PUBLISHER: The Business Research Company | PRODUCT CODE: 1808776
PUBLISHER: The Business Research Company | PRODUCT CODE: 1808776
A payment wallet, also known as a digital wallet or e-wallet, is a software application or online service designed for storing, managing, and securely using digital currency or payment methods. These wallets store information related to credit cards, debit cards, bank accounts, and cryptocurrencies, allowing users to conduct electronic transactions via mobile devices or computers without physical cards.
Digital wallets, or e-wallets, are electronic devices or online services that facilitate electronic transactions. They encompass various components such as mobile wallets, online wallets, and contactless payments, offering features such as payment processing, security, fraud protection, and customer support. These applications find utility across sectors including retail, e-commerce, transportation, and healthcare.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp rise in U.S. tariffs and the ensuing trade tensions in spring 2025 are having a considerable impact on the financial sector, particularly in the areas of investment strategies and risk management. The increased tariffs have intensified market volatility, leading institutional investors to adopt more cautious approaches and driving greater demand for hedging solutions. Banks and asset managers are encountering higher costs in cross-border transactions as disrupted global supply chains and declining corporate earnings weigh on equity market performance. At the same time, insurance providers are facing elevated claims risks linked to supply chain interruptions and trade-related business losses. Furthermore, reduced consumer spending and weaker export demand are limiting credit growth and dampening investment appetite. In response to these challenges, the sector must focus on diversification, accelerate digital transformation, and strengthen scenario planning to manage the heightened economic uncertainty and safeguard profitability.
The payment wallets market research report is one of a series of new reports from The Business Research Company that provides payment wallets market statistics, including payment wallets industry global market size, regional shares, competitors with a payment wallets market share, detailed payment wallets market segments, market trends and opportunities, and any further data you may need to thrive in the payment wallets industry. This payment wallets market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The payment wallet market size has grown exponentially in recent years. It will grow from $129.08 billion in 2024 to $157.33 billion in 2025 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to increasing digitalization, conducting transactions seamlessly, quick and secure payments, rapid technological advancements, and need of consumers transact and manage their money.
The payment wallet market size is expected to see exponential growth in the next few years. It will grow to $340.45 billion in 2029 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to rising smartphone penetration, benefits from ease of transactions, the growing adoption of mobile and online payment methods, advancements in payment processing technologies and enhanced security measures, and convenient and secure ways to make transactions. Major trends in the forecast period include rapid technological integration, increasing digitalization techniques, innovations in smartphone payment technology, emerging markets and financial inclusion, and partnerships, and collaborations.
The forecast of 21.3% growth over the next five years reflects a modest reduction of 0.7% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through slower mobile payment adoption, as tokenization services and biometric authentication hardware, primarily sourced from China and Taiwan, become subject to supply chain disruptions. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The payment wallet market is poised for growth due to increasing digitalization. Digitalization involves converting information, processes, or objects into digital formats usable by computer systems for storage and manipulation. This shift is driven by efficiency gains, convenience, economic expansion, and meeting modern consumer expectations and connectivity needs. Payment wallets are integral to this digital transformation, revolutionizing financial transactions with digital technologies that streamline payments, enhance security, and offer greater user convenience. For example, in October 2023, Australia's digital activity surged by 8.6% to $10.9 billion, contributing to an overall economic growth of 11.7% in 2021-22, underscoring how digitalization propels the payment wallet market forward.
Leading companies in the payment wallet sector are focused on innovation, developing solutions such as digital wallets for digital identity and global finance. These electronic platforms securely store personal identification and financial information, enhancing security, functionality, and user experience. For instance, Worldcoin Inc., a US-based digital currency firm, launched the World App in May 2023 to expand digital identity and global financial services. This innovative digital wallet uses iris scanning for secure identity verification, offering decentralized identity creation, support for multiple cryptocurrencies, peer-to-peer payments, and cryptocurrency storage.
In April 2023, Fobi AI Inc., a Canada-based software company, acquired Passworks S.A. for approximately $5.47 million, aiming to bolster its global presence, access new markets, advance technology, and strengthen its position in the digital payment wallet segment. Passworks S.A., based in Portugal, specializes in digital mobile wallet solutions, further expanding Fobi AI Inc.'s capabilities in the digital payment wallet market.
Major companies operating in the payment wallet market are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Tencent Holdings Limited, American Express Company, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, WeChat Pay, Block Inc., Mercado Libre Inc., Alipay, MoneyGram International Inc., Paytm, Venmo, Early Warning Services LLC, kakaopay Corp., National Payment Corporation of India, Amazon Payments Inc., Dwolla Inc., Swish Maintenance Limited, Trupay
North America was the largest region in the payment wallet market in 2024. Africa is expected to be the fastest-growing region in the market going forward. The regions covered in the payment wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the payment wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The payment wallet market includes revenues earned by entities through peer-to-peer transfers, bill payments, digital wallet recharge, and cashback. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Payment Wallet Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on payment wallet market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for payment wallet ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The payment wallet market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.