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Three quarters of Europeans will be using a digital wallet by 2025 – study

13 iulie 2021

More than one in two people will use a mobile wallet by 2025, as cash is increasingly displaced, finds a study from mobile payments company, Boku. This equates to an increase of 2.7 to 4.8 billion wallets in use globally in the next four years.

Leading the way in this transition is Southeast Asia, with a 25.5% compound annual growth rate (CAGR) and an expected overall growth of 311% in the next five years.

Following closely behind – in areas where wallets are offering access to financial services for the underbanked – is Latin America, and Africa and the Middle East. These two regions are due to expand their usage of mobile wallets by 166% and 147%, respectively, by 2025. In Africa and the Middle East, adoption is being catalysed by the increasing usage of mobile money services, such as M-Pesa, which are offering improved access to e-commerce.

In Western Europe and North America, however, wallet uptake is moving more slowly – at 65% and 50% by 2025, respectively. This is a result of high levels of card penetration and contactless usage at physical points of sale.

Nevertheless, markets such as the UK are seeing a spike in card-based mobile wallets, due to the adoption of contactless spurred on by the pandemic. Thanks to shifts like this, Boku predicts that three quarters of Europeans will be using a digital wallet by 2025.

Source: Link

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?