Digital Wallet Users to Exceed 5 Billion in 2028 Globally

A new study from Juniper Research, the foremost experts in payment markets, has found the number of digital wallet users globally will exceed 5.4 billion in 2028; rising from 3.7 billion in 2023. This 46% growth reflects transition towards offering more advanced financial services; driving strong user growth.

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Juniper Research Competitor Leaderboard Digital Wallet Vendors (Graphic: Business Wire)

The new report, Digital Wallets: Platform Analysis, Key Trends & Market Forecasts 2023-2028, part of Juniper Research’s Emerging Payments Market Intelligence Centre, offers the most reliable source of data for the market. Download a free sample.

Who Are the Leading Digital Wallet Platforms?

Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 15 leading digital wallet platforms across a number of criteria, including range of payments facilitated, innovation and future business prospects.

The top five leaders for 2023 are:

1. Ericsson
2. Comviva
3. Huawei
4. Netcetera
5. OpenWay

Competitor Leaderboard Findings & Recommendations

The market leaders were identified as offering more advanced financial services through their platforms; widening services their customers can offer and opening up new revenue opportunities. These are particularly applicable in developing markets, where unbanked users are common.

Report author Michael Greenwood added: “Digital wallet services have the opportunity to fulfil a wider role, but ensuring their wallet technology platform offers the right mix of capabilities to fill this role is critical.”

Utilising Open Banking Key for Wallet Providers

The report highlighted Open Banking as key for digital wallet vendors in developed markets, with Open Banking-facilitated payments offering a low-cost and friction-free alternative to other mechanisms. Therefore, digital wallet platforms must build partnerships; ensuring their customers can offer new, innovative services to drive further growth.

About the Research Suite

The new market research suite offers the most comprehensive assessment of the digital wallets market to date; providing analysis and forecasts for over 60,000 datapoints across 60 markets over five years. It includes a ‘Competitor Leaderboard’ and examination of future market opportunities.

View the Digital Wallets market research: https://www.juniperresearch.com/researchstore/fintech-payments/digital-wallet-research-report

Download the free sample: https://www.juniperresearch.com/whitepapers/digital-wallets-creating-next-generation-super-app

Juniper Research has, for two decades, provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers.

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