The digital wallet market has been growing rapidly in recent years, with more and more consumers opting for cashless payment options. According to a report by Statista, the global digital payments market is expected to reach $6.7 trillion by 2023. This growth has led to increased competition among digital wallet providers, with each vying for a larger share of the market. In this article, we will analyze the digital wallet market share and the top regions for payment apps, based on insights from SDK.finance.
Digital Wallet Market Share
The digital wallet market is dominated by a few major players, including PayPal, Apple Pay, Google Pay, and Alipay. According to a report by eMarketer, these four companies accounted for 80% of the global mobile payment users in 2020. PayPal is the clear leader in the digital wallet market, with over 377 million active accounts worldwide. Apple Pay and Google Pay are also popular options, with 507 million and 150 million users respectively.
However, there are also many smaller players in the digital wallet market, including regional providers such as Paytm in India and WeChat Pay in China. These companies are gaining traction in their respective markets and are expected to continue growing in the coming years.
Top Regions for Payment Apps
The adoption of digital wallets varies greatly by region. According to a report by Capgemini, Asia-Pacific is the largest market for digital payments, accounting for 42% of global transaction volume. China is the clear leader in this region, with mobile payments accounting for 86% of all transactions in 2020. Alipay and WeChat Pay are the dominant players in China’s digital wallet market, with a combined market share of over 90%.
In Europe, digital payments are also becoming increasingly popular. The COVID-19 pandemic has accelerated the adoption of cashless payment options, with many consumers opting for contactless payments to avoid physical contact. According to a report by the European Central Bank, the use of cash for payments decreased by 10% in 2020, while the use of digital payments increased by 8%.
North America is another important market for digital wallets, with a high adoption rate among consumers. According to a report by eMarketer, mobile payment usage in the US is expected to reach 101.2 million users in 2021, up from 96.2 million in 2020. PayPal and Apple Pay are the most popular digital wallet options in North America.
Conclusion
The digital wallet market is growing rapidly, with consumers increasingly opting for cashless payment options. While a few major players dominate the market, there are also many smaller regional providers gaining traction in their respective markets. The adoption of digital wallets varies greatly by region, with Asia-Pacific leading the way in terms of transaction volume. As the world becomes increasingly digital, it is likely that the use of digital wallets will continue to grow, making it an important market for businesses to consider.
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- Source: https://zephyrnet.com/digital-wallet-market-share-exploring-the-most-promising-regions-for-payment-apps-sdk-finance/