Mobile wallet use to soar in next five years, says survey

By Éilis Cronin in Industry News 9th July 2021

The use of mobile wallets to pay for transactions in stores will increase sharply within five years, according to a new survey.

The survey by Juniper Research in partnership with technology firm Boku found that 75% of Europeans will use a digital wallet by 2025.

A digital wallet (sometimes called an e-wallet) is a software based system that securely stores users’ information and passwords for numerous payment methods and websites.

The survey found that China and south-east Asia are leading the way in mobile wallet use, followed Africa and the Middle East, where they are used because of limited traditional banking facilities.

Despite the predictions of much higher use by 2025, western Europeans and North Americans are seeing slower growth because of high levels of established bank card usage and contactless payments.