Mobile wallets set to hit $17tn by 2029 as global adoption explodes

By Puja Sharma

Thunes Reveals its 2025 Mobile Wallet Report, Transaction Value Soars to $17 Trillion by 2029

A Striking 73% Growth Rate Surges Beyond 2023 Projections, Underscoring Accelerated Adoption and a Broadening Economic Impact

Thunes, a B2B FinTech that specialises in cross-border payment solutions, has unveiled its comprehensive Complete Guide to Mobile Wallets 2025, the second edition of an extensive study that dives into the acceleration of mobile wallet adoption and the evolution of digital payments. The report provides critical insights into market growth, consumer behaviour, technological challenges, and the path towards a future of borderless payments.

Thunes’ 2025 Mobile Wallet report highlights one of the most dramatic shifts in the payments market: mobile wallets are quickly establishing themselves as the new standard. In Southeast Asia and Africa, the rapid adoption of mobile payments is enabling these regions to leapfrog traditional payment methods, moving directly from cash reliance to a fully digital ecosystem. Even in markets historically dominated by card transactions, mobile wallet adoption is rising sharply, signalling a global trend towards more agile, digital-first payment solutions.

Mathieu Limousi, Chief Marketing Officer at Thunes, said: “The findings in Thunes’ 2025 Mobile Wallet report reflect a profound transformation in the global payments landscape. With mobile wallet users expected to reach 5.8 billion by 2029 and digital wallet transaction values projected to grow 73% in just five years, the shift to digital payments is accelerating and becoming the new global standard. Yet, the lack of interoperability remains the biggest barrier to truly inclusive and efficient cross-border commerce. These insights will be invaluable to the Members of Thunes’ Direct Global Network and to the entire cross-border payments ecosystem as we work to build a more connected and accessible financial future.”

Key findings:

• Explosive Growth: Mobile wallet users are projected to rise from 4.3 billion in 2024 to 5.8 billion by 2029, while digital transaction values are expected to jump from $10 trillion to $17 trillion, a 73% increase, according to Global Data.
• Digital-First Consumer Behaviour: Mobile wallets have evolved from basic contactless payments during COVID-19 into integral, multifunctional tools. They now support everything from everyday bill payments to the gig economy, meeting the seamless demands of digitally native generations.
• Interoperability Imperative: The current mobile wallet landscape is fragmented, operating in silos that hinder integration with legacy banking systems and card networks. Bridging these gaps is essential to unlocking global market potential and ensuring smooth cross-border transactions.
• Strengthening Regional Markets: The refined regional analysis presented in the report highlights dynamic market developments across Africa, Asia Pacific, Latin America, North America, and Europe. The report details how strategic global players connect banks, fintechs, and mobile wallet providers, driving a trend toward market consolidation and making digital payments more reliable and expansive. This renewed focus is critical in addressing regulatory differences and diverse local payment cultures.
• A Catalyst for Economic Transformation: Facilitating seamless cross-border transactions with the inclusion of mobile wallet payment systems enhances consumer trust and propels economic growth in emerging markets and beyond.