Global mobile payments poised for 14% CAGR

The global value of digital wallets is on track to double between 2023 and 2028, experiencing rapid acceleration across diverse regions, according to Research And Markets.

The report offers a comprehensive overview of current trends in the global mobile payment market, particularly focusing on the present and future landscape of digital wallets and their impact on the financial ecosystem.

Governments’ endorsement of digital payments is propelling robust growth in the global mobile payments sector
As global governments endorse digital payments, the projected CAGR for the digital payments market is over +14% between 2023 and 2030, reaching trillions in Euros. Despite optimism, challenges like limited internet infrastructure and fraud concerns exist.

The report notes a substantial surge in contactless and virtual card transactions, with over EUR 9 trillion and EUR 8 trillion projected by 2027. Additionally, the digital wallet sector and global QR code payments are set to experience substantial growth, nearly doubling in value from 2023. In 2023, Asia-Pacific leads in digital payment transactions, contributing over 50% to the global market, driven by active government promotion.

The growth of digital wallets is gaining momentum across diverse global regions
The report underscores the accelerating growth of digital wallets globally. Consumer optimism is evident, with nearly half in LATAM, North America, and EMEA expecting mobile wallets to replace traditional payments.

In Europe, digital wallets dominate online payments, with over half preferring them as of September 2022. Notably, alternative methods like BNPL witness slower adoption. The MENA region is projected to see a significant shift by 2025, with over two-thirds of online transactions in mobile commerce, and digital wallets contributing to 20% of online spending. Research and Markets