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Global Payment Wallet Market Could Double to $287 Billion by 2028

Fintech and banking

Nov 4, 2024

4 min. read

James Irwin

Author

Payment wallets are becoming increasingly important as commerce turns digital, and the market could grow significantly over the next several years. Find out more about the latest trends based on data from Research and Markets.

Key Takeaways

Payment wallets are apps that allow users to store a monetary balance and make online and digital transactions
The global market could reach $129 billion in 2024 and $287 billion in 2028
Smartphone penetration, transaction streamlining, and security improvements are promoting market growth
North America is currently dominant, but Africa could become the fastest-growing payment wallet market

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What Are Payment Wallets?

Payment wallets, also known as digital wallets, are applications that you can use to store balances, send and receive funds, and perform transactions.

Depending on its unique features, a payment wallet may connect to credit cards, bank accounts, reward point balances, cryptocurrency balances, and other sources of funds.

Some wallets only allow online payments, while others allow you to spend money at brick-and-mortar stores. Merchants must recognize the wallet as a form of payment, and some payment wallets are more widely accepted than others.

Though payment wallets are already commonplace, new data shows that the market for these apps could see further growth in the coming years.

Market Could Grow 22% Per Year

Research and Markets expects the payment wallet market to reach $129.08 billion in 2024, representing an increase from $106.01 billion in 2023.

That growth would mark a compound annual growth rate (CAGR) of 21.8%.

Furthermore, the market could reach $287.35 billion by 2028 at a CAGR of 22% — more than doubling in size from its current estimated value.

This anticipated growth is attributed to rising smartphone use, more convenient and simpler transactions, heightened mobile and online payments, and improved security. Financial inclusion in emerging markets, strategic partnerships, and other factors could also drive growth.

Furthermore, companies are developing groundbreaking innovations. Research and Markets highlighted Worldcoin — which uses iris scanning for secure identity verification to offer decentralized IDs, peer-to-peer payments, and crypto features — as a key innovator.

Regional Developments

Certain regions are leading the payment wallet market. Research and Markets identified North America as the largest market for the technology in 2023.

Africa, meanwhile, is expected to become the fastest-growing payment wallet market.

Research and Markets said these trends illustrate the “diverse and dynamic nature of the global market,” which exhibits differences in regional advances and consumer adoption patterns. Together, those trends could contribute to billions of dollars in estimated growth.

Create a Digital Wallet With Payset

At Payset, we offer digital wallets in the form of multi-currency accounts, which are capable of sending and receiving funds in more than 180 countries worldwide.

With our services, you’ll experience competitive fees, support for holding up to 34 currencies, access to our foreign exchange platform, and many other features.

Contact a sales agent today to find out if our service is right for you.

A UK multi-currency account can streamline how you manage your finances. Whether for business or personal use, a multi-currency account provides you with added freedom and flexibility and removes barriers to payments and transfer methods.

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.