Boku and Juniper research say 75% of the world will use e-wallets by 2025
By Joy Dumasia
Boku, a FinTech pioneering the world’s first global mobile payments network, has released their 2021 Mobile Wallets Report in partnership with digital technology analyst house Juniper Research, which provides insight into mobile wallet adoption and use in leading markets across the globe.
At the end of 2020, there were over 2.8 billion mobile wallets in use. That number is projected to increase by nearly 74% to reach 4.8 billion mobile wallets in service by the end of 2025 – almost 60% of the world’s population. The fastest-growing markets are Southeast Asia, Latin America, and Africa & Middle East, where mobile wallets are displacing cash and cards for more convenient digital payments.
In 2019, mobile wallets overtook credit cards to become the most widely used payment type globally, and the shift to online driven by the pandemic has accelerated adoption. Mobile wallets use multiplying across the world, with emerging markets leading the way.
The number of mobile wallets transacting over $1 billion per year will grow by 27%, from 54 wallets in 2020 to 69 wallets by 2025. This provides a lucrative opportunity for merchants looking to acquire valuable customers, many of whom only use mobile wallets
Jon Prideaux, CEO at Boku, says: “We are witnessing a paradigm shift in payments driven by mobile wallets. Mobile wallets have lowered the barrier to making digital payments and, in parallel, ushered billions of new consumers into eCommerce. These consumers are not in North America or Western Europe, they are in emerging markets, and while they don’t have credit cards, they overwhelmingly have mobile wallets. For global merchants, mobile payment acceptance is not about accepting one type of mobile wallet or another, but ensuring that consumers in every market will have the required selection on payment types in order to monetize transactions.”
Recently, IBS Intelligence reported that A new study from Juniper Research has found that merchant losses to online payment fraud will exceed $206 billion cumulatively for the period between 2021 and 2025.
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