The total spend via digital wallets will exceed $10trn in 2025, according to new research from Juniper Research.
That would be up from $5.5trn spent via digital wallets in 2020. The research found this dramatic 83% growth in spend will be fuelled by the heightened adoption of digital payments during the pandemic.
Contactless and e-commerce payments are expected to make up half of the total global digital wallet transactions in 2025, up from 36% in 2020.
“Merchants must base their payment strategies around wallet acceptance in order to support a digitally-engaged addressable market, but must also judge the right wallets to target, or they will be lumbered with increased costs and limited benefits,” said Alexandria Sadler, co-author of the report.
The report also partly attributed the rise of digital wallet transactions to the growing popularity of going cashless during the pandemic.
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