Digital Disruptors: The Global Competitive Landscape of Digital Wallets

June 2021

The Coronavirus (COVID-19) pandemic led to greater use of digital wallets, as consumers shifted away from cash for online and in-store payments. With gaps in financial services, increased user functions on digital wallets are challenging banks to build their digital capabilities or partner with digital wallets to remain relevant. In addition to more partnerships with merchants and operators, trust in the security of digital wallets will remain an influential feature driving use in the future.

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Key Findings

The wallet war

Developments and innovations in this retail environment are fast and rampant. Digital wallet operators need to spend more resources obsessing over each and every touchpoint that consumers have. While it is vital to remain competitive, it is also important to partner and integrate the best and most beneficial technology to improve the odds of a successful future. Technology giants have paved the way for the propagation of non-payment players.

Super apps shaping the future of how consumers pay

The move towards super apps first emerged in China because of the market’s unique qualities, including its status as the world’s first so-called mobile-centric nation. The Asia Pacific region leads the world in the transition into using the smartphone or/and wearable electronics as a tool for commerce. While digital wallet adoption in the Western market still requires a push to convince consumers of its added value, the ecosystem by these Super Apps may help convince more consumers to utilise digital wallets.

Role of plastic cards and traditional financial institutions under threat

Digital wallets are gaining massive popularity globally due to a rising digitally adept generation and speed and convenience demanded by consumers, resulting in rapid advancements of innovations that has driven an increase in adoption of digital wallets to facilitate mobile and wearable payments transactions. Where there are still barriers to overcome, digital wallets have the potential to steer society towards a cashless world.

COVID-19 pandemic accelerating adoption of digital wallet usage

While habits of card usage are notoriously difficult to break, the COVID-19 pandemic is driving a permanent shift in how consumers globally are paying. Digital wallet operators need to continue to educate and increase public awareness to drive further widespread adoption.

About the report
Key findings
Pandemic drives use of digital wallets as consumers shift away from cash
Governments have a keen interest in digital wallets
Banks not in the driver's seat in the evolving digital wallet journey
Digital wallets continue to expand use cases and technical sophistication
Merchant integration in digital wallets paves way for super apps
Alipay
Amazon Pay
Apple Pay
BBVA app
Click to Pay
Google Pay
PayPal
PayU
Paytm
Samsung Pay
Qiwi
CoDi
Mercado Pago
GoPay
LINE Pay
PayLah!
PayMaya
PromptPay
TrueMoney
WeChat Pay
BKM Express
BLIK
Lidl Pay
Paylib
RaiPay
Satispay
SnapScan
stc pay
Swish
Yoyo Wallet
Digital wallets still have a long way to go for online purchases
Funding mechanism vests power in banks, although shifts are possible
Digital wallets to see greater partnerships in the evolving payments scene
Investor interest in fintechs leading to increased funds for digital wallets
Digital wallets push to store and transact crypto and digital currencies
Enhanced trust in security to drive greater digital wallet usage in future
Digital Consumer analysis regularly leverages multiple methodologies
An overview of methodologies often used in Digital Consumer analysis (1)
An overview of methodologies often used in Digital Consumer analysis (2)
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