E-wallet transactions to reach USD 9 tln by 2024

Friday 28 June 2019 14:54 CET | News

According to the latest worldwide market study by Juniper Research, e-wallet transactions are expected to reach USD 9 trillion by 2024.

For the unbanked population across the globe, the availability of an e-wallet and cryptocurrency on a mobile phone will provide a means of financial inclusion, both as an alternative to cash payments and as a way of accessing services such as personal loans and savings accounts.

According to the market study provided by Juniper Research, the number of people using e-wallets will increase from 2.3 billion in 2019 to nearly 4 billion by 2024. This is expected to push e-wallet transaction values up by more than 80% to about USD 9 trillion per year.

New growth is expected to be fuelled by online payments for remote purchases. The study found that increases here would be driven by a greater volume of transactions conducted via stored credentials. For example, in the US market, annual spend per e-wallet is expected to increase from around USD 3,350 in 2019 to more than USD 6,400 by 2024.

Furthermore, Juniper Research believes that usage would be boosted by the increased security for online payments afforded by the introduction of Secure Remote Commerce (SRC) standards during the second half of 2019, with transactions protected via tokens and dynamic cryptograms.

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Keywords: Juniper Research, study, e-wallet, cryptocurrency, SRC, secure remote commerce, e-wallet transaction, mobile payments
Countries: World

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