The intense interest seen in integrating card payments into telemedia flows at World Telemedia Marbella in October comes as no real surprise: the latest study by Juniper Research reveals that the number of digital wallet users worldwide will increase to some three quarters of the world’s population by 2030 – up 35% from the 4.4 billion users in 2025.
An extract from the report, Digital Wallets Market 2025-2030, is available as a free download
While DCB continues to power the telemedia sector, especially in MENA and sub-Saharan Africa, there is growing interest from consumers in using cards stored in wallets such as Apple Pay and Google Pay. Other mobile money solutions such as M-PESA are also popular.
And it is how payment companies and, from a telemedia point of view, payment gateways handle these and other payment types that are what is going to shape wallet uptake.
In fact, Juniper’s research advises that digital wallet platforms must offer integrated flexibility of wallet types (stored value, staged, cryptocurrency, etc) and payment types (cards, Account-to-Account (A2A) payments, etc) to best appeal to wallet providers, which are providing increasingly diverse offerings to users.
The research also finds that in this increasingly saturated market, offering value-added features, including Buy Now, Pay Later (BNPL), virtual cards, and digital identity, is also vital to creating differentiation.
Regional differences
There are significant regional differences when it comes to the adoption of digital wallets, finds the study. These stem from a mix of factors including the availability of payment infrastructure, regulatory environment, consumer trust, and cultural attitudes towards new financial technologies.
Countries with robust technological ecosystems and innovative payment regulations, such as China and the UK, see higher uptake of digital wallets as they fulfil needs for convenience and financial inclusion, especially among younger and urban consumers.
In contrast, places with entrenched cash habits, fewer smartphone users, or limited banking access, common in parts of Africa, Latin America and older UK demographics for example, exhibit slower adoption; showing that regional disparities are shaped by a blend of infrastructure, policy, generational preference, and cultural readiness for change.
Wallets in developing markets
However, in emerging economies, such as Kenya with M-Pesa or India with Paytm, digital wallets are revolutionising access to financial services for millions; rapidly replacing cash and bridging gaps in banking infrastructure, finds Juniper. In China, superapps such as Alipay and WeChat Pay now cover everything from payments to ride-hailing; underlining the transformative effect seen across Asia and Africa.
Fintechs targeting emerging markets are finding fertile ground for digital wallet success. For instance, Latin America’s Mercado Pago, India’s PhonePe, and Indonesia’s GoPay have seen astronomical growth; addressing large segments of unbanked consumers and enabling instant, secure payments for everyday transactions.
These businesses not only facilitate payments, but often expand into financial services, insurance, or lending; illustrating how regions such as Latin America and Asia are at the forefront of mobile-first financial inclusion and innovation.
Reward schemes vital for vendors to differentiate
Another key factor influencing wider digital wallet adoption is the implementation of loyalty and reward schemes. In established markets, especially, benefits such as cashback, reward points, and exclusive offers encourage adoption of a specific wallet, whilst also benefitting the merchant through increased spending and lower transaction fees.
According to Thomas Wilson, Research Analyst at Juniper Research, “Changing user behaviour such as card usage, particularly when it is long-established, means providing incentives. As the digital wallets space becomes increasingly saturated, differentiation using rewards and other capabilities, such as gamification or superapp features, will be vital to success.”
Whilst rewards will help wallets in established markets compete, digital wallet platforms should also prioritise deploying solutions which target the underbanked in emerging markets. As mobile money services aim to offer banking-like services, digital wallet platforms must evolve to provide more advanced capabilities, or they will lose market share to more mainstream banking platforms.
