Digital wallets will be used to pay for ecommerce transactions valued at more than US$3tn a year by 2023, a new study has found.

Overall, the global eCommerce market will grow to US$5.9tn by 2023, the Worldpay from FIS 2020 Global Payments Report predicts, with digital/mobile wallets “set to be the online payment method of choice” with a 52% market share.

Buy now, pay later schemes will be the fastest-growing online payment preference globally over the next five years, the study also predicts.

“While US consumers still prefer credit cards while shopping online, digital and mobile wallets are set to surpass credit cards as the most-preferred online payment method in the US by 2021,” the researchers add.

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