Global Digital Wallet Market: Trends, Innovations and Opportunities

Delivery

This report comes in PPT.

Key Findings

Scaling of most leading digital wallets has been backed by ecosystem partnerships

Similarly to digital banks, it is difficult for digital wallets to scale without strong ecosystem partnerships to drive customer acquisition and widespread usage.

Key companies in electronics, retail, mobility, foodservice, social commerce and banking use wallets to provide a seamless experience and links across ecosystems businesses.

The majority of local digital wallets face difficulties in serving cross-border transaction demand

Amid the recovery in travel, the majority of local digital wallets realised the need to meet customers demand for cross-border transactions.

Card-issuing partnerships with operators enable the use of card rails overseas, while embedded finance solutions from vendors, such as Ant Group, power cross-border QR payment.

Convenience, security and merchant acceptance are among the key reasons why consumers use digital wallets

Euromonitor International’s Voice of the Consumer: Digital Survey, fielded March-April 2023, indicated that ease of use, enhanced security and wide merchant acceptance were among the top reasons for consumers globally to use digital wallets.

Key examples of convenience include fast speed (NFC), cashless/cardless payment from smartphones or wearables reducing the wallet size, and spending tracking.

Digital wallets have been playing a key role in financial inclusion

With high consumer penetration, leading digital wallets, such as TnG in Malaysia, have been increasingly effective for governments as a key channel for disbursement of subsidies.

Through remote authentication and attractive offers, digital wallets are acquiring unbanked consumers and merchants remotely, providing transaction data for unsecured lending.