Digital Disruptors: The Global Competitive Landscape of Digital Wallets

Delivery

This report comes in PPT.

Key Findings

The wallet war

Developments and innovations in this retail environment are fast and rampant. Digital wallet operators need to spend more resources obsessing over each and every touchpoint that consumers have. While it is vital to remain competitive, it is also important to partner and integrate the best and most beneficial technology to improve the odds of a successful future. Technology giants have paved the way for the propagation of non-payment players.

Super apps shaping the future of how consumers pay

The move towards super apps first emerged in China because of the market’s unique qualities, including its status as the world’s first so-called mobile-centric nation. The Asia Pacific region leads the world in the transition into using the smartphone or/and wearable electronics as a tool for commerce. While digital wallet adoption in the Western market still requires a push to convince consumers of its added value, the ecosystem by these Super Apps may help convince more consumers to utilise digital wallets.

Role of plastic cards and traditional financial institutions under threat

Digital wallets are gaining massive popularity globally due to a rising digitally adept generation and speed and convenience demanded by consumers, resulting in rapid advancements of innovations that has driven an increase in adoption of digital wallets to facilitate mobile and wearable payments transactions. Where there are still barriers to overcome, digital wallets have the potential to steer society towards a cashless world.

COVID-19 pandemic accelerating adoption of digital wallet usage

While habits of card usage are notoriously difficult to break, the COVID-19 pandemic is driving a permanent shift in how consumers globally are paying. Digital wallet operators need to continue to educate and increase public awareness to drive further widespread adoption.