As payments reach ubiquity and differentiation collapses, growth is shifting to digital wallets that influence, orchestrate, and embed commerce across the customer journey. Banks and providers that move first will shape the next era of consumer engagement. This report explores the three shifts reshaping the wallet landscape, from payment utilities to commerce enablers, orchestrators, and, ultimately, ambient commerce.

Key Question: Where does growth come from after payments become a commodity, and how do wallets position themselves to capture it?

Key Stat: Mobile wallets are reaching saturation, with 76.5% of US smartphone users expected to use them by 2029. Wallet providers instead must look for growth in influencing where consumers shop, their payment method choice, and purchase management.