Mobile wallet adoption in 38 countries and territories worldwide as of 2023
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Mobile wallet penetration in 2023was much higher in Asia than in Europe, with countries like India and Indonesia significantly outranking a country like Sweden. This is according to consumer survey results from early 2023. It reveals that the market size of mobile wallets is much higher in emerging countries than in North America or Europe, as wallets are often the first digital payment method to gain widespread acceptance in Asia or the Middle East. Mobile wallets in Europe and North America compete against existing digital payment systems such as credit cards or debit cards.
POS vs. e-commerce
Are wallets preferred in physical stores or in online shopping? By and large, digital wallets are used more regularly online than offline. Asia leads here too, with nearly 70 percent of e-commerce transaction value in the region being handled by wallets. Wallets accounted for roughly half of global e-commerce transaction value in 2023, which is forecast to increase to 61 percent by 2027.
Future growth
The United States is expected to see an increase in the use of wallets, with card-linked wallets reaching a Compound Annual Growth Rate (CAGR) of 10.5 percent. This was lower than forecasts made for countries in Southeast Asia, however, with the predicted number of digital wallet users in Indonesia being a particular stand-out. This is attributed to the growth of so-called "super apps" in Asia - apps that combine multiple functionalities such as taxi services, online shopping, food delivery, and payment services. Notable brands for Indonesia are Ovo and ShopeePay.
