Digital wallets transaction value to hit $16 trillion globally by 2028, says Juniper Research

The total value of digital wallets transactions will rise from $9 trillion in 2023 to surpass $16 trillion in 2028, a growth of 77%, according to Juniper Research.

This will be driven by growth across both developed and developing markets, as the increased adoption of advanced services such as BNPL (buy now pay later), microloans, and personal financial management drives end user engagement.

Juniper Research says that, in a highly congested wallets landscape, diversifying their appeal to users is vital.

The popularity of BNPL, especially among younger consumers, will draw greater numbers of users.

This approach can be seen with Apple’s roll-out of numerous add-on services, including Apple Pay Later.

Juniper Research’s Michael Greenwood says: “Advanced services give digital wallet providers an opportunity to differentiate themselves in a congested market and generate additional revenue.”

“Super app strategies, which many digital wallets are pursuing, will rely on the effective deployment of advanced services at scale.”

Security and convenience

Security benefits are a key driver of digital wallet use in e-commerce in developed markets.

Many consumers do not wish to enter card information online. With digital wallets, this issue is reduced, as tokenisation enables card and other payment information to be used in a highly secure way.

As digital wallets become broader, including elements of digital identity, convenience will play a greater role; enabling wallet services to act as more of an all inclusive app for financial wellbeing.

2023 RTIH Innovation Awards

The fifth edition of the RTIH Innovation Awards is now open for entries.

The awards. sponsored by CADS, 3D Cloud by Marxent, and Goodays, celebrate global tech innovation in a fast moving omnichannel world and include a payments category.

Deadline for 2023 submissions is Friday, 27th October, with winners being revealed at an exclusive event at the Barbican in central London on Wednesday, 29th November.

Entries are free and you can submit in multiple categories.

Payments Innovation

This award recognises payment initiatives that are both innovative and customer and retailer friendly.

We’re looking to reward a project that has the potential to increase a retailer’s competitiveness and effectiveness, and to improve the shopper experience. Bonus points if the project could be considered a first in the market.

Download an entry form here.

For all entry related queries, email: scott.thompson@retailtechinnovationhub.com

RTIH Editor, Scott Thompson, says: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”

“Thanks to all those who entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”

“I’m excited to launch the fifth edition of the awards. The 2023 event will be the biggest and best yet.”