Juniper: 5.6B people to have digital wallets by 2029

Most people will soon have digital wallets. That is the claim of Juniper Research in an extensive report on the Global Digital Wallets Market: 2024–2029.

The study posits that more than two-thirds of the global population will own a digital wallet by 2029, which translates to 5.6 billion people. It forecasts a 15.3 percent growth in digital wallet adoption globally by 2029, up from 52.6 percent in 2024.

Juniper’s report addresses digital wallets as a payment tool, but a white paper accompanying the report, “Why 5.6 Billion People Will Adopt Digital Wallets,” acknowledges that they can also be used in digital identity transactions. The EU has mandated all member states to make digital identity wallets available to all citizens – almost 450 million people – by 2026.

The report also identifies key trends, such as from where these digital wallets are emanating. These include open banking, in fintech and banking, and from super-apps like WeChat and Gojek. The latter is popular in Southeast Asia, while WeChat and its WeChat Wallet is ubiquitous in China.

Juniper ranked the leaders in digital wallet platforms for 2024, with the top five being Huawei, Ericsson, Comviva, OpenWay and Netcetera, respectively. The report notes that the key determining factor in the market leaders’ success is offering additional services via their respective digital wallet platform. For example, these can be microloans, which can be popular in emerging markets.

The growth of digital wallets in emerging economies is related to the relatively large number of unbanked individuals, or individuals seeking to access financial services without needing a bank account, the study says.

As often featured on Biometric Update, developing markets such as Nigeria and Sri Lanka are also pursuing digital identity systems, with digital wallets often a feature linked to DPI.

While published in September 2024, those interested can now register with Juniper Research and download free samples here.

Article Topics

consumer adoption  |  digital ID  |  digital wallets  |  Juniper Research  |  market report