Digital Wallets: Market Forecasts, Key Opportunities and Vendor Analysis 2022-2026

• Trends Analysis: Detailed analysis of each digital wallets segment, coupled with insights on market trends and the barriers to further adoption.
• New Opportunities & Strategy Recommendations: Analysis of key opportunities, including buy now pay later and digital identity, accompanied by key strategic recommendations for stakeholders.
• Benchmark Industry Forecasts: Including forecasts for digital wallets users, transaction volumes and transaction values, split by region, transaction type and for in-store payments by QR codes and NFC. Data is split by our 8 key regions and 60 countries, including:
  • 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 player capability and capacity assessment for 22 digital wallets vendors, together with our Competitor Leaderboard:
  • Alipay
  • Amazon Pay
  • Apple Pay
  • Du Xiaoman Pay
  • Fitbit Pay
  • Garmin Pay
  • Google Pay
  • Huawei Pay
  • LINE Pay
  • Masterpass
  • Mi Pay
  • M-PESA
  • MTN Mobile Money
  • Orange Money
  • PayPal
  • Paytm
  • Rakuten Pay
  • Samsung Pay
  • Skrill
  • Visa Checkout
  • WeChat Pay
  • YooMoney

1. What is the value of the digital wallets market today, and what will it be in 2026?
2. What factors will spur digital wallets adoption growth, both nationally and internationally?
3. How can wallet providers maximise their future opportunities outside of core payments?
4. Who are the most successful players in the space, and why?
5. What role will cryptocurrency play in the future?

Interviewed: Giesecke+Devrient.
 
Case Studied: Boku, Giesecke+Devrient, Skrill.
 
Included in Juniper Research Competitor Leaderboard: Alipay, Amazon, Apple, Du Xiaoman, Fitbit, Garmin, Google, Huawei, LINE, Mastercard, Mi Pay, M-PESA, MTN Mobile Money, Orange, PayPal, Paytm, Rakuten, Samsung, Skrill, Visa, WeChat, YooMoney.
 
Mentioned: ACI Worldwide, Adidas, Adyen, Affirm, Afterpay, Airtel, Alibaba, Alphabet, American Express, Ant Group, AT&T, Bank of Africa, Bank of America, Bank of Nanjing, Bank of Tianjin, Barclays, BBVA Compass, Berkshire Hathaway, Best Buy, BetWildwood, BigCommerce, Binance, BNP Paribas, Boku, Capital One, CBA (Commercial Bank of Africa), Chase, China Everbright Bank, Citi, Clickatell, Clova, Coin, Curve Pay, Discover, DSTV, eBay, Ecobank, Fillr, First Data, FitPay, Flutterwave, Gojek, Grab Pay, Green Dot, Groupon, Halifax, Harbin Bank, HSBC, Huabei, Indian Railway Catering and Tourism Corporation, JCB, JPMorgan Chase, Jumia, Kakao Pay, Kenya Airways, Klarna, Leeds United Football Club, Lloyds Bank, LoopPay, Maestro, MakeMyTrip, Microsoft, Milan Football Club, Mobikwik, Monzo, Morgan Stanley, M-Shwari, MYbank, N26, NatWest, One97 Communications, PayPay, PaySafe, PhonePe, Qualcomm Ventures, RBS, Redbus, Revolut, Safaricom, SAIF Partners, Santander, Sapphire, Sberbank, Shopify, SoftBank Capital, Spreedly, Starling Bank, Statista, Stripe, Telma, TfL (Transport for London), The Cooperative Bank, TransferWise, TSB, Uber, UK Government’s Department for International Development, UniCredit, US Bank, USelf, Vivaticket, Vodacom, Vodafone, Walmart, WeBank, Wells Fargo, Western Union, WhatsApp, Worldpay, WorldRemit, Xiang Hu Bao, YouTube, Yu’e Bao, Zapper, Zhima Credit.
 

Juniper Research’s Digital Wallets forecast suite includes:

• Digital wallets user numbers, average usage levels, total transaction volumes, average transaction price and total transaction value.
• Data split by two device styles (mobile and desktop/laptop) and by eight transaction types:
  • In-store, NFC
  • In-store, QR Code
  • Online, Physical Goods Purchases
  • Online, Digital Goods Purchases
  • Domestic Money Transfers
  • International Money Transfers
  • Ticketing
  • Utility Bill Payment
• Interactive Scenario Tool allowing users to manipulate Juniper Research’s data for 10 different metrics.
• Access to the full set of forecast data of more than 135 tables and over 61,500 datapoints.

Geographical splits: 60 countries

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 get alerted whenever your data is updated.

Interactive Excels (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 customised charts and tables. IFxls greatly increase a clients’ ability to both understand a particular market and to integrate their own views into the model.

The value of digital wallets transactions will exceed $12 trillion in 2026, from $7.5 trillion in 2022. To capitalise on this substantial growth, leading digital payment vendors will diversify their payment products to include new solutions, such as buy now pay later and cryptocurrencies.

• Increasing merchant acceptance of digital wallets methods at eCommerce checkouts has been a driving force behind enabling further digital wallet use. APIs (Application Programming Interfaces) that connect financial institutions to local retailers would be key to the international growth of digital wallets usage for large, cross-border eCommerce merchants.
• Digital wallets vendors must look to offer value-added services, such as loyalty rewards and credit, to diversify their revenue streams; capitalising on a highly active user base.