Juniper Research’s findings predicted that the presence of “superapps” would fuel the use of digital wallets in developing countries, which are currently considered cash-heavy.
“These rapidly growing markets represent a significant opportunity for digital wallet vendors, but they must act wisely to maximize their position,” research co-author Damla Sat said in a statement.
“A highly competitive ‘wallet’ landscape means vendors must differentiate themselves by integrating machine learning to provide spending insights and introduce new services such as wealth management to add value,” Sait said.
The research also predicts that by 2026 the adoption of digital wallets in each of these countries will be around 75 percent of the population. It cited the increasing penetration of online and mobile commerce services as the driving forces behind the use of digital wallets.
Additionally, research identified QR code payments as the most popular digital wallet transaction type in 2026, reaching 380 billion transactions globally and accounting for more than 40 percent of all transactions by volume.
However, as usage reaches its peak in markets including China and India, sellers must innovate to remain competitive entering new geographic markets, the research said.
Therefore, research recommends that QR code payment vendors integrate loyalty features and personalized marketing capabilities to encourage merchant acceptance, which will be critical for adoption.
The research identified three countries in the Asia Pacific that were poised for rapid growth over the next four years – the Philippines, Thailand and Vietnam.
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