Like e-commerce, digital wallet use was affected by the pandemic. As shoppers sought contactless ways to pay in stores and shopped more online, digital wallets offered physical distance and convenience. Now, with new consumer habits in place after more than two years of adapting, the digital wallet market is forecast to grow by 18.9% year-over-year through 2028.
Cashless payment has become the newest trend. The digital wallet apps have shown to be successful for both consumers and companies. Professionals from various fields, including network operations and banks, believe that mobile payments will swiftly replace traditional wallets in the long run.