A new study from Juniper Research has found that the value of digital wallets transactions will exceed US $12 trillion in 2026, from $7.5 trillion in 2022.
To capitalize on this substantial growth, the research predicts leading digital payment vendors will diversify their payment products to include new solutions, such as buy-now-pay-later & cryptocurrencies. Digital wallets are software-based systems that securely store users’ payment information for many payment methods in one location.
The new research, Digital Wallets: Key Opportunities, Vendor Analysis and Market Forecasts 2022-2026, found that increasing merchant acceptance of digital wallets methods at eCommerce checkouts has been a driving force behind enabling further digital wallets use. It predicts that APIs (Application Programming Interfaces) that connect financial institutions to local retailers will be key to the international growth of digital wallets usage for large, cross-border eCommerce merchants.
The research also recommends that digital wallets vendors look to offer value-added services, such as loyalty rewards & credit, to diversify their revenue streams; capitalizing on a highly active user base.
