Description
Countries Covered: Japan, Australia, New Zealand, Singapore, China, Taiwan, Hong Kong, India, Indonesia, Thailand, Vietnam, Malaysia, Philippines, USA, Canada, UK, Germany, France, Spain, Italy, Switzerland, Sweden, Belgium, Denmark, Austria, Poland, Portugal, Hungary, Bulgaria, Brazil, Mexico, Argentina, Jordan, South Africa, Egypt, Nigeria, Kenya.
Pages: 149
Publication Date: 17/01/2024
Questions Covered in the Report:
- What growth rate is projected for the global digital payments market between 2023 and 2030?
- What is the projected growth for contactless and virtual card transactions globally by 2027?
- How are the global digital wallet sector and QR code payment transactions expected to evolve from 2023 to 2028?
- What are consumer sentiments towards mobile wallets in global regions like Europe, North America, and EMEA?
Key Findings:
The value of digital wallets is set to double from 2023 to 2028 globally, experiencing accelerating growth across various regions: New yStats.com report.
Global mobile payments are poised for robust growth as governments endorse digital payments
The global digital payments market is projected to experience a growth rate of over +14% CAGR between 2023 and 2030, reaching an estimated value in the trillions of Euros. Governments worldwide are actively endorsing digital payments to enhance transparency, drive economic progress, and minimize cash usage. Despite the promising growth, the industry faces challenges such as a lack of internet infrastructure in remote areas and concerns related to fraud, including identity theft, phishing attacks, and potential misuse of cross-border transactions. The report indicates a significant surge in contactless card transactions, reaching over EUR 9 trillion by 2027. Additionally, virtual card transactions are expected to surpass EUR 8 trillion by 2027, showcasing a remarkable CAGR from 2022. Furthermore, the digital wallet sector and global QR code payment transactions are expected to grow significantly from 2023 to 2028, with the value of digital wallets nearly doubling from 2023. Â In 2023, Asia-Pacific emerged as the leader in digital payment transaction value and volume, contributing over 50% to the global market. This growth is attributed to various governments in the region actively promoting digital payment methods to reduce cash usage, increase financial inclusion, and drive economic growth.
Digital Wallets are accelerating in growth across different global regions
Consumer sentiment towards mobile wallets is optimistic, with almost half of respondents in LATAM, North America, and EMEA expressing belief that mobile wallets will fully replace card and cash payments in the next ten years, as of April 2023. In the European payment landscape, digital wallets was among the top online payment methods as of September 2022, with more than half of the respondents expressing a preference for this mobile payment method. Notably, alternative payment methods like BNPL experienced slower adoption during the same period. Examining preferences within digital wallets, a survey revealed that over 50% of respondents in Europe valued speed the most, while around a quarter considered security as the utmost important attribute. Turning to the MENA region, projections indicate a significant shift in online transactions by 2025. It is forecasted that over two thirds of the total online transaction value will originate from mobile commerce, with digital wallets contributing to around 20% of online spending.
