According to Juniper Research, the value of digital wallet transactions is expected to hit $12 trillion by 2026.
The total value of transactions is expected to be around $7.5 trillion this year.
To take advantage of this significant increase, prominent digital payment suppliers are expected to diversify their payment offerings to incorporate innovative solutions such as buy-now-pay-later and cryptocurrencies, according to the research.
Digital wallets are software-based systems that securely store payment information from a variety of payment methods in one place.
Increased merchant acceptance of digital wallet methods at eCommerce checkouts has been a driving force behind enabling increased digital-wallet use, according to a recent study, Digital wallets: Key Opportunities, Vendor Analysis, and Market Forecasts 2022 to 2026.
APIs (application programming interfaces) that connect financial institutions to local shops, according to the report, will be critical to the international growth of digital wallet usage for large, cross-border e-commerce merchants.
The study also suggests that digital wallet vendors diversify their revenue sources by offering value-added services like loyalty incentives and credit to capitalize on a large user base.
The five leading market vendors have been recognized by Juniper Research’s competitor leaderboard for digital wallets:
PayPal, Alipay, WeChat Pay, Apple Pay, and Google Pay.
“The digital-wallets market is severely saturated, so finding a source of distinction is critically important,” research co-author Damla Sat explained.
“We have ranked PayPal as an established leader because it has successfully grown an expansive, differentiated offering by leveraging its strong merchant acceptance by quickly expanding into buy-now-pay-later and QR code payments, as well as signing partnerships with key merchants to scale its innovative solutions,” says the report.
The Juniper Research competitor leaderboard provides an unbiased assessment of the main digital-wallet players’ market position.
It contains a full explanation of each company’s market position, as well as a robust and transparent assessment methodology that includes heatmap analysis.
Each vendor’s capacity, capability, and goods are evaluated using the leaderboard tool.
The scope of this investigation involves determining the size of their operations, financial performance, and sophistication of their digital wallet solutions.
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