Digital wallet user base to increase to 4 billion

The number of digital wallet users globally will increase from 2.3bn in 2019 to 4bn in 2024 and global non-cash transactions will grow to nearly 1.1tn in 2023 from 708.5bn in 2019, according to the World Payments Report 2020.

Global non-cash transactions grew by nearly 14% between 2018-19, an increase led by a 31.1% growth in China, India and SE Asia, and driven by “increasing smartphone usage, booming e-commerce, digital wallet adoption and mobile/QR-code payments innovations,” according to the report.