The study also shows that mobile wallets are leading this 70% growth, as mobile payments scale across geographical and vertical markets. The increasing alignment between in‑person and remote commerce channels is leading to a greater usage of e-wallets, with online wallet use confined to high-value purchases or complex bill payments.
The research recommends that merchants should undertake a complete review of their processes to ensure that they are offering a highly capable mobile app. This must include a seamless checkout process, the correct mobile wallet integrations, and high levels of security.
Furthermore, the study also found that QR code payments will account for 40% of all e-wallet transactions globally in 2025; a fall from 47% of transactions in 2020. QR code payments are currently playing a leading role, due to their ease of use and acceptance, which makes them a critically important area for wallet use. However, over the next five years, the evolution of features such as card acceptance via NFC smartphones will begin to close the ease of acceptance gap.
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