PriyaPatelTLDR:
– Worldpay projects global rise in digital wallet usage, with UK leading the way
– Digital wallets to account for £203.5bn in UK ecommerce transactions by 2027
Worldpay’s 2024 Global Payments Report showcases a significant uptick in digital wallet adoption globally, with consumers driving a new era of payments. The report highlights the UK as a frontrunner in payment card-backed digital wallets, set to make up a substantial portion of e-commerce transactions in the coming years. The projected growth in digital wallet usage is expected to revolutionize the payments landscape, with significant implications for both consumers and merchants alike. As digital payments continue to gain traction, the e-commerce market is poised to see substantial growth, led by the convenience and ease of use offered by digital wallets.
Taking a closer look at the UK market, Worldpay’s report indicates that digital wallets are set to represent a significant portion of total transaction value by 2027, bolstering the e-commerce sector with a projected compound annual growth rate of 7%. The COVID-19 pandemic served as a tipping point for digital payments, accelerating adoption and fostering consumer confidence in new payment methods. With digital wallet technology maturing, consumers are increasingly comfortable embracing alternative payment solutions, leading to a surge in adoption rates worldwide.
As Pete Wickes, General Manager, EMEA at Worldpay, notes, consumers are not just embracing digital wallets but actively driving a revolution in the payments landscape. The combination of pandemic-driven shifts in consumer behavior and advancements in digital payment technology has fueled a monumental rise in digital wallet adoption. Merchants now have a prime opportunity to diversify their payment options to meet evolving customer needs and capitalize on the thriving digital payments landscape.
