Juniper Research has revealed in its new report that digital wallet users will exceed 5.2 billion users, representing over 60percent globally by 2026, as digitisation accelerates the cashless transition.
The new figure is a growth from 3.4 billion in 2022; representing strong growth of over 53percent.
“These rapidly growing markets represent a significant opportunity for digital wallet vendors, but they must work intelligently to maximise their position. A highly competitive wallets’ landscape means that vendors must differentiate themselves by integrating machine learning to provide spending insights and introduce new services such as wealth management to add value,” Research co-author Damla Sat explained.
Meanwhile, the report ‘Digital Wallets: Market Forecasts, Key Opportunities and Vendor Analysis 2022-2026’ predicts that the presence of ‘superapps’ will drive digital wallet use in developing countries that are currently considered cash heavy.
Superapps are multipurpose apps able to integrate digital payments alongside other services, including wealth management and eCommerce. It also predicts that the adoption of digital wallets will be near 75percent of the population in each of these countries by 2026. It cited the rising access to online and mobile commerce services as driving forces behind the use of digital wallets, notably through superapps.
Innovation needed for future qr payments growth
Additionally, the research identified QR code payments as the most popular digital wallet transaction type in 2026; reaching 380 billion transactions globally, and accounting for over 40percent of all transactions by volume. However, as usage within markets including China and India reaches its apex, vendors must innovate to remain competitive in entering new geographic markets. Therefore, the research recommends that QR code payment vendors integrate loyalty features and personalised marketing capabilities to incentivize merchant acceptance, which will be critical to driving adoption.