Global digital wallet spend could exceed $10trn in 2025
Representing an 83% increase on 2020’s figure ($5.5trn), the company infers that the shifting consumer preference for adopting digital is a direct result of the COVID-19 pandemic, and that this could be one of its most enduring legacies.
Digital wallets are also becoming increasingly secure and convenient thanks to the proliferation of remote and contactless payments. Juniper also estimates that half of all expenditures will be digital/ecommerce-based by 2025, a 14% increase on 2020’s figure.
Rolling with the changes
“Merchants must base their payment strategies around wallet acceptance in order to support a digitally-engaged addressable market, but must also judge the right wallets to target, or they will be lumbered with increased costs and limited benefits,” said Alexandria Sadler, co-author of the research.
stated that the underlying revenue model between payment systems has, so far, remained virtually identical throughout the evolution of physical currency to cards and digital wallets. However, this could all be about to change:
“[...] as digital payments methods, omnichannel, and instant payments converge to transform the payments industry, revenue models are likely to change, too.”
Digital wallets: Permeating everyday life
Juniper’s study correlates with the views expressed by Michael Kaplan, Chief Revenue Officer and General Manager of PayNearMe, in an with FinTech Magazine. Specialising in bringing the convenience of digital wallet payments to everyday consumer expenditures such as bills, Kaplan similarly predicted growth for the industry:
“The use of digital wallets will continue to grow steadily in the next decade, and one reason for that relates to bill pay.
“Yes, some people already pay for groceries or shop online with their Google or Apple Pay accounts. It’s a bit of a novelty and relatively convenient, but it’s when consumers start paying bills through the digital wallet that they will fully appreciate it for the enormous ease and time savings it gives them.
“As they pay their bills month after month and click on that ‘Add to Wallet’ button, they will become more and more comfortable with that process and more likely to use it for all their money-related tasks. All of us in fintech should be seeking ways to enable digital wallet usage to take advantage of this important trend.”
Everton FC signs Sokin as its global payment partner
Everton Football Club have signed up Sokin as their official global payments partner.
Sokin is a new global currency account provider that specialises in creating open and transparent payments platforms.
The innovative fintech which launched in 2019, has agreed to a multi-year partnership that will see Sokin’s cutting-edge platform handle the Liverpool-based football club’s global currency transactions.
Disruptive startup fintech
Sokin’s founder Vroon Modgill, a first-generation immigrant, discovered how cumbersome money exchanges were and set about creating a frictionless system that can transfer funds cheaply, swifty and easily to global destinations.
The London-based fintech has grown massively since its launch and now has offices in 10 countries. Sokin also provides a streamlined subscriber platform that opens up global access to FX transfers and payments, allowing people and businesses to transact in 38 currencies and 200 countries and territories.
Fintech partnership with Everton FC
The long-term agreement with Everton sees Sokin further boost the Blues’ growing partnership portfolio while the fintech’s collaboration with the football club strategically supports Everton's FX and payments requirements via its global platform.
The partnership will also propel Sokin into a new position as a leading global fintech provider. Modgill said of Everton FC, “This ethos is a fantastic fit for Sokin’s services. As a leading financial service provider, we exist to make global payments simple and offer a trouble-free service that our customers can trust.
“We look forward to seeing the Sokin name appear around Goodison Park – one of football’s most iconic stadiums – and embarking on this journey together. Sokin – the People’s Card, working with the People’s Club.”
Speaking about the partnership, Alan McTavish, commercial director at Everton, explained, “We are delighted to welcome Sokin on board as our newest club partner and look forward to helping them promote their leading global payments offering to millions of our fans and followers around the world.
McTavish added, “Working with such a global brand is an integral part of our commercial growth strategy. Sokin is a truly innovative, forward thinking company that puts its customers and customer experience at the centre of its operation and is a perfect fit within our exciting partnership portfolio.”