Report Overview

Juniper Research’s 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 Juniper Research 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
The research suite includes:
  • Market Trends & Strategies (PDF)
  • Competitor Leaderboard (PDF)
  • Data & Forecasts (PDF & Excel)
  • 12 Months Access to harvest Online Data Platform
Key Market Statistics
Transaction Values in 2023: $9 trillion
Transaction Values in 2028: $16 trillion
Total Growth 2023-2028: 77%
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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
  • Juniper Research Competitor Leaderboard: Key players capability assessing 15 digital wallet platform, white-label digital wallet, or digital wallet software providers, via the Juniper Research Competitor Leaderboard.
    • Cellum
    • Comviva
    • Ericsson
    • Finance
    • HolyWally
    • Huawei
    • Itexus
    • Netcetera
    • Obopay
    • OpenWay
    • Seamless Distribution Systems
    • Soft Space
    • Velmie
    • Wallet Factory
    • Youtap

Key Questions Answered

  1. What is the value of the digital wallets market today, and what will it be in 2028?
  2. What factors spur digital wallets’ adoption growth, both nationally and internationally?
  3. How can wallet providers maximise their future opportunities outside of core payments?
  4. Which digital wallet platforms will lead the market in 2023?
  5. How will the rise of central bank digital currencies impact the digital wallets market?

Companies Referenced

Interviewed: Comviva, Ericsson, HolyWally, Huawei, Netcetera, OpenWay, Soft Space, Velmie, Wallet Factory.
Case Studies: Gojek, UIDAI (Unique Identification Authority of India).
Included in Juniper Research Competitor Leaderboard: Cellum, Comviva, Ericsson, HolyWally, Huawei, Itexus, Netcetera, Obopay, Openway, SDK Finance, Seamless, Soft Space, Velmie, Wallet Factory, Youtap.
Mentioned: AirAsia, Airtel, Amazon, ASBANC BIM, Belize Bank, Bill & Melinda Gates Foundation, bKash, Cathay United Bank, Coinify, Curve, du, Exberry, FamilyMart, Galileo, Grameenphone, Hibiscus Fund, Inwi Money, JazzCash, JCB Co Ltd, JIVF, Jumio, KBZPay, Lufthansa, Mambu, Mastercard, MFS Africa, Mobily Pay, MoneyGram, Monzo, motionQR, MOVii, MPAY, M‑PESA, Mubble, Nexi, Nokia, Ooredoo, Oracle, Orange, OTP Bank, Payment Services Austria GmbH, Piraeus Bank, Raiffeisen Bank, Revolut, Shufti Pro, SIX Group , Somtel, Southern Capital Group, Sumitomo Mitsui Card Company, Tcell, telebirr, Telekom Hungary, Telenor, TerraPay, Thales, Tmcel mKesh, transcosmos, TransferTo, TransferWise, Union Bank of India, Visa, Vodacom, Vodafone, Western Union, Worldline, Yettel, Zain.

Data & Interactive Forecast

The forecast has several key splits, giving an extensive coverage of the quickly developing market:
  • Utility Bill Payment
  • Remote Payments
  • Ticketing
  • International Money Transfer
  • Domestic Money Transfer
  • Digital Goods
  • In-store Retail Payments
Geographical splits: 60 countries
Number of tables: Over 140 tables
Number of datapoints: Over 60,000 datapoints

harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform enabling clients to better understand key data trends and manipulate charts and tables; overlaying different forecasts within the one chart – using the comparison tool. Empower your business with our market intelligence centre, and receive alerts whenever your data is updated.

Interactive Excel (IFxL): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the interactive scenario tool and compare selected markets side by side in custom charts and tables. IFxl greatly increase a client’s ability to both understand a particular market and to integrate their own views into the model.

Forecast 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.
  • Advanced services are a key source of revenue growth for digital wallets. Advanced services, such as BNPL or 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.
  • 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.

Full Research Suite


Full Research Suite

  • Competitor leaderboard report (pdf)
  • Market trends & strategies report (pdf)
  • Market data, forecasts and analysis report (pdf)
  • Market data, forecasts and interactivity (xls)
  • Quarterly updates to market data & forecasts (pdf, xls)
  • harvest market data platform (12 months’ online access)  - find out more

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Research FAQs

What is the size of the digital wallets market?
What are the biggest competitors to digital wallets?
What is a digital wallet?

Research Details

Juniper Research
Michael Greenwood
Fintech & Payments
8 Key Regions - includes North America, Latin America, West Europe, Central & East Europe, Far East & China, Indian Subcontinent, Rest of Asia Pacific and Africa & Middle East
Algeria, Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, South Korea, Kuwait, Malaysia, Mexico, Nepal, Netherlands, New Zealand, Nigeria, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russian Federation, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, UK, Uruguay, USA, Vietnam