Juniper Research Study Finds, Digital Wallet Spend in Europe & North America to Increase by 40% in 2019

Juniper Research Study Finds, Digital Wallet Spend in Europe & North America to Increase by 40% in 2019
22.07.2019 07:29 am

Juniper Research Study Finds, Digital Wallet Spend in Europe & North America to Increase by 40% in 2019

Payments

Consumer spend via digital wallets across Europe and North America will increase by 40% this year to nearly $790 billion, according to a new study from Juniper Research. It argued that the largest growth in 2019 would come from instore payments, with mobile contactless payments more than doubling across these regions.

The study, Digital Wallets: Service Provider Analysis, Market Opportunities & Forecasts 2019-2024, found that while eRetail spend through wallets would remain the largest contributor to consumer spend, continued migration from cash would see a surge in wallet use at POS. It argued that this was particularly the case amongst younger demographics and in the US, where a third of iPhones are now used for contactless payments.

For more insights, download our complimentary whitepaper, ‘Will Wallets Trump Cards & Cash?’.

Banking, Merchant Partnerships Essential

The report highlighted the importance of digital wallet providers establishing partnerships with leading banks to maximise reach amongst consumers. Juniper Research’s analysis found that Apple far outstripped its rivals; achieving the largest addressable share of banking consumers in 7 of the 10 national markets assessed.

In the online space, the study found that wallets, including Apple Pay, Amazon Pay and Visa Checkout, had also significantly expanded their availability at merchant sites, although all lagged well behind PayPal in this regard.

Meanwhile, social payments through wallets will grow strongly both this year and beyond; a trend expected to be accelerated in 2020 by the emergence of Facebook’s Calibra wallet and its attendant Libra cryptocurrency.

Wearable-Pay ‘Niche Offering at Best’

However, the study was less optimistic about prospects for Wearable-Pay wallets; arguing that their limited addressable bases and functional constraints meant they would struggle against converged wallets - providing an extensive portfolio of online and offline payment offerings.

According to Juniper Research Analyst Nick Maynard, “Wearable-Pay solutions are still completely dependent on the smartphone and are ultimately limited to a single use case. They are thus likely to remain, at best, a niche offering.

Related News

Juniper Research names Banking Circle as Gold Winner for Excellence in Fintech & Payments

Banking Circle has been named as a Gold winner in the Juniper Research Future Digital Award for Payment Innovation: Best B2B Payment Platform. Banking Circle is a next-... Read more »

Ingenico partners with Fintech Pundi X to enable crypto transactions

Ingenico Group, the global leader in seamless payment, and Singapore-based Fintech Pundi X have just announced a major milestone in the global adoption of crypto payments, as... Read more »

Nium Partners with Visa to Provide Instant Money Transfers in Southeast Asia

Nium, a fast-growing digital cross-border payments platform, is enabling users to make real-time money transfers to Visa debit cardholders across Southeast Asia powered by Visa... Read more »

EML Payments Buys PFS

Prepaid Financial Services Ireland Limited (PFS) is pleased to announce it has entered into a binding agreement to sell 100% of the share capital of the company to EML payments... Read more »

Cardpay adds Brazil’s popular payment methods to its global platform

Cardpay announces integration with Boleto, Cash Express and Loterica into its existing list of payment methods in Brazil. With their introduction, ecommerce businesses will be... Read more »

Wirecard partners with HERE Mobility to launch integrated smart mobility solutions

Wirecard, the global innovation leader for digital financial technology, is collaborating with HERE Mobility, to jointly develop integrated B2B2C payment and mobility services... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel