A recent report by Juniper Research has revealed that Pakistan has secured the 9th position globally in terms of digital wallet adoption. This ranking is a testament to the country’s growing digital payments landscape and the increasing popularity of digital wallets among Pakistani consumers.
According to the report, the global digital wallet market is expected to experience significant growth, with the number of users increasing from 4.3 billion in 2024 to 5.8 billion by 2029. This growth is driven by the expanding range of use cases that digital wallets serve, including online shopping, peer-to-peer transfers, and bill payments.
The Far East and China are expected to lead this trend, reaching around 1.6 billion users by 2029, showing just how well-integrated digital wallets have become in everyday financial activities in these markets. The Indian Subcontinent is also expected to experience significant growth, solidifying its position as the second-largest market for digital wallets.
However, it is the Africa and Middle East region that is expected to witness the most remarkable growth, with the number of digital wallet users jumping from 605 million in 2024 to over 950 million by 2029. This surge is largely attributed to the proliferation of mobile money solutions, which have been instrumental in bridging the gap between the unbanked and digital financial services.
In many African and Middle Eastern countries, cash-based economies prevail, and the cost of opening a bank account is prohibitively high. Mobile money providers have stepped in to fill this void, enabling users to convert cash into digital currency through agent networks. This has allowed people to transact digitally without the need for a traditional bank account.
Pakistan’s ranking as the 9th country globally in terms of digital wallet adoption is a significant achievement, considering the country’s relatively recent entry into the digital payments space. The report suggests that Pakistan’s digital wallet market will continue to grow, driven by increasing demand for digital payment services and the expansion of mobile money solutions.
The growth of digital wallets in Pakistan is also driven by the country’s large and growing population, as well as the increasing availability of digital payment services. As digital wallets continue to bridge the gap between the banked and unbanked, their role in transforming global payment habits is becoming increasingly undeniable.
Overall, the report highlights the growing importance of digital wallets in Pakistan and globally, and the need for financial institutions and payment service providers to invest in digital payment infrastructure to meet the growing demand for digital payment services. With a projected growth rate of 35% over the next five years, the digital wallet market is poised for significant expansion, and Pakistan is well-positioned to be a key player in this growth.
