Popular e-wallets in Asia
The market size of mobile transactions in the Far East and China is now $4 trillion, projected to reach $5.7 trillion by 2025. This makes the region dominant in terms of mobile wallet usage, even with a growth rate that is forecasted to be relatively slow in future years compared with other less-established regions.
Here are some of the top e-wallets in Asia:
Alipay is an online payment platform founded in 2004 in Hangzhou, China. Today, it’s one of the world’s largest payment service companies, serving 900 million domestic users.
WeChat Pay is a digital e-wallet service that has been incorporated into WeChat, China’s leading social media platform. Thanks to WeChat Pay, more than 900 million customers can easily make payments within the WeChat application.
This Indian e-wallet covers many online use cases such as mobile recharges, utility bill payments, travel, and others. With 350 million lifetime registered users, one-in-four people in India use PhonePe – a number that will surely rise as the number of e-commerce users in the country grows.
Popular e-wallets in Europe
The European digital wallet market is on the rise and predicted to reach $708 billion in 2025. Europe’s largest e-commerce markets are the UK, Germany, France, Spain, Russia, and the Netherlands – although many of the larger Eastern European countries (such as Poland and Romania) are also becoming a more important part of the landscape, and will be a big part of driving the continent’s e-commerce growth in the years to come. Across Europe, e-wallets are estimated to register a CAGR of more than 30% between 2020 and 2025.
This American online payment method offers global coverage in its services that support online money transfers. Used by more than 377 million people around the world, PayPal was one of the first electronic alternatives to traditional banking products.
Used by 100 million people in Europe and beyond, Google Pay is a mobile payment solution that simplifies and secures purchases made with Android phones. With Google Pay, merchants can easily accept payments for physical goods and services and get access to the customer’s shipping and payment information stored in their Google account.
This mobile payment and digital wallet service offered by Apple Inc. allows consumers to make purchases on their iPhones, iPads, or Mac computers. Over 65 million consumers use Apple Pay to avoid lengthy checkout forms and pay with a touch or glance.
Popular e-wallets in North America
A recent report from McKinsey showed that 82% of Americans now rely on some form of digital payment, including digital and mobile wallets as well as BNPL (Buy Now Pay Later) and cryptocurrency.
With online sales expected to reach $12.5 billion by 2023, Mexico is also home to a growing e-commerce ecosystem. And in Canada, 53% of respondents in a 2020 survey by the Canadian interbank network Interac reported increasing their use of digital payments in 2020.
It should be noted that many of the popular e-wallet providers in North America are also popular in Europe (and vice versa) – services like Apple Pay, Google Pay, and Amazon Pay predictably have a global following. Click to Pay, a digital wallet developed jointly by the major credit card companies, is also used on both sides of the Atlantic.
In addition to Apple Pay, Google Pay, and PayPal, here are some of the other top digital wallets in North America:
Used by over 5 million merchants, Amazon Pay is an online payment service backed by the tech giant Amazon. It helps to create a fast and secure checkout experience for customers around the world.
Click to Pay
Customers use Click to Pay to store their card information and billing and shipping details when shopping online with merchants who offer Click to Pay at checkout.