The number of people using digital wallets will nearly double to 4 billion in the next five years, as technology continues to improve the platform’s security.
According to a new report from Juniper Research, the number of shoppers using digital wallets is set to rise from 2.3 billion to 4 billion by 2024.
Subsequently, the average digital wallet transaction value will skyrocket 80 per cent to more than $9 trillion every year.
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Annual spend per digital wallet in the US is expected to rise from $3350 to $6400 over the same time period, due to a boost in transactions conducted via stored credentials.
Increased security thanks to the introduction of SRC (Secure Remote Commerce) technology, which protects transactions via tokens and dynamic cryptograms, later this year is also expected to boost adoption.
More traditional NFC methods of digital payment, currently used by Apple Pay and Samsung Pay, are also expected to be challenged by the growth of QR code wallets, set to see significant growth in developing Asia.