RETAIL PAYMENTS
“ Digital wallets are evolving beyond simple payment tools . Banks have a unique opportunity to harness their capabilities fully , transforming their banking applications ”
OLIVER SERY GLOBAL HEAD OF SALES DIGITAL SOLUTIONS , GIESECKE + DEVRIENT
He further explains the potential of “ super wallets ,” which integrate a broader range of services within a single application .
“ Digital banking users can leverage transaction data for valuable environmental insights and actions . Moreover , super wallets facilitate access to a suite of services including credit requests , online purchases and even social media or instant messaging . We ’ re witnessing significant growth in this sector , especially in emerging markets .
“ As digital wallets become more integrated into daily life , consumer expectations are shifting , anticipating more comprehensive lifestyle services from their payment providers and banks ,” Sery continues .
Pinar Koygun , Senior Director of Retail Vertical Growth at Worldpay , predicts that by 2027 , digital wallets will represent 61 % of online transaction value and 46 % of in-store transactions . This trend is especially pronounced in the APAC region , driven by QR-code payments and a high adoption rate among younger consumers .
“ Our global survey of 5000 + respondents from key markets reveals that 49 % used digital wallets in the past year , citing convenience . With nearly half of shoppers engaging in multi-channel shopping and a preference for digital wallets among 18 – 26-year-olds ( 34 % of respondents ), we anticipate increased usage across all commerce channels ,” says Koygun .
98 June 2024