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Strategy Briefing

Digital Disruptors: The Global Competitive Landscape of Digital Wallets

Jun 2021

US$1,325

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About This Report

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

The Coronavirus (COVID-19) pandemic led to greater use of digital wallets, as consumers shifted away from cash for online and in-store payments. With gaps in financial services, increased user functions on digital wallets are challenging banks to build their digital capabilities or partner with digital wallets to remain relevant. In addition to more partnerships with merchants and operators, trust in the security of digital wallets will remain an influential feature driving use in the future.

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Overview

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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

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.

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Introduction

About the report

Key findings

State of Play

Pandemic drives use of digital wallets as consumers shift away from cash

Governments have a keen interest in digital wallets

Banks not in the driver's seat in the evolving digital wallet journey

Digital wallets continue to expand use cases and technical sophistication

Merchant integration in digital wallets paves way for super apps

Profiles on Global Disruptors

Alipay

Amazon Pay

Apple Pay

BBVA app

Click to Pay

Google Pay

PayPal

PayU

Paytm

Samsung Pay

Qiwi

Profiles on Disruptors in the Americas

CoDi

Mercado Pago

Profiles on Disruptors in Asia

GoPay

LINE Pay

PayLah!

PayMaya

PromptPay

TrueMoney

WeChat Pay

Profiles on Disruptors in EMEA

BKM Express

BLIK

Lidl Pay

Paylib

RaiPay

Satispay

SnapScan

stc pay

Swish

Yoyo Wallet

Prospects

Digital wallets still have a long way to go for online purchases

Funding mechanism vests power in banks, although shifts are possible

Digital wallets to see greater partnerships in the evolving payments scene

Investor interest in fintechs leading to increased funds for digital wallets

Digital wallets push to store and transact crypto and digital currencies

Enhanced trust in security to drive greater digital wallet usage in future

Appendix

Digital Consumer analysis regularly leverages multiple methodologies

An overview of methodologies often used in Digital Consumer analysis (1)

An overview of methodologies often used in Digital Consumer analysis (2)

Why buy this report?

Want to find out more about this report?

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Megatrends

Strategy Briefing

Digital Disruptors: The Global Competitive Landscape of Digital Wallets

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

Key Findings

The wallet war

Super apps shaping the future of how consumers pay

Role of plastic cards and traditional financial institutions under threat

COVID-19 pandemic accelerating adoption of digital wallet usage

Want to find out more about this report?

Table of Contents

Introduction

About the report

Key findings

State of Play

Pandemic drives use of digital wallets as consumers shift away from cash

Governments have a keen interest in digital wallets

Banks not in the driver's seat in the evolving digital wallet journey

Digital wallets continue to expand use cases and technical sophistication

Merchant integration in digital wallets paves way for super apps

Profiles on Global Disruptors

Alipay

Amazon Pay

Apple Pay

BBVA app

Click to Pay

Google Pay

PayPal

PayU

Paytm

Samsung Pay

Qiwi

Profiles on Disruptors in the Americas

CoDi

Mercado Pago

Profiles on Disruptors in Asia

GoPay

LINE Pay

PayLah!

PayMaya

PromptPay

TrueMoney

WeChat Pay

Profiles on Disruptors in EMEA

BKM Express

BLIK

Lidl Pay

Paylib

RaiPay

Satispay

SnapScan

stc pay

Swish

Yoyo Wallet

Prospects

Digital wallets still have a long way to go for online purchases

Funding mechanism vests power in banks, although shifts are possible

Digital wallets to see greater partnerships in the evolving payments scene

Investor interest in fintechs leading to increased funds for digital wallets

Digital wallets push to store and transact crypto and digital currencies

Enhanced trust in security to drive greater digital wallet usage in future

Appendix

Digital Consumer analysis regularly leverages multiple methodologies

An overview of methodologies often used in Digital Consumer analysis (1)

An overview of methodologies often used in Digital Consumer analysis (2)

Why buy this report?

Want to find out more about this report?

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