Digital Wallet Market Segmentation Application, Technology & Forecast 2025

Posted by Katheine Silway on May 10th, 2021

Wallet in general refers to a purse or folding case for holding money and personal information safely. Digital or electronic wallet is referred to an internet or electronic based payment system that stores both financial value as well as personal identity related information in a mobile or computer. This helps an individual in making electronic transactions and purchasing items by a computer or a smartphone from a virtual store. Bank account of an individual can also be linked to the digital wallet along with the driver’s license, loyalty card or other ID documents that are stored on phone. These digital wallets are increasingly being made not just for normal financial transactions but also for authentication of the holder’s credentials having both software as well as information component. The software related to these wallets provide security by encrypting personal information for the real transactions. Mostly, digital wallets are stored, easily self-maintained and are fully compatible with most e-commerce web sites. The information component is actually a database of user-input information with server-side digital wallets being used for enhanced security, efficiency, and added utility increasing the overall satisfaction of purchase. This further helps in promoting a cashless economy has seen immense growth in these years. The global market for digital wallet has been segmented on the basis of type, application and geography. Based on type the market has been segmented into open, closed and semi-closed wallets. In addition to this, retail, healthcare, IT and education among others formed the major application areas of this market.

Some of the key players present in the global digital wallet market include:

Apple (The U.S.), Samsung Corporation (The U.S.), Google Inc. (The U.S.) and Microsoft Corporation (The U.S.) among others.