In this article, we will be taking a look at the digital wallet industry, its current dynamics, and some key competitors in the market. If you wish to skip our detailed analysis, you can move directly to the 5 Biggest Countries Where You Can Use Google Wallet.
The Google Wallet
Alphabet Inc.’s (NASDAQ:GOOG) Google launched the Google Wallet in July 2022. Digital wallets like the Google Wallet are becoming increasingly popular as they serve to be a convenient alternative to carrying cash, debit, or credit cards to make payments.
The original Google Wallet was first introduced in the United States which allowed users to make point-of-sale purchases. A separate app for Android users was then launched, named Android Pay. Finally, both Google Wallet and Android Pay were merged into a unified online payment service Google Pay. Recently in 2022, Google Pay was rebranded as Google Wallet. This digital wallet helps store payment cards or various kinds of passes like loyalty cards, transit passes, event tickets, digital identification cards, and health passes for its users.
The Digital Payments Industry: An Analysis
According to a report by Grand View Research, the global digital payment market was valued at $81.03 billion in 2022 and is expected to grow at a compound annual growth rate of 20.8% from 2023 to 2030. The market is projected to reach $361.30 billion by 2030.
With a rise in the penetration of smartphone technology, digital payments have been common around the globe. These payments are being made both online as well as in-store using digital wallets which store credit and debit card information for buyers. On September 7, the Consumer Financial Protection Bureau reported that there were approximately $300 billion worth of transactions on digital wallets such as Apple Inc.’s (NASDAQ:AAPL) Apple Pay, Samsung Electronics Co. Ltd.’s (OTC:SSNLF) Samsung Pay, and Alphabet Inc.’s (NASDAQ:GOOG) Google Pay, alone in the United States in recent years. This number has also been projected to grow by more than 150% by 2028.
Currently, Apple Inc.’s (NASDAQ:AAPL) Apple Pay and Alphabet Inc.’s (NASDAQ:GOOG) Google Wallet dominate the market. However, there is a need to regulate these giants to enable innovation and free competition in the market. On September 7, Bloomberg reported that the Consumer Financial Protection Bureau (CFPB) warned tap-to-pay systems such as Apple Inc.’s (NASDAQ:AAPL) Apple Pay and Alphabet Inc.’s (NASDAQ:GOOG) Google Wallet to promote open banking, without restricting users from trying new and better payment options. For instance, Apple Inc. (NASDAQ:AAPL) doesn’t allow other payment systems to work on iOS devices. Thus, CFBP is looking into policies that could restrict companies from blocking competitors from penetrating the user base thereby enabling transparent payment transactions.
Rising Competition in the Digital Wallet Industry
In an industry that supports electronic financial transactions, the level of rivalry is intense. Google Wallet is subject to competition from big names such as Apple Inc.’s (NASDAQ:AAPL) Apple Pay, Payoneer Global Inc. (NASDAQ:PAYO), and PayPal Holdings, Inc.’s (NASDAQ:PYPL) Venmo.
Apple Pay is a payment service provider from the tech giant Apple Inc. (NASDAQ:AAPL). It enables users to pay online or in person through a two-factor authentication using face ID, pin, passcode or touch ID. It is readily available for use as soon as the credit or debit card is added to the wallet app on the Apple device. It also has a digital card named Apple Cash which stores the cash users wish to send or receive.
In June 2023, Apple Inc. (NASDAQ:AAPL) announced several new additions to its payment system. This includes a new API that supports transferring funds with Apple Inc.’s (NASDAQ:AAPL) Apple Pay. It allows a funds transfer to be requested by the app from the payment provider. Users can select a payment card they wish to receive funds to, from their bank account.
Another known mobile payment services provider currently performing well in the market is Payoneer Global Inc. (NASDAQ:PAYO). It is based in New York and helps users with online payments and international fund transfers. Users can send and receive funds using a digital wallet. The received money can be used online or in-store with a Payoneer debit card.
