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.
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The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.
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