Juniper Research: Digital Wallets Transaction Value to Grow by 60% by 2026 Globally, as PayPal & Alipay Top Competitor Leaderboard

Rhea-AI Summary

Juniper Research projects that digital wallet transaction values will surpass $12 trillion by 2026, up from $7.5 trillion in 2022. Key drivers include increasing merchant acceptance at eCommerce checkouts and the integration of APIs to enhance cross-border transactions. The research emphasizes that leading companies like PayPal are diversifying their offerings, incorporating solutions like buy-now-pay-later and cryptocurrencies. PayPal and Alipay are ranked as the top digital wallet providers.

Positive

• Projected digital wallet transactions to exceed $12 trillion by 2026.
• PayPal ranked as a leading digital wallet provider due to its diversified offerings.
• Increased merchant acceptance and integration of APIs aiding digital wallet usage.

Negative

• None.

BASINGSTOKE, England--(BUSINESS WIRE)-- A new study from Juniper Research has found the value of digital wallets transactions will exceed $12 trillion in 2026, from $7.5 trillion in 2022. 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.

Digital Wallet Competitor Leaderboard by Juniper Research (Graphic: Business Wire)

The new research, Digital Wallets: Key Opportunities, Vendor Analysis and Market Forecasts 2022-2026, found increasing merchant acceptance of digital wallets 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.

The research also recommends that digital wallets 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.

For more insights, download the free whitepaper: Digital Wallets ~ Accelerating to a Cashless Society

PayPal & Alipay Ranked as Leading Digital Wallets Providers in Competitor Leaderboard

Juniper Research’s Competitor Leaderboard for the digital wallets market has identified the 5 leading market vendors as follows:

1. PayPal
2. Alipay
3. WeChat Pay
4. Apple Pay
5. Google Pay

Research co-author Damla Sat elaborated: “The digital wallets market is heavily saturated, meaning finding a source of differentiation is critically important. We have ranked PayPal as an established leader as it has successfully grown an expansive, differentiated offering; leveraging its strong merchant acceptance by expanding quickly into buy-now-pay-later and QR code payments, as well as signing partnerships with key merchants to scale its innovative solutions.”

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.

Digital Wallets market research: https://www.juniperresearch.com/researchstore/fintech-payments/digital-wallet-research-report

View the whitepaper: https://www.juniperresearch.com/whitepapers/digital-wallets-accelerating-to-a-cashless

View source version on businesswire.com: https://www.businesswire.com/news/home/20220425005811/en/

Sam Smith, Press Relations

T: +44(0)1256 830002

E: sam.smith@juniperresearch.com

Source: Juniper Research

FAQ

What is the projected value of digital wallet transactions by 2026 for PYPL?

Digital wallet transaction values are projected to exceed $12 trillion by 2026.

What are the key drivers for digital wallet growth mentioned in the Juniper Research PR?

The key drivers include increasing merchant acceptance at eCommerce checkouts and the integration of APIs for cross-border transactions.

Which companies were ranked as leading digital wallet providers in the report?

PayPal and Alipay were ranked as the leading digital wallet providers.

How is PayPal diversifying its offerings according to the research?

PayPal is diversifying by incorporating solutions like buy-now-pay-later and cryptocurrencies.

What is the significance of the Competitor Leaderboard in the context of PYPL?

The Competitor Leaderboard highlights PayPal's strong market position among digital wallet providers.