On August 8, Payoneer Global Inc. (NASDAQ:PAYO) reported earnings for the fiscal second quarter of 2023. The company reported earnings per share of $0.09 and outperformed EPS estimates by 0.05%. The company’s revenue for the quarter amounted to $206.7 million, up 40% year over year, as compared to revenue of $148.2 million in the same quarter last year.
Payoneer Global Inc. (NASDAQ:PAYO) has been trying to expand its operations. On August 15, the company reported that Payoneer Singapore Private Limited, a subsidiary of Payoneer Global Inc. (NASDAQ: PAYO), has secured a Payment Institution License from the Monetary Authority of Singapore which will allow it to expand its services related to local or international transfers and issuance of accounts in Singapore with ease.
Venmo is an exclusive product from PayPal Holdings, Inc. (NASDAQ:PYPL). It allows users to transfer money through a mobile app. It is only available for users in the United States who need to connect their bank account with the app or simply get a Venmo Mastercard to make payments. Venmo users are also capable of sending up to $2,999.99 over a week. On July 26, the company reported its partnership with Microsoft Corporation (NASDAQ:MSFT) under which customers making purchases on the Microsoft store can pay with ‘Venmo Pay Later’. Venmo Pay Later is a service that allows users to make payments in installments thereby enabling a flexible and convenient payment process.
Thus, the digital wallet market comprises several payment service providers other than Alphabet Inc.’s (NASDAQ:GOOGL) Google Wallet. Some prominent digital wallets include Apple Inc.’s (NASDAQ:AAPL) Apple Pay, Payoneer Global Inc. (NASDAQ:PAYO), and PayPal Holdings, Inc.’s (NASDAQ:PYPL) Venmo.
Now that we have analyzed the digital wallet industry and what the big players in this market are up to, we can examine the 25 biggest countries where you can use Google Wallet.
Methodology
In order to create a list of the 25 biggest countries where you can use Google Wallet, we carried out extensive research. First, we acquired a list of all the countries where Google Wallet works. This data was taken from the official Google Wallet Help Center. Moving on, we used the total population as a metric to measure the respective size of all countries. Total populations were sourced from the World Bank. Finally, we shortlisted the top 25 countries where Google Wallet is available and ranked them in an order of ascending population in millions, as follows:
25 Biggest Countries Where You Can Use Google Wallet
25. Netherlands
Total Population: 17.7 million
The Netherlands is among the 25 biggest countries where Google Wallet can be used. Contactless payments can be made through Google Wallet in the country. It is available for Wear OS and Fitbit devices as well.
24. Ecuador
Total Population: 18.0 million
Another country where Google Wallet is available for use is Ecuador. It is the first Andean country to have this service. The rate of digital transactions in Ecuador is increasing which further supports the service.
23. Romania
Total Population: 18.9 million
People in Romania can save and access their payment cards through Google Wallet. Thus, the country is among the biggest countries where Google Wallet has been enabled. Cards such as Edenred Romania’s Mastercard Prepaid, Exim Banca Romaneasca’s Mastercard Credit and Debit, and First Bank’s Visa Credit and Debit are supported by Google Wallet in the country.
22. Chile
Total Population: 19.6 million
The list of one of the biggest countries to have Google Wallet includes Chile. Some banks compatible with Google Wallet in Chile include Ripley Bank, BICE Bank, and Banco Falabella.
21. Kazakhstan
Total Population: 19.62 million
Kazakhstan also allows the use of Google Wallet to make contactless payments wherever they are accepted in the world. Partner banks of Google Wallet in the country include Altyn Bank, Eurasian Bank, and Forte Bank.
20. Taiwan
Total Population: 23.9 million
The Chinese city of Taiwan enables its residents to make payments through Google Wallet’s collaboration with many different banks such as Chinatrust Bank, Taiwan Cooperative Bank, and Union Bank of Taiwan, making the country one of the biggest countries where you can use Google Wallet.
