Digital wallets are poised to become the decade’s fastest-growing fintech innovation, with forecasts suggesting they will account for 61% of eCommerce payments and 46% of in-store purchases by 2027. This growth is driven by a strong innovation pipeline, making digital wallets a powerful tool for consumers globally. Digital transactions are expected to surge to $929.8 billion in 2024, up from $802 billion in 2023.
This rapid growth underscores the significance of digital wallets in shaping the future of payments. The integration of digital wallets with open banking frameworks is expected to enhance financial literacy and provide greater control over spending. Collaboration among governments, financial institutions, and tech leaders is crucial to develop a unified approach to digital wallets and open banking.