Mobile & Digital Wallets: Updated U.S. Landscape and Strategic Guidance (2025 Edition)
The U.S. Payments Forum developed this updated white paper to provide clear, timely guidance for stakeholders navigating today’s rapidly evolving mobile and digital wallet landscape.
This 2025 edition reflects how the wallet ecosystem has expanded far beyond traditional tap-to-pay. The paper outlines the dominant wallet models in use today—including device wallets, EMV® Secure Remote Commerce (Click to Pay), platform and PSP server wallets, QR code wallets, and emerging crypto/Web3 wallets—and explains the technologies that enable them. Topics include interaction methods, credential storage, tokenization, cloud-based architectures, passkeys and biometrics, and the growing role of mobile identity credentials such as mDLs.
Security continues to be foundational, and the paper details modern approaches across device-centric, cloud-based, and hybrid environments. Updated sections describe secure elements and TEEs, token lifecycle management, device attestation, EMV 3-D Secure, and evolving authentication models that balance strong security with a streamlined user experience.
The white paper also provides an updated view of the market landscape, including shifts in platform adoption, network tokenization, feature sets offered by wallet providers, and the broader convergence of payments, identity, and digital commerce. New considerations around fraud, authorization performance, customer experience, and emerging acceptance models are highlighted for both merchants and financial institutions.
Ultimately, this paper synthesizes current industry developments to help stakeholders evaluate wallet strategies, understand what has changed since 2018, and prepare for the next phase of innovation shaping customer expectations and digital experiences.
Download the updated white paper to explore the technologies, trends, and strategic considerations influencing the future of mobile and digital wallets.
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