Global Payment Wallet Market Could Double to $287 Billion by 2028
Payment wallets are becoming increasingly important as commerce turns digital, and the market could grow significantly over the next several years. Find out more about the latest trends based on data from Research and Markets.
Key Takeaways
- Payment wallets are apps that allow users to store a monetary balance and make online and digital transactions
- The global market could reach $129 billion in 2024 and $287 billion in 2028
- Smartphone penetration, transaction streamlining, and security improvements are promoting market growth
- North America is currently dominant, but Africa could become the fastest-growing payment wallet market
What Are Payment Wallets?
Payment wallets, also known as digital wallets, are applications that you can use to store balances, send and receive funds, and perform transactions.
Depending on its unique features, a payment wallet may connect to credit cards, bank accounts, reward point balances, cryptocurrency balances, and other sources of funds.
Some wallets only allow online payments, while others allow you to spend money at brick-and-mortar stores. Merchants must recognize the wallet as a form of payment, and some payment wallets are more widely accepted than others.
Though payment wallets are already commonplace, new data shows that the market for these apps could see further growth in the coming years.
Market Could Grow 22% Per Year
Research and Markets expects the payment wallet market to reach $129.08 billion in 2024, representing an increase from $106.01 billion in 2023.
That growth would mark a compound annual growth rate (CAGR) of 21.8%.
Furthermore, the market could reach $287.35 billion by 2028 at a CAGR of 22% — more than doubling in size from its current estimated value.
This anticipated growth is attributed to rising smartphone use, more convenient and simpler transactions, heightened mobile and online payments, and improved security. Financial inclusion in emerging markets, strategic partnerships, and other factors could also drive growth.
Furthermore, companies are developing groundbreaking innovations. Research and Markets highlighted Worldcoin — which uses iris scanning for secure identity verification to offer decentralized IDs, peer-to-peer payments, and crypto features — as a key innovator.
Regional Developments
Certain regions are leading the payment wallet market. Research and Markets identified North America as the largest market for the technology in 2023.
Africa, meanwhile, is expected to become the fastest-growing payment wallet market.
Research and Markets said these trends illustrate the “diverse and dynamic nature of the global market,” which exhibits differences in regional advances and consumer adoption patterns. Together, those trends could contribute to billions of dollars in estimated growth.
Create a Digital Wallet With Payset
At Payset, we offer digital wallets in the form of multi-currency accounts, which are capable of sending and receiving funds in more than 180 countries worldwide.
With our services, you’ll experience competitive fees, support for holding up to 34 currencies, access to our foreign exchange platform, and many other features.
Contact a sales agent today to find out if our service is right for you.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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