2 in 3 people to own a digital wallet by 2029: report

As of 2024, an estimated 52.6% of the world uses a digital wallet.

Two-thirds of the world will own some form of digital wallet by 2029, according to a report by Juniper Research.

Digital wallet adoption globally is forecasted to rise by 15.3% over the next four years.

As of 2024, digital wallet adoption is 52.6%, the research said.

The research found that adoption will be driven by the increasing ease of acceptance, and the digital wallet’s ability to connect underserved communities to financial services.

Not requiring hardware enables merchants to accept digital wallet payments more easily, compared to card payments, according to Juniper Research.

One emerging trend is mPOS, in which merchants accept payments through a mobile device, either via QR codes or the mobile device’s NFC capabilities.

Apple’s decision to unlock its devices’ NFC capabilities for third party wallets is expected to promote competition in the wallets’ space.

“It represents an opportunity for established wallets, such as Vipps in Norway, to attract customers that were previously restricted to Apple Pay,” Juniper Research said.

In emerging markets, wallets will increasingly offer microloans and basic insurance products, it added.

These basic financial services will allow wallet providers to diversify revenue streams, said Michael Greenwood, the author of the report.

“These providers must take advantage of mobile financial service licences, where available, as they are often associated with a lower regulatory burden than full banking licences,” Greenwood said.

“This lower burden gives wallets more room to innovate; allowing them to make financial products that can target the opportunities specific to their markets,” he added.