PAYMENTS
As we approach 2025 , digital wallets are at the forefront of digital transformation in financial services .
These software-based systems , which securely store payment information and passwords , are rapidly becoming the preferred method for transactions worldwide , reshaping how consumers and businesses interact with money .
Nicholas Holt , Head of Solutions and Delivery , Europe of Marqeta , emphasises the dominance of digital payments : “ The future of payments is digital , and digital wallets will continue to dominate markets across the world as consumers demand more innovation and convenience in payments and banking .”
This shift towards digital wallets is part of a broader trend driven by advancements in technology , changing consumer preferences and the need for more efficient , secure payment methods . For businesses , the benefits of adopting digital wallet technology are manifold .
These include reduced transaction costs and valuable insights into consumer behaviour . Companies that embrace this technology can gain a competitive edge by offering customers the convenience and security they increasingly demand .
Regional variations in digital wallet adoption Today , significant disparities in digital wallet adoption rates exist across different regions , reflecting varying levels of technological infrastructure , regulatory environments and cultural attitudes toward digital finance .
“ The future of payments is digital , and digital wallets will continue to dominate markets across the world ”
NICHOLAS HOLT , HEAD OF SOLUTIONS AND DELIVERY , EUROPE , MARQETA
Asia-Pacific is expected to continue its digital wallet boom in 2025 , with countries like China and India already boasting high adoption rates . In China , for instance , digital wallets like Alipay and WeChat Pay are ubiquitous , handling billions of dollars in transactions daily .
Pietro Candela , EMEA General Manager for Alipay +, a cross-border mobile payment solution , provides insight into the Asian market : “ A recent study has shown that the number of mobile wallets in use globally will increase by 2.7 to 4.8 billion by 2025 , representing over half of the world ’ s population , demonstrating the lightning growth of mobile payments around the world .”
Europe and North America are likely to see steady growth in digital wallet usage , driven by the increasing popularity of services like Apple Pay and Google Pay . However , adoption rates may lag behind Asia due to the entrenched use of traditional payment methods and regulatory hurdles .
Nicholas Holt of Marqeta reveals : “ Currently , UK consumers are leading
82 December 2024