat Pay. These players are focusing on expanding their product offerings, increasing their market share, and strengthening their partnerships with merchants and banks.

The e-wallet market is expected to grow at a significant rate during the forecast period. The growth of the market is driven by the increasing adoption of e-commerce, the growing use of smartphones, and the rising awareness about the benefits of using e-wallets.