Half the world’s population to use digital wallets by 2024, Juniper Research

Half the world’s population to use digital wallets by 2024, Juniper Research

The number of people using digital wallets will increase from 2.3 billion this year to nearly 4 billion by 2024, according to Juniper Research. This in turn will push wallet transaction values up by more than 80% to more than $9 trillion per annum.

The strongest growth is expected to come through online payments for remote purchases. Increases here will be driven by a greater volume of transactions conducted via stored credentials. For example, in the US, annual spend per digital wallet is expected to increase from around $3,350 this year to more than $6,400 by 2024.

Juniper Research also predicts that usage will be boosted by the increased security for online payments afforded by the introduction of SRC (Secure Remote Commerce) standards from H2 2019, with transactions protected via tokens and dynamic cryptograms.

It also highlights the challenge posed to NFC-based contactless wallets, such as Apple Pay and Samsung Pay, by the emergence of those based on QR codes, with growth expected to be boosted by the implementation of EMVCo standards. However, the primary opportunities for QR code wallets outside their Chinese heartland will occur in developing Asia, where there is a paucity of PoS infrastructure and merchants can use smartphones to fulfil QR-based transactions.

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