Digital wallets are a phenomenon that has been growing in our society for some time and evolving at a fast pace. There are many species of digital wallets; some of them serve as a secure holder of debit and credit card information, while others enable users to maintain deposits, complete peer-to-peer transactions, and access broader financial services, or hold many of these functionalities. Their versatility is pushing the total number of digital wallet users to increase and leading them to a great percentage of the global population using them in the near future. The payments landscape has evolved significantly with the introduction of mobile wallets. The European Union (EU) has taken steps to recognize that mobile wallets are part of the payments system, and other jurisdictions are looking to do the same, such as Australia. They are a dynamic and evolving innovation with important impacts on banking and financial services. Many players are crowding the market, and this innovation is becoming more and more transformative; thus, it plays the role of a facilitative vehicle for several initiatives in the market by moving beyond payments. This conceptual chapter aims to provide a big picture of this phenomenon, also highlighting the role banks can play in it by taking a conceptual perspective.
Banks, Payments and Wallets: Who Will Lead the Future of Digital Transactions?
Omarini, Anna
2025
Abstract
Digital wallets are a phenomenon that has been growing in our society for some time and evolving at a fast pace. There are many species of digital wallets; some of them serve as a secure holder of debit and credit card information, while others enable users to maintain deposits, complete peer-to-peer transactions, and access broader financial services, or hold many of these functionalities. Their versatility is pushing the total number of digital wallet users to increase and leading them to a great percentage of the global population using them in the near future. The payments landscape has evolved significantly with the introduction of mobile wallets. The European Union (EU) has taken steps to recognize that mobile wallets are part of the payments system, and other jurisdictions are looking to do the same, such as Australia. They are a dynamic and evolving innovation with important impacts on banking and financial services. Many players are crowding the market, and this innovation is becoming more and more transformative; thus, it plays the role of a facilitative vehicle for several initiatives in the market by moving beyond payments. This conceptual chapter aims to provide a big picture of this phenomenon, also highlighting the role banks can play in it by taking a conceptual perspective.
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