The way consumers pay for e-commerce purchases continues to shift. According to a recent report from consultancy Juniper Research, the number of people who use digital wallets globally will increase from 3.4 billion this year to 5.2 billion in 2026, with QR payments as the most common transaction type.
In Digital Wallets: Market Forecasts, Key Opportunities and Vendor Analysis 2022-2026 ($), the U.K.-based research firm said several markets in Asia will experience the highest rate of digital wallet adoption. The Philippines, Thailand and Vietnam will each reach nearly 75 percent consumer adoption by 2026. Adoption growth is slowing in the largest markets including China and India, so the report advises payments providers to integrate loyalty features to incentivize merchant acceptance.
“These rapidly growing markets represent a significant opportunity for digital wallet vendors, but they must work intelligently to maximize their position, said Damla Sat, co-author of the report. “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.”