No longer a clunky lump in our pockets, wallets have settled into a new home — our phones. By now, digital wallets have become something we’re all at least familiar with, if not already incorporated into our own spending habits. But how did we get from a feature understood almost exclusively by Silicon Valley loyalists to a necessity that has generations of people leaving their paper and plastic at home? Where will digital wallets go from here? The answer to both questions is accessibility. While convenience has become the driving force in skyrocketing the popularity of digital wallets, accessibility was — and still is — at the heart of its innovation.
From Nice-to-Have to Need-to-Have
The Future Is More Together Than Ever
After all that growth, what does the future of digital wallets look like? Connection and accessibility continue to form the heart of digital wallet innovation — what comes next is bigger and better. As more wallets continue to pop up and usage rates continue to rise, a true global connection revolving around payments has never been more needed.
Global digital wallet volume is projected to reach $12 trillion annually by 2028.³ As the digital payments market continues its steady growth, Visa is committed to growing and connecting a global community of digital wallet users and financially empowering millions along the way. Our vision for that future will be realized through delivering improved cross-border payment capabilities to our clients and their customers with a seamless ability to pay and get paid regardless of where you live or what wallet provider you use. Today, Visa Direct enables clients to connect to nearly 7 billion endpoints in 190+ markets with payouts in over 160 currencies. The latest examples are Visa’s strategic collaborations with TerraPay and Thunes, which enable cross-border transfers to digital wallets around the world.
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Read more from experts who discuss how Visa Direct can help meet expectations around global money movement and evolving digital payments.
- World Bank Group, Global Findex Report, 2021–2022.
- Boku and Juniper Research, Mobile Wallets Report. Juniper Research conducted an online survey of more than 5,000 mobile wallet users across Brazil, India, Indonesia, Japan, and Russia in April and May 2021.
- Boku and Juniper Research, Mobile Wallets Report. Juniper Research conducted an online survey of more than 5,000 mobile wallet users across Brazil, India, Indonesia, Japan, and Russia in April and May 2021.
- Actual fund availability depends on receiving financial institution and region.