Juniper Research issued a new report that estimates mobile wallet use will surge to 4 billion users by the year 2024 from the current estimates of 2.3 billion users, with wallet transaction volume rising 80% to about $9 trillion per annum.

Juniper Research sees annual spending per digital wallet in the U.S. will increase to about $6,400 by 2024 from current levels of $3,350 per wallet.

The spending and transaction increases will be largely driven by online payments for remote purchases. New digital payment specifications being developed by EMVCo are expected to be a major factor in this increased volume, as tokenization and dynamic cryptograms help drive growth.

The report also notes that NFC-based contactless wallets like Apple Pay and Samsung Pay will be challenged by the rise in QR code-based wallets, which will gain traction in part due to the new EMVCo standards on digital payments. Outside of China, QR codes will largely see gains in developing Asian markets, where many merchants lack POS infrastructure and merchants will be able to complete transactions using smartphones.