Half the World's Population to Use Digital Wallets by 2024, Juniper Research Study Finds
Online Payments Receiving Security Boost
Hampshire, UK - June 11, 2019 (Investorideas.com Newswire) A new study from Juniper Research has found that the number of people using digital wallets will increase from 2.3 billion this year to nearly 4 billion, or 50% of the world's population, by 2024. This in turn will push wallet transaction values up by more than 80% to more than $9 trillion per annum.
According to the study, Digital Wallets: Service Provider Analysis, Market Opportunities & Forecasts 2019-2024, strongest growth is expected to come through online payments for remote purchases. The study argued that increases here would be driven by a greater volume of transactions conducted via stored credentials. For example, in the US, annual spend per digital wallet is expected to increase from around $3,350 this year to more than $6,400 by 2024.
For more market insights, download our complimentary whitepaper: 'Will Wallets Trump Cards & Cash?'.
Furthermore, the research claimed usage would be boosted by the increased security for online payments afforded by the introduction of SRC (Secure Remote Commerce) standards from H2 2019, with transactions protected via tokens and dynamic cryptograms.
QR Code Useage Spreading Beyond China
Meanwhile, the report highlighted the challenge posed to NFC-based contactless wallets, such as Apple Pay and Samsung Pay, by the emergence of wallets based on QR codes, with growth expected to be boosted by the implementation of EMVCo standards. However, Juniper believes that the primary opportunities for QR code wallets outside their Chinese heartland will occur in developing Asia, where there is a paucity of POS infrastructure and merchants can use smartphones to fulfil QR-based transactions.
Wallet Offerings Ranked
The study also provided comparative assessments of 14 national and 22 international wallet offerings, combining analyses of product range and banking partnerships with customer feedback to gauge their prospects. According to research author Dr Windsor Holden, "The Juniper Innovation Index and Leaderboard enable us to see at a glance precisely where these wallets are positioned relative to one another and how well placed they are to capitalise on the opportunities afforded to them."
Juniper Research is acknowledged as the leading analyst house in the digital commerce and fintech sector; delivering pioneering research into payments, banking and financial services for over a decade.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.