• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

Use of Digital Wallets Will Skyrocket in Next Few Years: Juniper Research

March 9, 2022

Juniper Research is advising merchants to increase their support for digital wallets. The recommendation is based on a new study on eComerce Payments that suggests that the use of OEM Pay wallets like Google Pay and Apple Pay is set to explode in the next few years.

Use of Digital Wallets Will Skyrocket in Next Few Years: Juniper Research

In raw numerical terms, Juniper believes that 30.7 billion transactions will be completed with some kind of OEM Pay wallet by 2026. That number represents more than a six-fold increase over the current number, which sits at 4.7 billion in 2022. Juniper attributes the anticipated growth to the shifting demands of consumers, who increasingly expect a streamlined and frictionless checkout experience when buying goods online.

OEM Pay wallets fit well within that ecosystem, giving people a convenient and secure way to complete digital payments. Juniper believes that OEM wallets will be popular with consumers who opt for Buy Now, Pay Later purchases, and that merchants that do not offer an OEM Pay option will end up losing business (and losing customers) to those that do.

According to Juniper, Western Europe will be the epicenter of the burgeoning OEM Payments movement. The volume of transactions in the region will jump 516 percent in the forecast period, with the increased awareness of security measures like biometrics and tokenization driving adoption rates and making people feel more comfortable with the technology. OEM Pay transaction volume is up 63 percent globally in 2022, though the growth in other parts of the world will lag behind that of Western Europe, largely because the uptake for mobile contactless payment technologies has not been as high in other regions.

Juniper has previously predicted that more than $3 trillion worth of transactions will be cleared with biometrics by 2025. The firm also reported $2.5 trillion worth of contactless card transactions in 2021.

Filed Under: Industry News Tagged With: Biometric, biometrics, contactless payments, digital wallets, industry reports, Juniper Research, market forecasts, market trends, mobile payments, mobile wallets, mPayments

Related News & Articles

Amazon’s Alexa Takes on the Role of Fitbit Coach

Growing Enthusiasm For Biometric Authentication Among European Consumers

LG X Mach Features FPC1035 Biometric Sensor

Primary Sidebar

Register For the Next Virtual Identity Summit

Register now!

Tweets

Sponsored Links

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi's product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • FPC’s Optical In-display Sensor Gets First Design Win
  • FCC Tells Apple and Google to Get Rid of TikTok
  • Yubico Offers Subscriptions Through AWS Marketplace
  • Saskatchewan Privacy Commissioner Urges Development of Optional Digital ID
  • Wearable Authentication Company Closes $13 Million Funding Round

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2022 MobileIDWorld