Thursday, 04 August 2022 08:42

Digital wallet users will exceed 5.2 billion in 2026 driven by superapps

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Digital wallet users will exceed 5.2 billion globally in 2026, up from 3.4 billion in 2022, accounting for a 53% increase, according to market research firm Juniper Research.

Juniper Research predicts superapps will drive digital wallet use in developing countries currently considered as cash heavy.

The firm defines superapps as multipurpose apps able to integrate digital payments alongside other services, including wealth management and e-commerce.

The study identified three countries in Asia Pacific primed for rapid growth over the next four years:
1. Philippines
2. Thailand
3. Vietnam

Adoption of digital wallets will hit 75% of the population in each country by 2026, the firm predicts.

It cited the rising access to online and mobile commerce services as driving forces behind the use of digital wallets, notably through superapps.

“These rapidly growing markets represent a significant opportunity for digital wallet vendors, but they must work intelligently to maximise their position. A highly competitive wallets’ landscape means that vendors must differentiate themselves by integrating machine learning to provide spending insights and introduce new services such as wealth management to add value,” explained Juniper Research co-author Damla Sat.

The research identified QR code payments as the most popular digital wallet transaction type in 2026—reaching 380 billion transactions globally, and accounting for over 40% of all transactions by volume.

However, as usage within markets including China and India reaches its climax, vendors must innovate to remain competitive entering new geographic markets.

Juniper Research therefore recommends that QR code payment vendors integrate loyalty features and personalised marketing capabilities to incentivise merchant acceptance, which will be critical to driving adoption.

This first appeared in the subscription newsletter CommsWire on 3 August 2022.

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Kenn Anthony Mendoza

Kenn Anthony Mendoza is the newest member of the iTWire team. Kenn is also a contributing writer for South China Morning Post Style, and has written stories on Korean entertainment, Asian and European royalty, Millionaires and Billionaires, and LGBTQIA+ issues. He has been published in Philippine newspapers, magazines, and online sites: Tatler PhilippinesManila BulletinCNN Philippines LifePhilippine StarManila Times, and The Daily Tribune. Kenn now covers all aspects of technology news for iTWire.com.

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