The way we pay is transforming. From coins and paper bills to contactless cards, and now to digital wallets, payment methods have evolved rapidly in the last decade. As we look ahead, digital wallets are no longer a niche option—they are becoming the global standard. With more consumers turning to mobile devices for financial transactions, the digital wallet is positioned to become the most dominant form of payment in the years ahead.
How widely are Digital Wallets used?
In 2022, approximately 3.4 billion people—or 42.6% of the world’s population—were using digital wallets over traditional cash or card payments. This number is projected to climb to 5.2 billion users by 2026, representing 60% of humanity. In other words, two out of every three people you meet will likely carry a digital wallet in their pocket.
In Switzerland, 83% of consumers used TWINT, Apple Pay, or Google Pay either at a point of sale (PoS) or online in 2024, a significant rise from 72% in 2023, according to a recent study. This steep growth reflects a society that values innovation, speed, and digital integration in everyday financial behavior.
Young generations are driving the trend
Younger generations are leading the adoption of digital wallets. A U.S. study by PYMNTS reveals significant generational differences in how Americans use digital wallets:
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Gen Z: 79%
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Millennials: 67%
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Gen X: 44%
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Baby Boomers: 26%
Although younger users are leading the way, adoption is increasing across all age groups and regions.
Digital Payments are becoming the norm
In-person payments using digital wallets have surged. The 2024 Payment Methods Survey of Private Individuals in Switzerland reports that 18% of respondents used mobile payment apps for in-person purchases, up from just 5% in 2017. This represents more than triple the usage in just seven years, reflecting growing confidence in contactless technology and the convenience it brings.
The same study shows a significant increase in online usage. In 2024, 51% of purchases made in online shops or in apps were completed using mobile payment apps or online banking, compared to less than 25% in 2017. This reflects the growing role of digital wallets in e-commerce and everyday digital transactions.
Conclusion
Looking ahead, digital wallets are the only payment method projected to grow significantly in market share. While some traditional methods, like card payments, may remain stable, cash usage is expected to continue its decline.
In today's digital landscape, YAPEAL empowers Swiss businesses with modern digital accounts and instantly deployable expense card solutions, enabling better financial control and streamlined operations. Companies can issue in-wallet cards that are immediately active and customizable, featuring programmable spending limits, category-specific restrictions, and real-time tracking. This level of control and transparency ensures smarter spending and greater agility in managing day-to-day expenses.
The Author
Charline Dulac
Growth Marketing Manager at YAPEAL