Digital Wallet Market Report 2026

The digital wallet market size has grown rapidly in recent years. It will grow from $56.77 billion in 2025 to $68.02 billion in 2026 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historic period can be attributed to growth of smartphone penetration, expansion of e-commerce ecosystems, rising consumer preference for cashless payments, increasing internet accessibility, growth of app-based financial services.

The digital wallet market size is expected to see exponential growth in the next few years. It will grow to $145.35 billion in 2030 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to increasing adoption of embedded finance solutions, rising demand for cross-border digital payments, expansion of super-app ecosystems, growing regulatory clarity for digital payments, increasing integration with iot-enabled devices. Major trends in the forecast period include increasing adoption of mobile-based payment platforms, rising use of contactless and qr payments, growing integration of multi-currency wallets, expansion of biometric authentication features, enhanced focus on fraud detection and security.

The growing number of online transactions is expected to drive the expansion of digital wallet markets in the coming years. Online transactions are commercial activities conducted over the Internet. They represent a payment approach aimed at completing electronic money transfers or fund settlements. A digital wallet is a widely used online payment solution in the form of an application in which users do not need to enter card details or carry physical cards for online transactions, as the wallet securely stores virtual equivalents of debit and credit cards. In addition, users can store electronic tickets and coupons, ensuring they always have the necessary documentation available. For example, in July 2023, according to the Office for National Statistics, a UK-based non-ministerial department reporting directly to the UK Parliament, internet sales as a proportion of total retail sales rose from 26.7% in 2022 to 29.6% in 2023. Furthermore, in February 2023, the Indian Ministry of Electronics & IT reported that the total number of digital transactions in India increased from 8,840 crore (88,400 million) in FY 2021-22 to 9,192 crore (91,920 million) in FY 2022-2023. Therefore, the rising volume of online transactions is driving demand in the digital wallet market.

Major companies operating in the digital wallet market are emphasizing product innovation, such as launching first-of-its-kind digital wallet mobile applications, to gain a competitive edge and broaden their customer base. A digital wallet mobile application is a software tool designed for smartphones and other mobile devices that allows users to store, manage, and securely conduct transactions with their financial information. For example, in March 2023, Moldcell, a Moldova-based mobile telecommunications operator, introduced the first-of-its-kind Digital Wallet - Moldcell Money, supported by Comviva. Moldcell Money's digital wallet distinguishes itself by offering a wide array of financial services, including payments, loans, and government transactions, providing a comprehensive solution for users. Its availability across any mobile network, ability to make payments using Moldcell numbers, and secure transfer features further enhance convenience, making it a significant addition to the digital wallet market by delivering a versatile and user-friendly platform for digital transactions.

In April 2023, Fobi AI Inc., a Canadian software company, completed the acquisition of Passworks S.A. for $547,160. This strategic move by Fobi AI Inc. is geared towards broadening its international presence, accessing a new customer base, fostering technological innovation, and fortifying its standing within the digital wallet market. Passworks S.A., headquartered in Portugal, specializes in offering digital mobile wallet solutions catering to consumer needs.

Major companies operating in the digital wallet market are One97 Communications Limited, PhonePe Private Limited, One Mobikwik Systems Limited, Freecharge Payments Technologies Private Limited, Resilient Innovations Private Limited, PayPal Holdings Inc., Paysafe Limited, Paysera LT UAB, MH Pillars Ltd, Revolut Ltd, Safaricom PLC, Ant Group Co. Ltd, Amazon Payments Inc., Samsung Electronics Co. Ltd, Apple Inc., Google LLC, PT GoTo Gojek Tokopedia Tbk, Starbucks Corporation, Dwolla Inc., Wise Payments Limited.

North America was the largest region in the digital wallet market in 2025. The regions covered in the digital wallet market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The digital wallet market includes revenues earned by entities by providing services such as payment processing services, online shopping services, contactless payments services, bill payments, financial management services, and cryptocurrency services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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