Instant payments and digital wallets are changing the way money is handled around the world. This is a clear sign of a move toward a faster, cashless economy. The global market for digital payments is expected to reach more than $3 trillion by 2028. This is because more and more people want deals to be easy and happen in real time.
It is expected that instant payments will account for over 20% of all transactions worldwide by 2028, up from about 15% in 2023. This is because both businesses and consumers are increasingly prioritizing speed and ease.
At the same time, digital wallets are an important part of this change. There are already 4.5 billion digital wallet users around the world in 2025, and by 2030, 70% of the world’s population is expected to have used one. About 32% of all transactions at points of sale happen with digital wallets. This makes them the most popular way to pay in many places. This change is caused by the rise of e-commerce, contactless payments, and mobile-first lives, all of which like quick and easy payment methods.
The acceptance curve is even steeper in the UAE and the rest of the GCC. This is because the government backs the sector strongly and there is advanced digital infrastructure in place. Emirates NBD and PwC recently released a study stating that the UAE fintech market will grow from about $3.16 billion in 2024 to $5.71 billion by 2029.
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