Digital wallet spend set to skyrocket 40% this year


Spending via digital wallets is set to skyrocket by 40 per cent this year thanks to major growth in instore payments via mobile contactless payments.

According to new data from Juniper Research, consumer spending via digital wallets is set to top nearly $790 billion (£633 billion) in 2019.

Though ecommerce is set to remain the largest contributor to consumer spend via digital wallets, a surge in usage at point-of-sale systems in stores would drive runaway growth for the technology.

READ MORE: 50% of world’s population to use digital wallets by 2024

This is largely thanks to digital wallet providers securing partnerships with leading banks, amid increasing adoption of the tech by younger generations across the key US retail market.

While around a third of iPhones are reportedly now used for contactless payments, wallets including Apple Pay, Amazon Pay and Visa Checkout led the way online, expanding their availability across merchant sites dramatically throughout the year.

Conversely wearable digital wallets such as smart watches are expected to see a major decline.

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