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Digital Wallets On Track to Become Fastest-growing Fintech Innovation
- Digital wallets are set to become the world’s favorite payment option according to Capgemini’s World Payment Report 2025 data.
- Digital wallets are estimated to attain 61% of total eCommerce payments and 46% of in-store purchases by 2027.
- The functionality of digital wallets makes them an ideal tool for consumers looking for efficient payment methods on a global scale.
- Pietro Candela, EMEA General Manager for Alipay+, predicts the number of mobile wallets in use around the world will accelerate to 4.8 billion by 2025.
- Leading banks are utilizing digital wallets to build more financial inclusivity around the world.
- In the Asia-Pacific region, Mastercard Pay Local has the power to facilitate payments for consumers at over 35 million merchants.
- Digital wallets can help to provide more reliable access to open banking tools for users around the world and offer greater control over spending.
- Collaboration between governments, financial institutions, tech leaders, and standards organizations will be required to develop a unified approach.
- The coming years will see open banking improve the lives of countless users, and digital wallets will be the cornerstone on which the revolutionary technology will be built.
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