Mobile payments with digital wallets - statistics & facts
Digital payments involving the likes of Apple Pay, PayPal, or Alipay are predicted to be the fastest growing payment method throughout the world. The CAGR of such digital wallet transactions in e-commerce, for example, is estimated to be 18 percent between 2024 and 2030. What are the main trends for financial service providers in 2025 regarding this particular payment method?
As of 2025, digital wallets are a competitive section of the digital payment market. Their promise of faster and more seamless cross-channel payment experiences creates several challenges. Financial service providers will have to adapt their products to stay relevant or partner up with tech providers. All in all, it is a payment method that is difficult to ignore.
Growing adoption in emerging countries
Despite such U.S. brands like PayPal, Apple Pay or Google Pay, the countries with the highest mobile wallet adoption are located in Asia - not in Europe, or the United States. This is no coincidence. Emerging countries use digital wallets as a driver to combat their unbanked population. Alipay and WeChat in China, but also the likes of Gojek in Indonesia or PromptPay in Thailand, were all developed when there were no other digital payment options in those countries. Digital wallet market shares are expected to grow in Latin America and MEA (Middle East, Africa), in particular.A seamless experience
Convenience is another reason behind digital wallet growth. A survey held in Romania, for instance, names ease of use and overall comfort as the main motivation to use wallets in both mobile proximity payments - also known as contactless, NFC, or tap to pay payments - and in e-commerce. Indeed, wallets increasingly expand their product range. For example, the U.S. market size of digital wallets that are connected to a payment card are expected to outgrow non-card-linked wallets. The main reasons for consumers in the UK to open a digital-only bank account, for example, revolved around convenience and being able to transfer money more easily.(Lack of) wallets impacts innovation elsewhere
Several wallets are popular across the world. Apple Pay's penetration and the penetration rate of PayPal, for example, are both high across several countries. However, these wallets were not available everywhere. Most of their users either come from European countries with a high population or that speak English. Countries that did not fit these criteria responded by creating their own local brands, which combine real-time (instant) payments. Industry professionals felt that the biggest trends in payments are instant payments, something made possibly by mobile payment solutions. If such a solution was not available, it would have to be developed.As of 2025, digital wallets are a competitive section of the digital payment market. Their promise of faster and more seamless cross-channel payment experiences creates several challenges. Financial service providers will have to adapt their products to stay relevant or partner up with tech providers. All in all, it is a payment method that is difficult to ignore.
