Boku releases a report on mobile wallets for global markets

By Joy Dumasia

Boku the payments FinTech released a study on mobile wallets in the world with data from Juniper Research, reveals that Europe will be home to four of the ten fastest-growing countries for mobile payment transactions by 2025. Russia, Germany, Portugal, and Sweden are projected to grow the fastest in Europe, comprising four of the ten fastest globally, with France, Norway, Spain, Denmark, Netherlands, and the UK, the other European nations helping make up the top 20.

Africa and The Middle East, and Latin America are the two markets set to grow most significantly by 2025, with seven of the top 10 fastest growing countries for mobile wallet purchases hailing from these regions. When it comes to specific wallets, it’s those based in emerging markets where the growth is set to happen.

For merchants to grow globally, they must accept the mobile payment methods that consumers prefer in target markets, which in many cases are increasingly mobile. Some markets, such as the UK, are seeing contactless payments as a significant driver of usage going forward, spurred on by the pandemic. But for many markets around the world, mobile wallets are the preferred mobile payment method.

Jon Prideaux, CEO of Boku, said: “eCommerce payments continue to be the primary driver of digital wallet usage around the world. This is a result of outdated payment types, such as cards and cash, not being designed for eCommerce. Consumers are gravitating to mobile-first payment methods and “super-apps” that offer a better user experience, better security and better rewards. If merchants want to attract, convert, and retain mobile-first consumers, they need to accept the mobile-first payment methods they have and use. For European merchants with global ambitions, this requires a new strategy for payment acceptance that goes well beyond cards and into mobile-first payments.”

Recently, IBS Intelligence reported that 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.