Digital wallets to be used by half of the world population by 2024

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Apple Pay and Samsung Pay will continue to be challenged by the emergence of wallets with QR codes

Half of the world’s population will be using digital wallets by 2024 according to a study conducted by Juniper Research.

By the end of this year there will be 2.3 billion people using digital wallets, with four billion anticipated by 2024.

The growth is expected to drive wallet transaction values up by more than 80 per cent to more than $9 (£7 trillion) trillion per year.

The strongest payments will come through online payments for remote purchases, with the average annual spend per digital wallet predicted to grow.

The report said annual spend per digital in the US will grow from $3,350 this year to more than $6,400 by 2024.

Increased security for online payments will also boost digital wallet use, thanks to the introduction of SRC (Secure Remote Commerce) standards from the second half of this year.

Challenges to NFC-based contactless wallets such as Apple Pay and Samsung Pay were also highlighted as the rise of wallets based on QR codes continues, as Juniper forecast the main opportunities for QR code wallets outside of China occurring in developing Asian countries.

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