Digital Payments Expected to Reach $33 Trillion

Spending through digital payment methods is projected to reach $33.5 trillion by 2030. Consumers are expected to use bank and credit cards less frequently in the coming years, shifting more towards mobile wallets.

According to the 10th Global Payments Report by digital payment provider Worldpay, online and in-person digital payment spending grew from $1.7 trillion in 2014 to $18.7 trillion in 2024. The report forecasts that spending through digital payment methods such as digital wallets, “buy now, pay later” services, and account-to-account payments will reach $33.5 trillion by 2030.

81% of E-commerce Payments in Asia-Pacific Are Made via Mobile Wallets

In contrast, U.S. consumers use mobile wallets for only 39% of online shopping and 16% of in-person transactions. Meanwhile, in Asia-Pacific countries, 81% of e-commerce payments and 59% of point-of-sale transactions are made via mobile wallets.

Cash Spending in the U.S. Drops to 15%

Nearly two-thirds (67%) of all consumer spending in the U.S., both online and at points of sale, is conducted via credit cards, debit cards, and prepaid cards. In 2014, cash accounted for 44% of in-store spending in the U.S.; by 2024, this figure had dropped to 15%.

Digital Payments to Account for 52% of E-commerce Transactions

Worldpay’s report predicts that digital wallets will play an even larger role in both e-commerce and point-of-sale payments in the near future, primarily funded by credit and debit cards. In the U.S. and Australia, 70% of digital wallets are funded by cards, while the share stands at 67% in the UK, 56% in India, 53% in Brazil, and 46% in China.

By 2030, digital payment methods are expected to account for 52% of e-commerce transactions and 30% of point-of-sale transactions. In contrast, the share of credit cards in e-commerce transactions is projected to decline from 40% in 2014 to 22% in 2030, while their share in point-of-sale payments is expected to drop from 48% to 32%.

Digital Payment Usage in Large Enterprises Rises to 64%

Key digital payment insights from Worldpay’s report include:

• In the U.S., one in five transactions were cash-based in 2014, but this figure fell to 11% last year.
• By 2030, only 9% of U.S. consumer transactions are expected to be conducted in cash.
• Approximately one-third (32%) of U.S. consumers use credit cards for payments, while 30% use debit cards, and 16% pay with cash.
• Digital wallet usage in large enterprises increased from 48% in 2022 to nearly two-thirds (64%) in 2023.
• In the service sector, digital wallet usage rose from 43% in 2022 to 61% in 2023.

WorldFirst grows e-commerce businesses with payment solutions