Mobile wallet adoption is set to explode in the coming years, with users projected to rise by 1.5 billion by 2029, according to a new study from global money transfer company Thunes.
According to Thunes, mobile wallet users will rise from 4.3 billion in 2024 to 5.8 billion by 2029, while digital transaction values could jump from $10trillion to $17trillion, a 73 per cent increase.
The findings come from Thunes’ ‘Complete Guide to Mobile Wallets 2025‘, the second edition of an extensive study diving into the acceleration of mobile wallet adoption and the evolution of digital payments. In the report, Thunes highlights a dramatic shift in the payments market: mobile wallets are quickly establishing themselves as the new standard.
In Southeast Asia and Africa, the rapid adoption of mobile payments is enabling these regions to leapfrog traditional payment methods, moving directly from cash reliance to a fully digital ecosystem. Even in markets historically dominated by card transactions, mobile wallet adoption is rising sharply, also signalling a global trend towards more agile, digital-first payment solutions.
Since the COVID-19 pandemic, mobile wallets have evolved from basic contactless payments into integral, multifunctional tools. They can support everything from everyday bill payments to the gig economy, meeting the seamless demands of digitally native generations.
However, the current mobile wallet landscape femains fragmented, operating in silos that hinder integration with legacy banking systems and card networks.
Global market developments
“The findings in Thunes’ 2025 Mobile Wallet report reflect a profound transformation in the global payments landscape,” explained Mathieu Limousi, chief marketing officer at Thunes. “With mobile wallet users expected to reach 5.8 billion by 2029 and digital wallet transaction values projected to grow 73 per cent in just five years, the shift to digital payments is accelerating and becoming the new global standard.
“Yet, the lack of interoperability remains the biggest barrier to truly inclusive and efficient cross-border commerce. These insights will be invaluable to the Members of Thunes’ Direct Global Network, and to the entire cross-border payments ecosystem as we work to build a more connected and accessible financial future.”
The report’s regional analysis highlights dynamic market developments across Africa, Asia Pacific, Latin America, North America, and Europe. It also details how strategic global players connect banks, fintechs, and mobile wallet providers, driving a trend toward market consolidation, making digital payments more reliable and expansive. This renewed focus is critical in addressing regulatory differences and diverse local payment cultures.
