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Digital Wallets Account for Half of Online Sales

Digital wallets are forecasted to reach $25 trillion in global transaction value by 2027

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  • Written by  Banking Exchange staff
Digital Wallets Account for Half of Online Sales

The use of digital wallet payment tools has continued to rise to reach $12.9 trillion in global transaction value in 2023, according to Worldpay.

The Worldpay Global Payments report revealed digital wallets accounted for half of all online sales as well as 30% of consumer spending at point-of-sale throughout the year.

Worldpay has forecasted digital wallets to account for more than $25 trillion in global transaction value by 2027, which represents 49% of all online and at point-of-sales transactions combined.

According to Gabriel de Montessus, head of global enterprise at Worldpay, the growth of digital wallets has been driven by ease of use, accessibility and consumer trust.

He said:  “Embedding payments like digital wallets into the purchasing experience has solved many of the high-friction moments of online checkout while also making payment in stores as simple as the tap of a device.”

The report also found that consumers have strong attachment and loyalty to their credit and debit card providers, choosing to connect these cards to their digital wallets. The report found credit and debit cards fund 65% of digital wallets in the market in the US.

Montessus added:  “As businesses and governments look to accelerate commerce and streamline payments, we will see more investment in real-time payments infrastructures globally, which will likely further accelerate digital wallet adoption.”

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