KUALA LUMPUR, Sept 13 (Bernama) -- The number of digital wallet users globally will exceed 5.4 billion in 2028; rising from 3.7 billion in 2023, according to a new study from Juniper Research.
According to Juniper Research in a statement, this 46 per cent growth reflects transition towards offering more advanced financial services to drive strong user growth.
Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 15 leading digital wallet platforms across a number of criteria, including range of payments facilitated, innovation and future business prospects.
The top five leaders for 2023 are Ericsson; Comviva; Huawei; Netcetera; and OpenWay.
The market leaders were identified as offering more advanced financial services through their platforms, widening services their customers can offer and opening up new revenue opportunities.
“Digital wallet services have the opportunity to fulfil a wider role, but ensuring their wallet technology platform offers the right mix of capabilities to fill this role is critical,” said report author Michael Greenwood.
Furthermore, the report highlighted Open Banking as key for digital wallet vendors in developed markets, with Open Banking-facilitated payments offering a low-cost and friction-free alternative to other mechanisms.
Therefore, digital wallet platforms must build partnerships to ensure their customers can offer new, innovative services to drive further growth.
-- BERNAMA
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