Digital wallets transactions value to surpass $16 trillion by 2028

The total value of digital wallets transactions is forecast to rise from $9 trillion in 2023 to $16 trillion in 2028, a growth of 77 per cent, a report showed on Monday. This trend is driven by growth across both developed and developing markets, as the increased adoption of advanced services such as BNPL (Buy Now Pay Later) and micro-loans drives end-user engagement, according to Juniper Research. “Advanced services give digital wallet providers an opportunity to differentiate themselves in a congested market and generate additional revenue,” said research author Michael Greenwood. Super app strategies, which many digital wallets are pursuing, will rely on the effective deployment of advanced services at scale, he added. The study found that in a highly congested wallets landscape, diversifying their appeal to users is vital.