Latest News- E-Wallet Market: Proximity is expected to lead the Technology segment during 2025-2029

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 21.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 169859 million. In the dynamic e-wallet market, the integration of advanced technologies, such as blockchain and biometrics, is a prevailing trend. These technologies enhance transaction convenience, speed, and security. Blockchain ensures secure and transparent digital transactions, while artificial intelligence (AI) bolsters fraud detection and prevention. Facilitating the elimination of passwords and PINs, biometrics like facial recognition and fingerprint scanning further augment security. For instance, the Central Bank of the United Arab Emirates (CBUAE) is slated to launch the Digital Dirham, a blockchain-based central bank digital currency (CBDC), in October 2025. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Proximity
  • Remote
• Application
  • Retail and e-commerce
  • Media and entertainment
  • Hospitality and transportation
  • Telecommunication
  • Others
• Type
  • Semi-closed wallets
  • Open wallets
  • Closed wallets
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • South America
    • Brazil
  • Middle East and Africa

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 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 wallet apps that offer mobile payment solutions with advanced features such as payment gateway APIs, real-time transactions, and in-app purchases. Security is prioritized through protocols, fraud prevention, data encryption, and authentication methods. Transaction fees, user experience, account management, and transaction history are also key considerations. Loyalty programs, merchant services, and compliance with regulations add value. API integration, user interface, and customer acquisition are essential for growth. Financial technology powers digital payments, mobile banking, and financial services, with a focus on payment processing, transaction tracking, and payment infrastructure.

Market Research Overview

The E-Wallet market, a segment of the global technology hardware, storage, and peripherals market, is experiencing significant growth due to the increasing adoption of mobile payment systems. Security measures implemented in digital wallets are crucial in addressing consumer concerns, ensuring safe transactions. The market size is determined by the revenue generated from sales of mobile payment hardware and components. Technavio identifies key growth drivers, including the increasing volume, velocity, veracity, and variety (4Vs) of data, leading to a higher demand for data storage solutions and the expansion of data centers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/