Why mobile wallets are skyrocketing in emerging markets

The global mobile wallet market is booming, with total mobile wallet transaction value expected to rise from US$10 trillion in 2024 to US$17 trillion in 2029, an increase of 73%. 

Around the world today, people access payments, savings, and digital services directly through their mobile devices. For over four billion people worldwide, mobile wallets are now a daily necessity, and for many in emerging markets, they represent the first meaningful connection to financial services. 

In markets where traditional banking outlets are sparse but mobile phones are everywhere, mobile wallets have become the primary gateway into the financial system. In Kenya for instance, 52.6% of adults now use mobile money daily, a rise from 23.6% in 2021. This leap shows how mobile adoption is filling gaps left by physical infrastructure and that wallets are becoming financial essentials.

From cash to mobile: the local dynamics

Much of this adoption begins at home. In many emerging markets, mobile wallets first gained traction by meeting local needs where traditional banking systems fell short. Low branch penetration, combined with high mobile phone ownership, made wallets a natural alternative to cash. Governments and regulators also promoted wallets as a tool for financial inclusion, helping bring millions of unbanked people into the financial system for the first time. 

In many cases, mobile wallets have enabled entire markets to leapfrog traditional financial infrastructure. Instead of waiting for costly branch networks or card systems to expand, people began paying bills, sending peer-to-peer transfers through their phones. This strong domestic foundation has made mobile wallets an essential financial tool.

Mobile wallets as gateways for cross-border flows

As adoption grows domestically, mobile wallets are fast becoming the gateway for cross-border money movement. No longer just a tool for everyday payments, they are an entry point to international transfers, remittances and digital commerce. 

Mobile wallets provide a fast, transparent and low-cost way to move money across borders. Transfers into wallets typically settle in real time and are approximately 44% cheaper according to industry figures.

This shift matters at scale. In 2023, remittances to low- and middle-income countries reached nearly US$669 billion, surpassing foreign direct investment or development aid. For millions of families, students, and small businesses, these transfers are lifelines. 

By acting as gateways to cross-border flows, mobile wallets are helping individuals and businesses to participate more fully in the international economy.

Combining connectivity with interoperability for growth

Together with changing consumer demand, the next phase of mobile wallet adoption is also being shaped by the infrastructure that underpins global payments. Until now, wallets have thrived primarily within domestic markets. To unlock their full potential, leading fintech players are making seamless connections to global financial rails.  

This is an area where Swift and Thunes are collaborating: 

Swift provides global connectivity. For decades, banks and financial institutions have relied on its trusted network to move money securely across borders. It is the backbone of international payments, offering standardisation, reliability and compliance at scale. However, Swift’s network traditionally connects bank accounts, not wallets. 

Thunes adds wallet interoperability. By acting as a bridge between Swift’s global rails and local wallet ecosystems, Thunes enables banks and financial institutions to extend their existing connectivity to billions of wallet accounts. With a single integration, these organisations can now send regulated, secure, and real-time transfers to mobile wallets across more than 130 countries. 

Thunes makes this possible by: 

• Ensuring compliance at scale: Thunes’ Fortress Compliance platform delivers sanctions screening, anti-money laundering (AML) checks, and risk scoring across multiple jurisdictions. 
• Keeping payments always on: Prefunding options, including stablecoins such as USDC, ensure 24/7 liquidity, supporting continuous transfers even during weekends or holidays. 
• Driving operational efficiency: A centralised platform eliminates the need for banks to manage dozens of bilateral agreements, offering a single integration to over 120 mobile wallet brands and around three billion mobile wallets. 

The outcome of the collaboration is powerful: interoperability between Swift and wallets accelerates scale, giving banks the ability to serve new markets and millions of previously excluded users. For customers, it means faster, cheaper and more transparent payments that reach them wherever they are, whether in a banked city centre or an unbanked rural village.

Extending payment rails, unlocking additional impact

By extending Swift’s global rails into wallet ecosystems, Thunes creates a platform for more use cases and deeper customer engagement across the financial ecosystem.

Cross-border payouts, whether to consumers or businesses, will benefit from faster speed and wider connectivity. With Swift-to-wallet interoperability powered by Thunes’ Direct Global Network, banks and financial institutions can deliver these payments seamlessly into wallets in many countries. Examples include supporting retail customers with remittances to families abroad and enabling business clients to settle supplier payments in markets where wallets are the preferred option.

The collaboration also unlocks opportunities for businesses, particularly small and medium enterprises (SMEs), engaged in international trade. Many small businesses face slow settlement times and high fees when paying suppliers or collecting revenue across borders. By routing payments through Thunes’ Network, which already connects to billions of wallets and bank accounts worldwide, banks and financial institutions can help SMEs reduce friction and costs, enabling faster growth.

Another area of impact is financial inclusion at scale. Linking wallets, mobile money operators, and alternative financial institutions across many countries, Thunes’ Network extends Swift’s trusted global connectivity into markets where wallets are the primary way people manage money. This positions banks and financial institutions as key enablers of digital inclusion.

Ushering in the future of mobile wallets

Mobile wallet adoption is not a passing trend. It is a structural shift driven by trends like migration, digital commerce and growing reliance on digital apps. 

For banks and financial institutions, the opportunity is clear. By embracing Swift’s wallet integrations through trusted partners such as Thunes, they can deliver faster, cheaper and more transparent services, support financial inclusion at scale and strengthen their competitive edge in a rapidly evolving landscape. 

The future of payments in emerging markets won’t be built on branches or counters. It will be powered by wallets connected to global rails, and with Thunes, banks can seize this future today. 

Contact us to learn how you can capture the growing mobile wallet market and supercharge your business. Download Thunes’ complete guide to mobile wallets 2025 here.