CINCINNATI — Digital wallets are poised to capture a growing share of in-store purchases in the coming years, while traditional point-of-sale card payments are expected to decline, according to the latest Global Payments Report from Worldpay, which is now known as GlobalPayments.
The report finds that consumers are increasingly shifting toward mobile and digital payment methods, extending trends that have already transformed e-commerce into physical retail environments. Digital wallets — which include mobile payment apps funded by cards or bank accounts — are projected to account for a larger portion of in-store transactions globally, while reliance on physical credit and debit cards continues to erode.
Worldpay said digital wallets already represent a significant and fast-growing share of payments. In 2024, they accounted for about 32% of point-of-sale spending globally, reflecting rapid adoption over the past decade.
The Look Ahead
Looking ahead, the report projects continued gains for digital wallets at the expense of traditional card payments. By 2030, digital wallets are expected to comprise roughly 30% or more of in-store transaction value, while the share of payments made directly with credit cards is forecast to decline compared with earlier years.
The shift reflects broader changes in consumer behavior driven by convenience, speed and the widespread use of smartphones. Digital wallets allow users to store multiple payment methods and complete transactions with a tap, reducing friction at checkout, the report said.
Cards, however, are not disappearing but evolving, according to Worldpay. A significant portion of digital wallet transactions are funded by credit and debit cards, meaning card networks remain embedded in the payments ecosystem even as physical card usage declines.
Longer-Term Decline
The report also highlights a longer-term decline in other traditional payment methods. Cash, for example, has fallen sharply over the past decade, dropping from 44% of in-store spending in 2014 to about 15% in 2024, as digital alternatives gained traction.
Overall, Worldpay said the global payments landscape is moving toward a more digital, mobile-first model in which online and in-store experiences increasingly converge, with digital wallets playing a central role in that transition.
