A new study from Juniper Research, the foremost experts in payment markets, has found that 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 the transition towards offering more advanced financial services, which will drive strong user growth.
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.
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 the range of payments facilitated, innovation and future business prospects.
The top five leaders for 2023 are:
- Ericsson
- Comviva
- Huawei
- Netcetera
- OpenWay
Findings & Recommendations
The market leaders were identified as offering more advanced financial services through their platforms; widening the 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 that 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 to ensure that 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. The research found that the leading players scored well on the comprehensiveness of their platforms and their support for rich media technologies, most notably RCS.
