Digital wallet spending to nearly double to $10trln in 2025

Digital wallet spending to nearly double to $10trln in 2025

Digital wallet spending across the world is expected to nearly double in five years as the shift to cashless payments continues, according to a new study from Juniper Research.By 2025, total spend via mobile phones or electronic devices that don't require the use of cash will exceed $10 trillion, up from $5.5 trillion in 2020.A growing number of consumers has shifted to electronic payments since the onset of the coronavirus pandemic last year due to the risk of contamination. Over the last several months, merchants and other commercial establishments have seen a decline in the use of cash.According to Suvo Sarkar, senior executive vice president of Emirates NBD, consumers in the UAE had been increasingly turning to digital payment options prior to the outbreak.Accelerated shift “The ongoing pandemic has further accelerated the change in customer behaviour, led by health-related concerns, as well as encouragement from shopping centres and merchants to use contactless payments over cash,” Sarkar told Zawya earlier.Electronic wallets provide a convenient way for consumers to make purchases as they are capable of both contactless and remote payments. These digital payment options are made possible through apps like Apple Pay, Google Pay or Samsung Pay.Juniper estimated that in 2025,