Digital Wallet Global Market Report 2024

The digital wallet market size has grown rapidly in recent years. It will grow from $39.77 billion in 2023 to $47.71 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth observed during the historic period can be attributed to several factors. These include the increase in e-commerce transactions, a noticeable shift towards cashless payment methods, the proliferation of mobile devices and widespread adoption of smartphones, heightened emphasis on security measures and fraud prevention in digital transactions, and the convenience offered by peer-to-peer transaction capabilities. These elements collectively contributed to the expansion and development of digital wallets and their usage during this period.

The digital wallet market size is expected to see rapid growth in the next few years. It will grow to $97.54 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. Anticipated growth in the forecast period is linked to several key factors. These include the widespread adoption of contactless payments and NFC (Near Field Communication) technology, the expanding global reach of mobile banking services, integration capabilities with reward programs, the emergence and adoption of central bank digital currencies (CBDCs), and the increasing volume of cross-border transactions and remittances. Key trends expected in this period encompass the integration of wearable technology with digital wallets, a heightened focus on financial inclusion initiatives, the incorporation of Artificial Intelligence (AI) into digital wallet functionalities, facilitation of cross-border transactions, and strategic collaborations between digital wallet providers, merchants, and various platforms to enhance and expand services.

The expansion of digital transactions is anticipated to be a driving force for the growth of digital wallet markets. These transactions, conducted online over the Internet, represent a prevalent payment strategy for electronic money transfers and fund settlements. Digital wallets, in the form of mobile apps, have become the preferred tool for online payments, offering a secure means for users to complete transactions without entering card information or carrying physical cards. Additionally, digital wallets securely store virtual debit and credit card equivalents, as well as electronic tickets and coupons. In July 2023, the Office for National Statistics reported an increase in internet sales as a percentage of total retail sales from 26.7% in 2022 to 29.6% in 2022 in the UK. Meanwhile, the Indian Ministry of Electronics & IT noted a rise in digital transactions from 8,840 crore (88,400 million) in FY 2021-22 to 9,192 crore (91,920 million) in FY 2022-2023 in India. This surge in online transactions is propelling the demand for digital wallet solutions.

The growth of digital wallet markets is further fueled by the diverse range of payment methods available. Payment methods encompass various channels and systems used for financial transactions, including traditional methods such as cash and checks, as well as digital options such as credit cards and online transfers. Digital wallets contribute to the diversification of payment methods by providing a secure and convenient platform for users to manage and utilize their payment information across a broad spectrum of digital transactions. In the United States, the Federal Reserve System reported significant growth in the value of diverse payment methods in 2021, reaching $128.51 trillion in noncash payments, reflecting a 9.5% annual increase since 2018. The dynamic landscape of diverse payment options, including card payments totaling $9.43 trillion, demonstrates the evolving nature of digital payments in the modern era, driving the demand for digital wallets.

Technological applications are emerging as a key trend in the digital wallet market, with major companies introducing innovative solutions to maintain their market position. Worldcoin Inc., a U.S.-based developer of a digital currency platform, exemplifies this trend by launching the World App in May 2023. This digital wallet is designed to enable users to create a decentralized identity and access financial services. Leveraging iris scanning for identity verification, the World App offers enhanced security compared to traditional methods. With features such as decentralized identity, secure iris scanning, support for multiple cryptocurrencies, peer-to-peer payments, and cryptocurrency storage, this innovative application aligns with the evolving technological landscape of the digital wallet market.

Major companies in the digital wallet market are actively engaged in product innovation, introducing first-of-its-kind digital wallet mobile applications to gain a competitive edge and broaden their customer base. A digital wallet mobile application is a software application designed for smartphones and other mobile devices, offering users a platform to securely store, manage, and conduct financial transactions. An example of such innovation is Moldcell's launch of the first-of-its-kind digital wallet called 'Moldcell Money' in March 2023. Moldcell, a Moldova-based mobile telecommunications operator, collaborated with Comviva to introduce this digital wallet, which provides a wide range of financial services, including payments, loans, and government transactions. Moldcell Money distinguishes itself by its accessibility across any mobile network, the ability to make payments with Moldcell numbers, and secure transfer options, providing users with a comprehensive and convenient solution for digital transactions.

In April 2023, Fobi AI Inc., a Canadian software company, completed the acquisition of Passworks S.A. for $547,160. This strategic move by Fobi AI Inc. is geared towards broadening its international presence, accessing a new customer base, fostering technological innovation, and fortifying its standing within the digital wallet market. Passworks S.A., headquartered in Portugal, specializes in offering digital mobile wallet solutions catering to consumer needs.

Major companies operating in the digital wallet market report are BharatPe, Paysafe Limited, Paytm, Venmo, Payoneer, Amazon Pay, TransferWise, PhonePe, GoPay, Google LLC, PhonePe Private Limited, FreeCharge, Skrill, Mobikwik, Starbucks App, PayPal Holdings Inc., Square Cash, Fiserv Inc., Dwolla, Paysera, Visa Inc., Payza, Samsung Pay, Alipay.com Co Ltd., Apple Pay, Stripe, Revolut, M-Pesa.

North America was the largest region in the digital wallet market in 2023. The regions covered in the digital wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary categories of digital wallets include proximity and remote solutions. Proximity technology utilizes sensors, wireless communication, and related technologies to identify and interact with nearby objects or individuals. It encompasses both on-premises and cloud-based deployments. These digital wallet solutions find application across various industry sectors, including education, gaming, information technology, telecommunications, aerospace and defense, legal services, media and entertainment, automotive, banking, financial services, insurance, consumer goods, and other sectors.

The digital wallet market research report is one of a series of new reports that provides digital wallet market statistics, including digital wallet industry global market size, regional shares, competitors with a digital wallet market share, detailed digital wallet market segments, market trends and opportunities, and any further data you may need to thrive in the digital wallet industry. This digital wallet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital wallet market includes revenues earned by entities by providing services such as payment processing services, online shopping services, contactless payments services, bill payments, financial management services, and cryptocurrency services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.