Skip to main content

How Mobile Apps Drive Digital Payment Global Adoption

Leading the way forward, fintech vendors have offered a variety of digital payment solutions across regional financial service markets. Plus, due in part to the disruptive COVID-19 global pandemic, and the move away from cash-dependent payment methods, digital wallets are now gaining broad adoption.

According to the latest worldwide market study by Juniper Research, the number of unique digital wallet users will exceed 4.4 billion globally in 2025 -- rising from an estimated 2.6 billion in 2020.

Juniper analysts found that mobile phone wallets are driving this impressive 70 percent growth, as fintech mobile app payments rapidly scale across geographical and vertical industry markets.

Digital Payment Market Development

Furthermore, the increasing alignment between in-person and remote commerce channels is leading to greater use of smartphone app wallets, with web app wallet use confined to high-value purchases or complex bill payments.

Juniper Research recommends that retailers and other merchants should undertake complete reviews of their eCommerce processes to ensure that they're offering a highly capable mobile app solution.

This solution must be inclusive of a streamlined checkout process, the correct mobile wallet integrations, and bullet-proof security, or they will lose out to more mobile-savvy digital organizations.

The new research found that traditional developed markets -- such as the UK and U.S. regions-- are clearly lagging behind global leaders such as China and India, in terms of digital wallet adoption.


With China and India now forecast to account for 69 percent of digital wallet transactions in 2025, it's hard to imagine that the Western European and North American market growth trajectory can compare.

"In developed markets, mobile wallets facilitate card payments, but in emerging markets, wallets in places have bypassed cards entirely. Wallet providers in developed markets need to focus on building acceptance and analytics features, in order to boost their appeal in a card-centric environment," said Nick Maynard, lead analyst at Juniper Research.

Juniper analysts also found that QR code payments will account for 40 percent of all digital wallet transactions globally in 2025 -- that's an apparent fall from 47 percent of transactions in 2020.

Meanwhile, QR code payments are presently still playing a leading role, due to their ease-of-use and acceptance, which makes them a critically important area for continued digital wallet use.

Outlook for Digital Payment Applications Growth

However, according to the Juniper assessment, over the next five years, the evolution of features such as card acceptance via near field communications (NFC) enabled smartphones will begin to close the 'ease of acceptance' gap.

I believe that digital wallets benefit the providers' own storefronts and third-party storefronts, together with retail consumer loyalty programs, online bill payment options, and mobile banking services.

Furthermore, digital wallet payment technology has evolved to the point where they make use of a variety of different payment technologies. Therefore, the upside revenue growth opportunities are likely to blossom across the globe.

Popular posts from this blog

Industrial and Manufacturing Technology Growth

In an evolving era of rapid advancement, market demand for innovative technology in the industrial and manufacturing sectors is skyrocketing. Leaders are recognizing the immense potential of digital transformation and are driving initiatives to integrate technologies into their business operations.  These initiatives aim to enhance efficiency, reduce costs, and ultimately drive growth and competitiveness in an increasingly digital business upward trajectory. The industrial and manufacturing sectors have been the backbone of the Global Networked Economy, contributing $16 trillion in value in 2021. Industrial and Manufacturing Tech Market Development   This growth represents a 20 percent increase from 2020, highlighting the resilience and adaptability of these sectors in the face of unprecedented challenges, according to the latest worldwide market study by ABI Research . The five largest manufacturing verticals -- automotive, computer and electronic, primary metal, food, and machinery -

Rise of AI-Enabled Smart Traffic Management

The demand for smart traffic management systems has grown due to rising urban populations and increasing vehicle ownership. With more people and cars concentrated in cities, problems like traffic congestion, air pollution, and greenhouse gas emissions are pressing issues. Since the early 2000s, government leaders have been exploring ways to leverage advances in IoT connectivity, sensors, artificial intelligence (AI), and data analytics to address these transportation challenges. The concept of a Smart City emerged in the 2010s, with smart mobility and intelligent traffic management as key components.  Smart Traffic Management Market Development Concerns about continued climate change, as well as cost savings from improved traffic flow, have further motivated local government investment in these advanced systems. According to the latest worldwide market study by Juniper Research, they found that by 2028, smart traffic management investment will be up by 75 percent from a 2023 figure of

How Generative AI Will Reshape the Economy

The Global Networked Economy -- a term synonymous with the interconnectedness of businesses, individuals, and governments worldwide -- has undergone a remarkable transformation in 2023. Fueled by the rapid growth of digital technologies and the global internet, this phenomenon has given rise to a worldwide marketplace that has already revolutionized the way we live, work, and play. The impact of Generative Artificial Intelligence (GenAI) in 2024 will be equally disruptive to many traditional business leaders. GenAI will also create huge opportunities for the fearless pioneers. Global Networked Economy Market Development The Global Networked Economy's evolution traces back to the advent of the Public Internet. The introduction of eCommerce, social media, and cloud computing has been instrumental in reshaping how businesses operate and engage with their customers. This interconnected ecosystem empowers savvy leaders to access new markets, trim operational costs, enhance commercial e