A new study from Juniper Research, the foremost experts in fintech and payments markets, has revealed which platform providers lead the global digital wallets market in 2024.

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Juniper Research's 2024 Competitor Leaderboard for Digital Wallets Vendors (Photo: Business Wire)

Underpinned by robust methodology, the new Competitor Leaderboard ranked the top 17 digital wallet platforms across a number of criteria, including the range of payment channels covered, different use cases they support, and future business prospects.

The top five leaders for 2024 are:

1. Huawei
2. Ericsson
3. Comviva
4. OpenWay
5. Netcetera

Competitor Leaderboard Findings & Recommendations

The report found that the key determining factor in the market leaders’ success is the offering of advanced digital wallet capabilities, such as microloans within emerging markets. The leaders all include mobile financial services modules in their digital wallet platform. For example, Huawei has been working with emerging market telecoms operators to create innovative credit products, such as in Ethiopia. Wallet providers must help their clients to diversify their revenue by fulfilling financial services not commonly accessed through banks in developing markets.

Reward & Loyalty Schemes Important for Encouraging Adoption

The report also highlighted the role of loyalty schemes in encouraging user adoption. By offering schemes such as cashback on purchases via their digital wallet, wallet providers can provide a financial incentive for consumers to adopt their wallet, which is vital in the increasingly competitive digital payments market.

An extract from the new report, Global Digital Wallets Market 2024-2029, is now available as a free download.

Report author Michael Greenwood added, “Loyalty schemes are vital in developed markets, where there is greater competition for each user. Digital wallet providers must utilise users’ transaction data in order to customise rewards to the user, offering a personalised experience.”

About the Research Suite

The new market research suite offers the most comprehensive assessment of the digital wallets market to date; providing analysis and five-year forecasts across 58,000 datapoints and 60 countries. It includes a ‘Competitor Leaderboard’ and an examination of current and future market opportunities.

Juniper Research has, for two decades, provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers.

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