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The must-have features in an E-Wallet App that can help users to make online payments easy and be used for much more than just payments, making it the best digital wallet.
Market Synopsis:With the emergence of e-commerce and online purchases, the procedure required for the payment system is also changing, forcing it to go digital due to which users migrated from cash payments to plastic card payments and now to contactless payments.
Since the scenario is still evolving a wide variety of names are used for such transactions such as e-money, digital money, micro-payments and many others.Many E- wallet services like paytm & free charge work through apps in smart phone.
Further, E-Wallet allows you to store multiple credit card and bank account numbers in a secure environment and eliminate the need to enter in account information during money transactions.
Placing smart phone within four inches of pay pad or contact less reader will prompt wallet or passbook for payment confirmation.Further, as per industry developments, In July 2017, Axis Bank acquired free charge e-commerce Company offering digital transactions.
The endless opportunities in this field inviting more players to invest in E-Wallet Market.The global E-wallet market is expected to grow at CAGR of 15% and estimated to reach market size of approximately USD 2,100 billion by the end of forecast period 2017-2023.Key Players:Market Research Future study identifies Alibaba Group Holding Ltd. (China), Apple, Inc. (U.S.), Citrus Payment Solutions (India), Google, Inc. (U.S.), MasterCard (U.S.), Oxigen Services India Pvt.
Ltd (India), PayPal Holdings (USA), Samsung Electronics Inc. (South Korea), and Visa (USA) as the key vendors in the global E-wallet market.Segments:For the purpose of this study, Market Research Future has segmented the Global E wallet market by type, by mode, by application and by region.By Type:Closed e-walletsSemi closed e-walletsOpen e-walletsBy Mode:Online PaymentM-wallet ( Mobile wallet )By Application:RetailTransportationEntertainmentBankingOthersBy Region:North AmericaEuropeAsia pacificRest of the world (ROW)Intended AudienceService providersSoftware DevelopersIT enablersCloud providersBanksStorage ProvidersSoftware InvestorsDatabase solutionsRegional Analysis:Geographically, North America followed by Europe formed some of the major regions contributing to the market growth.
As a result, further advances are now being aided by payment processing, and ePayment apps are coming to the forefront.
The success of ePayment apps like Paytm, Paypal, Venmo, PhonePe, MobiKwik, and several others continues to inspire other digital companies to follow suit.
More innovative and functionally superior e-wallet apps boast advanced technologies like Near Field Communication, Bluetooth, Beacon, QR code scanning, and Blockchain.
User-centric featuresAdministration panel featuresValue-added featuresUser-focused features These features essentially define and describe the user experience and user interactions in eWallet applications.
Managing user profilesThe eWallet administrator also manages the user profile and all transactions made through the eWallet daily.
Secondly, it facilitates the transaction by connecting to an NFC terminal or similar payment processing systems.