adoption is rooted in the belief that it presents a more glamorous lifestyle . “ For many young people in Asia , virtual banking and e-wallets represent excitement , aspiration , and a gateway to living life more richly .”
E-wallets and CBDCs As the global financial market becomes increasingly integrated , regulated and borderless , the case for e-wallets has grown . CBDCs will be a primary asset for e-wallets when their worldwide introduction begins in earnest .
China is leading the charge with this technology . In October 2020 , for example , the government had already begun piloting its digital yuan , giving 50,000 residents of the Luohu district 200 yuan each in a digital wallet to test the transactional process and its new digital currency . The digital wallets were distributed via iShenzhen – a government-operated blockchain public services app .
China ’ s digital currency has been in the pipeline for the past eight years ; it ' s currently available to users in 23 cities across China , enabling millions of users to sign up through a number of commercial banks .
The future of digital wallets A research report by CBS Insights predicts that the trend for e-wallets and super apps will see the market increase in value from a conservative US $ 1tn to $ 7tn by 2027 .
Many reputable studies show that , by 2024 , a third of the world ’ s population will be using digital wallets . Not only that , but these e-wallets will merge with the super app movement , while the current single — function payment apps will eventually disappear as users opt for multifunction transaction . fintechmagazine . com 69