Global Smart Connected Wallets Market: Overview
The global smart connected wallets market is displaying impressive growth, and is likely to continue doing so in the future. The expanding number of retail channels, with e-commerce setting new trends for retail sales is the foremost factor driving the global smart connected wallets market.
A smart connected wallet refers to an electronically connected service that allows user of the service to make electronic transactions. Both brick and mortal as well as online retailers are mostly equipped for transactions made via smart connected wallets.
The report delves into each and every aspect that could make an impact on the growth of smart connected wallets market over the forecast period. This includes demand drivers, restraints, and opportunities in the smart connected wallets market. Overall growth rate projections and market share of key segments in the smart connected wallets market presented are key features of this report. A detailed analysis of the competitive hierarchy and how it is expected to change over the forecast period are some other highlights of this report.
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Global Smart Connected Wallets Market: Key Trends
Firstly, the exponential growth of e-commerce is positively impacting the smart connected wallets market. In particular, in emerging economies, e-commerce has been well-received, which has been perceived to be a leap from traditional methods of retailing. E-commerce provides a platform for small retailers and startups that do not have the capital to invest in a brick and mortal setup. On the consumer side, e-commerce is serving to be a boon that allows practically every item for everyday functioning to be purchased from the comfort of their homes. Smart connected wallets allow consumers with a host of options to complete transaction for a purchase made online. Paytm, Mobikwik, PayUMoney, and citrus are some of the widely used smart connect wallets used worldwide.
In emerging economies, increasing urbanization coupled with consumerism is leading to an adoption of modern means for everyday functioning. This includes use of technology for transport, banking, grocery, and even healthcare. Such lifestyle changes are boosting the smart connected wallets market in emerging economies.
The increasing security concerns of debit card and credit card transactions is also boosting the adoption of smart connected wallets. Smart connected wallets guarantee higher security with reduced risk of data breach. For example, transaction made using Paytm involves a unique QY code that the payer has to attach with the transaction to complete it successfully. Debit cards and credit cards lack such features, and instead require card details to be furnished to compete a transaction.
Global Smart Connected Wallets Market: Geographical Analysis
The global smart connected wallets market could be segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America, presently is a key region for smart connected wallets. The growing number of startups in the region offer innovative smart connected wallets that can be used for both online and offline sales.
However, Asia Pacific is emerging as a key region for smart connected wallets. The increasing popularity of e-commerce coupled with ceaseless Internet penetration in emerging economies is bolstering the smart connected wallets market in the region.
Global Smart Connected Wallets Market: Competitive Overview
Key companies operating in the global smart connected wallets market include Ekster Wallets, Revol, WOOLET.CO, NXT-ID, and Walli Wearables.