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Digital wallet users to exceed 5.2 billion globally by 2026

Digital wallet users to exceed 5.2 billion globally by 2026

A new study has found that the total number of digital wallet users will exceed 5.2 billion globally in 2026, up from 3.4 billion in 2022; representing strong growth of over 53%.

The research predicts that the presence of ‘super apps’ will drive digital wallet use in developing countries that are currently considered cash heavy.

Super apps are multipurpose apps able to integrate digital payments alongside other services, including wealth management and e-commerce.

Asia Pacific Rapid Growth

The study identified three countries in Asia Pacific primed for rapid growth over the next four years:

1.    Philippines
2.    Thailand
3.    Vietnam

It predicts that the adoption of digital wallets will near 75% of the population in each of these countries by 2026. It cited the rising access to online and mobile commerce services as driving forces behind the use of digital wallets, notably through super apps.

“These rapidly growing markets represent a significant opportunity for digital wallet vendors, but they must work intelligently to maximise their position,” says Research co-author Damla Sat.

“A highly competitive wallets’ landscape means that vendors must differentiate themselves by integrating machine learning to provide spending insights and introduce new services such as wealth management to add value.”

Innovation Needed for Future Growth

Additionally, the research identified QR code payments as the most popular digital wallet transaction type in 2026; reaching 380 billion transactions globally, and accounting for over 40% of all transactions by volume.

However, as usage within markets including China and India reaches its apex, vendors must innovate to remain competitive entering new geographic markets.

Therefore, the research recommends that QR code payment vendors integrate loyalty features and personalised marketing capabilities to incentivise merchant acceptance, which will be critical to driving adoption.

 

The post Digital wallet users to exceed 5.2 billion globally by 2026 appeared first on Payments Cards & Mobile.

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