The increase will push wallet transaction values up by more than 80% to more than USD 9 trillion per annum.
According to Digital Wallets: Service Provider Analysis, Market Opportunities & Forecasts 2019-2024 study, a strong growth is expected to come through online payments for remote purchases. The increases here would be driven by a greater volume of transactions conducted via stored credentials. For example, in the US, annual spend per digital wallet is expected to increase from around USD 3,350 in 2019 to more than USD 6,400 by 2024.
The research claims that usage would be boosted by the increased security for online payments afforded by the introduction of SRC (Secure Remote Commerce) standards from H2 2019, with transactions protected via tokens and dynamic cryptograms.
The report also highlights the challenge posed to NFC-based contactless wallets, such as Apple Pay and Samsung Pay, by the emergence of wallets based on QR codes, with growth expected to be boosted by the implementation of EMVCo standards.
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