Which Countries Are Leading Digital Wallet Adoption in 2024?
Our latest data shows that the number of digital wallet users worldwide will rise from 4.3 billion in 2024 to 5.8 billion by 2029; a 35% increase over the next five years. This growth is driven by the expanding range of use cases that digital wallets serve, like online shopping, peer-to-peer transfers, and bill payments, which are making them more appealing to consumers. Far East & China is expected to lead this trend, reaching around 1.6 billion users by 2029, showing just how well-integrated digital wallets have become in everyday financial activities in these markets.
We also anticipate significant growth in Africa & the Middle East, where the number of users will jump from 605 million in 2024 to over 950 million by 2029. While no countries from this region are featured in the above infographic, it still ranks as the third-largest market for digital wallets, following Far East & China and Indian Subcontinent.
Mobile money solutions are a big part of this growth, especially given the cash-based nature of many economies in the region. By using agent networks, mobile money providers enable people to convert cash into digital currency, allowing them to transact digitally without needing a bank account. Since the cost of opening a bank account is relatively high, many people in this region remain unbanked, leading them to choose financial services that don't require traditional banking. As digital wallets continue to bridge these gaps, their role in transforming global payment habits is becoming increasingly undeniable.
Source: Global Digital Wallets Market 2024-2029
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