Latest News- E-Wallet Market: Proximity is expected to lead the Technology segment during 2024-2028

The E-Wallet Market is being driven by Rising number of online transactions

The E-Wallet Market is expected to grow at a CAGR of 21.49% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 140.6 billion. In the dynamic e-wallet market, the integration of advanced technologies such as blockchain and biometrics is a prominent trend. These innovations enhance the convenience, speed, and security of digital transactions. Blockchain technology ensures secure and transparent exchanges, while artificial intelligence (AI) bolsters fraud detection and prevention. Biometric authentication methods, such as facial recognition and fingerprint scanning, eliminate the need for passwords and PINs. Additionally, real-time analytics, automated budgeting tools, and personalized financial management features are enabled by these technologies, providing users with an enriched e-wallet experience. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising number of online transactions
• Rise in the use of wireless networks
• Surge in compliance requirements

However, the market also witnesses some limitations, which are as follows:

• High infrastructure and implementation costs
• Lack of awareness for e-wallets in developing economies
• Issues with minor value transactions

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Market Scope in E-Wallet Market Research Report

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Research Analysis Overview

The E-Wallet Market encompasses digital wallets like Alipay and mobile wallets, enabling contactless payments through proximity technology or remote means, replacing physical cash with bank account transfers for various purposes such as mobile recharges, bill payments, movie/travel bookings, and money transfers. This shift towards digital transactions using credit/debit cards and mobile wallets is driven by advanced technology, including NFC, and is transforming retail and e-commerce. However, concerns over data breaches, identity theft, and unauthorized access persist, as outlined in the Red Book Statistics. CPMI data reveals that contactless payments accounted for 15.4% of global non-cash transactions in 2019.

Market Research Overview

The E-Wallet market, a segment of Technavio's global Technology Hardware, Storage, and Peripherals Market, is experiencing significant growth due to the increasing preference for contactless payments and the decline in cash transactions. This market encompasses mobile recharge, bill payments, money transfers, and other digital financial services. The Technology Hardware, Storage, and Peripherals Market, which includes manufacturers of cellular phones, personal computers, servers, and peripherals, is expected to expand due to the rising demand for data centers, fueled by the work-from-home trend brought about by the COVID-19 pandemic. This market's size is determined by the revenue generated from the sales of hardware devices, equipment, and components. The market's growth will be driven by the increasing demand for contactless payments, the shift from cash transactions, and the expanding data center market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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