Digital wallets to double to 4.4 billion globally by 2025
Nearly half of consumers cite simplicity as the top reason to use digital wallets
e-wallets are expected to witness a two-fold increase by 2025, with the overall number of consumers using virtual wallets predicted to top 4.4 billion as a result of the pandemic shifting customer shopping preferences to digital channels.
Blockchain wallets – working only with cryptocurrencies – are predicted to follow a similar pattern. “Buying crypto or diving into Forex through e-wallets is a concept that will continue to grow over the next few years," according to Tremend.com researchers.
The total number of cryptocurrency wallets created reached 76.6 million in late September 2021, compared to a total of 53.9 million wallets created in the same period of the previous year. The increase was supported by increasing crypto adoption by tech giants such as Paypal, with AMC Entertainment considering adding dogecoin as a further cryptocurrency payment option for its online tickets.
The tech giant Paypal recently announced the introduction of a new app to buy, hold and sell crypto, as well as support causes and charities, while AMC Cinemas CEO Adam Aron launched a Twitter poll on the adoption of dogecoin, after having announced that “AMC will take bitcoin, ethereum, litecoin and bitcoin cash for online payments by year-end 2021”.
e-wallets in the future
Nearly half of consumers already cite simplicity as the top reason to use a digital wallet, as PayPal reported, while Statista predicts that over 73% of the global e-commerce market will be owned by mobile devices by 2021, according to Tremend.com research.
“This could only mean that financial institutions and banks that invest in e-wallets will be able to stay ahead of the curve. There are two main paths where e-wallets can take shortly: NFC, or general-purpose wallets, and retail-based wallets using BLE beacons and QR codes”, said the researchers from the software engineering firm.
“Another interesting trend in e-wallets is given by the personal assistance devices, such as Google Home or Amazon Echo. According to a recent survey performed by Statista, over 35% of respondents have made a purchase online and 28% have made a virtual payment or sent money to their friends using a smart speaker”, they added.