Half the World to Use Digital Wallets in Next Five Years, Report Says
6-17-2019
The number of people using digital wallets across the world will increase from 2.3 billion this year to nearly 4 billion by 2024, a recently released report from UK-based Juniper Research posits.
The increase will mean that over half of the world’s population will use them by 2024, and will push wallet transaction values up by more than 80 percent to more than $9 trillion annually.
According to the study, the growth is likely to be fueled largely through ecommerce and remote purchases. The report predicts that the increases would be driven by higher volumes of transactions conducted via stored credentials. In the US, the report says, this will result in annual spending in digital wallets to increase to $6,400 by 2024, up from $3,350 this year.
Increased security in online payments is cited as a reason for the predicted increase in usage, including Secure Remote Commerce (SRC) standards.
Click here to read Juniper Research’s press release on the report.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
Related Posts
News
ETA Expert Insights: The Evolution of Mobile Payments
By Eddie Johnson, VP of Proposition, Aevi and Chris Barker, Product Proposition Manager, Aevi ETA Mobile Payments Committee From the introduction of NFC and contactless technologies to the adoption of softPOS and the rise of . . .
6-30-2022
learn more
News
TSG INFOGRAPHIC: Assessing the Value of Payments Technology
Accepting digital payments costs merchants money, but the “juice is worth the squeeze,” argues payments research firm The Strawhecker Group in their latest infographic. The infographic highlights data that demonstrates the immense value merchants and . . .
7-23-2020
learn more