Big Ideas 2023 | Digital Wallets: Disintermediating Traditional Banking

Download ARK's Big Ideas 2023 here: https://ark-invest.com/big-ideas-2023/ Having onboarded billions of consumers and millions of merchants, digital wallets could transform the economics associated with traditional payment transactions, saving them nearly $50 billion in costs. With 3.2 billion users, digital wallets have penetrated 40% of the global population. ARK research suggests that the number of digital wallet users will increase 8% at an annual rate, penetrating 65% of the global population by 2030. As consumers and merchants adopt digital wallets, the usage of traditional checking accounts, credit and debit cards, and direct merchant accounts should decline, disrupting traditional payment intermediaries. Cutting out middlemen, digital wallets could facilitate closed-loop transactions for more than 50% of their payment volumes, potentially adding $450 billion to the current $1 trillion in digital wallet enterprise value by 2030. Listen in as Max Friedrich, ARK Analyst and ARK Venture Co-Lead, explains more. To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow. We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023! To learn more about ARK: https://ark-invest.com For more updates, follow us on: Twitter: https://arkinv.st/Twitter LinkedIn: https://arkinv.st/LinkedIn Facebook: https://arkinv.st/Facebook Instagram: https://arkinv.st/Instagram Disclosure: http://arkinv.st/39rzF94