19. Australia
Total Population: 25.9 million
Google Wallet also operates in Australia. In store, online, and in app payments can be made through Google Wallet in the country. Banks supporting the service include Amex, Commonwealth Bank of Australia, and Bank of Melbourne.
18. Malaysia
Total Population: 33.9 million
Google Wallet is also operational in Malaysia. Initially, it was launched in the country in partnership with 4 Malaysian banks including CIMB Bank, Hong Leong Bank, and Public Bank.
In addition to Alphabet Inc.’s (NASDAQ:GOOGL) Google Wallet, Apple Inc.’s (NASDAQ:AAPL) Apple Pay, Payoneer Global Inc. (NASDAQ:PAYO), and PayPal Holdings, Inc.’s (NASDAQ:PYPL) Venmo also dominate the digital wallet market.
17. Poland
Total Population: 37.5 million
Google Wallet can also be used in Poland. Several banks supporting Google Wallet in the country include Aion Bank, Alior Bank, and Biz Bank.
16. Ukraine
Total Population: 38.0 million
Digital wallets like Google Wallet help people in Ukraine to have quick access to their payment cards. Accordbank, Altbank, and Concord Bank support Google Wallet in Ukraine.
15. Canada
Total Population: 38.9 million
Canada is ranked as one of the biggest countries to have access to Google Wallet. Acadian Credit Union, Bank of Montreal, and Canadian Imperial Bank of Commerce are among compatible banks.
14. Argentina
Total Population: 46.2 million
Cards of certain Argentinian banks such as Belo, Buenbit and Daruma work with Google Wallet to facilitate transactions. Thus, Argentina is among the biggest countries to have access to Google Wallet’s services.
13. Spain
Total Population: 47.6 million
Spain is another country where Google Wallet has been enabled for use. A lot of banks help users make payments through Google Wallet in the country. Some of them include Openbank, Railsbank, and Liberbank.
12. Colombia
Total Population: 51.8 million
Colombia also makes it to the biggest countries where Google Wallet is available. Nubank, Nequi, and Bancolombia S.A. allow the use of this digital wallet in the country.
Some of the top competitors of the Google Wallet include Apple Inc.’s (NASDAQ:AAPL) Apple Pay, Payoneer Global Inc. (NASDAQ:PAYO), and PayPal Holdings, Inc.’s (NASDAQ:PYPL) Venmo.
11. Italy
Total Population: 58.8 million
Italy is also known to be one of the biggest countries where Google Wallet was launched. Banca Sella, Citibank, and Deutsche Bank Italy are some of the banks in Italy that enable their card owners to use Google Wallet.
10. South Africa
Total Population: 59.8 million
Absa Bank Limited, Investec Bank Limited, and Nedbank allow the use of Google Wallet in South Africa through which users can add their bank account card information to Google Wallet and then make transactions.
9. United Kingdom
Total Population: 66.9 million
The people of the United Kingdom also tend to use Google Wallet. Multiple banks help them do so including Barclays, Chase Bank, and Danske Bank. Thus, the UK is among the biggest countries where Google Wallet can be used.
8. France
Total Population: 67.9 million
France is one of the biggest countries where Google Wallet can be accessed. Edenred France, Boursorama Banque, and Memo Bank support this digital payment system in France.
7. Thailand
Total Population: 71.6 million
Google Wallet can be accessed in Thailand. Bangkok Bank, Krungthai Bank, and True Money are among the banks that allow the use of Google Wallet in the country.
6. Germany
Total Population: 84.0 million
The biggest countries where Google Wallet is available also include Germany. Advanzia Bank, Commerzbank, and Hanseatic Bank are several banks that allow the use of Google Wallet in the country.
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Disclosure: None. 25 Biggest Countries Where You Can Use Google Wallet is originally published on Insider Monkey.