["By 2030, digital wallets will reach approximately 5.6 billion" Digital Wallet Revolution]
The future of digital wallets was the focus of lively discussion at the 2023 London Finance Summit. Sandra Mianda, founder and CEO of Paypr.work, and David Tirando Blanco, vice president of Revolut, discuss the development, current situation, and future trends of digital wallets.
Sandra emphasized the rapid growth of digital wallets, which are expected to have more than 4.4 billion users worldwide by 2025 and reach approximately 5.6 billion in 2030, accounting for 65% of the global population. She pointed out that digital wallets have transformed from simple financial instruments to complex systems that are indispensable in modern finance.
David focuses on the expansion of digital wallet functions, how to transform from basic payment functions to comprehensive services that enhance customer experience and provide financial insights. He also explains the differences between open, semi-closed and closed wallets.
The discussion also touched on the growing interoperability between digital wallets and how initiatives such as Visa+ can facilitate seamless connectivity between different platforms. Looking ahead, Sandra and David agree that artificial intelligence and government-led initiatives will profoundly impact the digital wallet industry. David foresees digital wallets integrating administrative tasks and digital identity functions.
In addition, the challenges and opportunities facing digital wallets are also a focus of discussion, especially the competition and innovation needs from large technology companies. Digital wallets are regarded as a key component of the future financial ecosystem and have the potential to become a comprehensive platform that meets diverse consumer needs.
All in all, digital wallets have become increasingly prominent in the financial technology industry, and as technology advances and market demands change, they will continue to play an important role in shaping the future of finance.