KUALA LUMPUR, April 26 (Bernama) -- A new study from Juniper Research has found the value of digital wallet transactions will exceed US$12 trillion in 2026, from US$7.5 trillion in 2022. (US$1 = RM4.350)
To capitalise on this substantial growth, the research predicts leading digital payment vendors will diversify their payment products to include new solutions, such as buy-now-pay-later and cryptocurrencies.
Digital wallets are software-based systems that securely store users’ payment information for many payment methods in one location.
The new research, Digital Wallets: Key Opportunities, Vendor Analysis and Market Forecasts 2022-2026, found increasing merchant acceptance of digital wallet methods at eCommerce checkouts has been a driving force behind enabling further digital wallets use.
It predicts APIs (Application Programming Interfaces) that connect financial institutions to local retailers will be key to the international growth of digital wallets usage for large, cross-border eCommerce merchants.
According to a statement, the research also recommends that digital wallet vendors look to offer value-added services, such as loyalty rewards and credit, to diversify their revenue streams; capitalising on a highly active user base.
Juniper Research’s Competitor Leaderboard for the digital wallets market has identified the five leading market vendors as follows: 1.PayPal; 2.Alipay; 3.WeChat Pay; 4.Apple Pay; 5.Google Pay.
Juniper Research’s Competitor Leaderboard provides an independent assessment of the market standing of the leading digital wallets players. It includes a robust and transparent assessment methodology, including heatmap analysis and a thorough explanation of each company’s market position.
The Leaderboard tool assesses each vendor’s capacity, capability, and products. This analysis includes assessing the size of their operations, financial performance and the sophistication of their digital wallets offerings.
-- BERNAMA
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