Why a Successful Digital Wallet Works Like a Shopping Mall

Digital wallets are now becoming the front door into financial ecosystems.

PCMI reports that wallets have now surpassed credit cards as the world’s most widely used payment method.

The market is also expanding rapidly — from US$47.5 billion in 2024 to US$56.8 billion projected in 2025, and toward US$119 billion by 2029.

Yet many wallets still struggle to reach profitability. The problem is rarely branding or UX; it’s that rigid, outdated payment infrastructure prevents them from adding services, integrating partners, or scaling fast enough.

The most successful wallets work more like thriving shopping malls: they attract users, but more importantly, they keep them engaged with a growing, interconnected mix of services.

From foot traffic to full ecosystem

A mall’s layout helps bring people in the door, but real value lies in the stores and experiences that keep them circulating and returning.

Digital wallets work the same way. They become meaningful daily tools when they evolve from basic payments into super apps where people can pay, save, borrow, invest, and earn rewards.

Examples from global leaders illustrate this journey:

• M-Pesa expanded its core service by partnering with banks to offer overdrafts and microlending.
• ZaloPay in Vietnam added BNPL with Lotte Finance, broadening consumer purchasing power.
• Revolut, with more than 52 million customers, pairs free accounts with premium subscriptions to drive recurring revenue.
• GrabPay connects payments to transport, food delivery, offline retail, and credit within Southeast Asia’s largest super app.

Like the tenants in a mall, each new service strengthens user stickiness and improves monetization.

Infrastructure determines success

Behind every successful wallet is an adaptable, high-performance digital payment platform — the invisible structure that governs speed, reliability, and innovation capacity.

A modern wallet platform can:

• Onboard users and merchants within minutes using AI-based KYC and authentication.
  STC Pay in Saudi Arabia enables very fast onboarding with just an app, national ID or Iqama, and mobile verification.
• Launch new products through configuration instead of lengthy coding.
  PayPal’s rollout of QR payments across 28 markets shows the power of configuration-driven deployment.
• Support multiple rails — cards, account-to-account, QR, instant payments — through open APIs.
• Deliver real-time data at scale, essential for both operations and customer experience. SmartPay in Vietnam, built on Way4, reached 1.2 million wallets and 700,000 merchants within three years.

Without this foundation, even a popular wallet becomes a static application. With it, the wallet becomes a flexible ecosystem capable of continuous expansion.

Expanding the mall: new business models for growth

Once the infrastructure is in place, the wallet can grow the same way a shopping mall does — by adding new wings, anchor tenants, and services that attract more visitors.

Card issuing as the anchor tenant. Cards increase loyalty and repeat engagement. Wallets such as Cash App, with 57 million users, offer prepaid and debit cards tied to app balances, strengthening everyday use and unlocking interchange revenue.

Digital currencies as the next frontier. As CBDCs and cryptocurrencies gain adoption, digital wallets need to handle these forms of value. The first CBDC wallet and card in Eurasia were issued in 2023 on the Way4 platform. Now this project has CBDC in circulation equal to €0.5 billion.

Merchant acquiring expands the retail network. Through QR, POS, or e-commerce gateways, wallets like MoMo (Vietnam’s major e-wallet with 31 million) evolved from simple P2P tools into multi-service ecosystems that connect consumers and merchants in real time.

Cross-border payments as new corridors

Wallets expand internationally through:

• Instant wallet-to-wallet transfers with real-time FX, like Revolut
• Global API-based corridors such as PayPal World
• Integration with instant networks like SEPA Instant, UPI, and PIX

Turning data into revenue

Wallets produce rich, real-time data. Combined with AI, this data becomes a driver of personalized services, improved credit decisions, and new revenue streams.

Early deployments show clear impact:

• Up to 15% revenue uplift from personalized banking and smart card features
• 15–20% revenue growth and 10–30% lower acquisition costs from AI-driven engagement

AI’s effectiveness depends on a steady flow of complete, real-time data — possible only on an API-rich, event-driven wallet platform.

Way4 by OpenWay: built for ecosystems, designed for data

The Way4 digital payment platform provides the architecture needed for scalable wallet ecosystems.

Its modular, API-first design helps banks, fintechs, and industrial groups launch quickly, innovate continuously, and expand across regions and use cases.

Ready to grow your wallet ecosystem?

Like a mall, wallets succeed when their foundation enables growth.

With the right platform, every new feature or partnership is a wing for expansion, attracting more customers, merchants, and revenue streams.

Turn your wallet vision into a thriving ecosystem. With OpenWay‘s experience and global success stories, we’re ready to be your trusted partner for the next leap in digital payments.

Featured image: Edited by Fintech News Singapore, based on image by DC Studio via Freepik

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