Digital wallet use on the rise
A new study from Juniper Research has found that the total number of digital wallet users will exceed 5.2 billion globally in 2026, up from 3.4 billion in 2022; representing strong growth of over 53%.
The research predicts that the presence of ‘superapps’ will drive digital wallet use in developing countries that are currently considered cash heavy.
Superapps are multipurpose apps able to integrate digital payments alongside other services, including wealth management and eCommerce.
Research co-author Damla Sat said: “These rapidly growing markets represent a significant opportunity for digital wallet vendors, but they must work intelligently to maximise their position. A highly competitive wallets’ landscape means that vendors must differentiate themselves by integrating machine learning to provide spending insights and introduce new services such as wealth management to add value.”