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Digital Wallets: Platform Analysis, Key Trends & Market Forecasts 2023-2028

  • Report

  • July 2023
  • Region: Global
  • Juniper Research
  • ID: 5732249
The new Digital Wallets report presents an independent analysis of the current landscape and future development of this significant market. It provides a comprehensive study of the growth of the electronic wallets market, as well as the opportunities and challenges it presents. The report positions 15 vendors via the Competitor Leaderboard; providing an invaluable resource for stakeholders seeking to understand the complex landscape of this market. This report presents a comprehensive market forecast; providing extensive insights and actionable data across the below areas, split by 8 key regions and 60 countries:
  • Digital Wallet Users
  • Digital Wallet Transaction Volume
  • Digital Wallet Transaction Value
These metrics are split across key verticals:
  • In-store Retail
  • Money Transfer
  • Bill Payment
  • Ticketing
  • Remote Purchases

Key Statistics

  • $9tn - Transaction values in 2023
  • $16tn - Transaction values in 2028
  • 77% - Total growth 2023 to 2028
  • 2023-2028 - Forecast period

Key Features

Market Landscape: Provides an in-depth analysis of the current state of the market and its key trends, such as virtual cards. It also assesses the different use cases for electronic wallet apps including payment, ticketing, identity and crypto.

Key Takeaways & Strategic Recommendations: Key opportunities for mobile wallet providers are highlighted, and recommendations on how different providers must respond to take advantage of these. The key market trends are also analysed, making this section a must-read for digital wallet providers, and mobile money services.

Benchmark Industry Forecast: 5-year forecasts are provided for the number of users, transaction volume and transaction value of digital wallets. These are split by type, including in-store QR code, in-store NFC (Near-field Communication), domestic money transfer, international money transfer, online digital goods purchase, online physical good purchase, utility bill payment, and ticketing. The data is also split by 8 key regions and 60 countries:

North America:
  • Canada, US
Latin America:
  • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
West Europe:
  • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
Central & East Europe:
  • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
Far East & China:
  • China, Hong Kong, Japan, South Korea
Indian Subcontinent:
  • Bangladesh, India, Nepal, Pakistan
Rest of Asia Pacific:
  • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
Africa & Middle East
  • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates
Competitor Leaderboard: Key players capability assessing 15 digital wallet platform, white-label digital wallet, or digital wallet software providers, via the Competitor Leaderboard.
  • Cellum
  • Comviva
  • Ericsson
  • HolyWally
  • Huawei
  • Itexus
  • Netcetera
  • OBOPAY
  • OpenWay
  • SDK Finance
  • Seamless Distribution Systems
  • Soft Space
  • Velmie
  • Wallet Factory
  • Youtap

Research Deliverables

  • Market Data & Forecasting Report - The numbers tell you what's happening, but our written report details why, alongside the methodologies.
  • Interactive Forecast Excel - Full 5-year forecasts for every available market metric provided in Excel format, with interactive 'What If' and scenario tools.
  • harvest Online Data Platform - Access the very latest data in our exclusive online data platform, harvest. All the data from Excel, with frequent updates and a more user-friendly interface.
  • Market Trends & Strategies Report - A comprehensive analysis of the current market landscape, alongside strategic recommendations.
  • Competitor Leaderboard Report - Provides a visual representation of the competitive positioning of the leaders within the market.

Executive Summary

The total value of digital wallets transactions will rise from $9 trillion in 2023 to surpass $16 trillion in 2028, a rise of 77%. This trend is driven by growth across both developed and developing markets, as the increased adoption of advanced services such as BNPL (Buy Now Pay Later), microloans, and personal financial management drive end-user engagement. In a highly congested wallets landscape, diversifying digital wallets appeal to users is vital.

These advanced services are a key source of revenue growth for digital wallets. BNPL and microloans are allowing digital wallet providers to diversify their revenue. The popularity of BNPL, especially among younger consumers, will draw greater numbers of users, and generate additional revenue. This approach can be seen with Apple’s roll-out of numerous add-on services, including Apple Pay Later.

These advanced services give digital wallet providers an opportunity to differentiate themselves in a congested market and generate additional revenue. Super app strategies, which many digital wallets are pursuing, will rely on the effective deployment of advanced services at scale.

Security benefits are a key driver of digital wallet use in eCommerce in developed markets. Many consumers do not wish to enter card information online. With digital wallets, this issue is reduced, as tokenisation enables card and other payment information to be used in a highly secure way. As digital wallets become broader, including elements of digital identity, convenience will play a greater role; enabling wallet services to act as more of an all-inclusive app for financial wellbeing.

Companies Mentioned

  • Cellum
  • Comviva
  • Ericsson
  • HolyWally
  • Huawei
  • Itexus
  • Netcetera
  • OBOPAY
  • OpenWay
  • SDK Finance
  • Seamless Distribution Systems
  • Soft Space
  • Velmie
  • Wallet Factory
  • Youtap