Digital wallet adoption has expanded rapidly across emerging markets due to smartphone penetration, financial inclusion policies, e-commerce growth, and consumer demand for low-cost, real-time transactions. Unlike developed economies where digital wallets supplement conventional banking systems, emerging markets often use wallets as primary financial access tools, enabling unbanked populations to participate in the digital economy. This research examines key adoption factors, challenges, regulatory frameworks, cross-country comparisons, and technological architectures driving wallet penetration. Using hypothetical survey data across India, Nigeria, Brazil, Indonesia, and Kenya, the findings show that affordability, interoperability, trust, and government initiatives significantly influence adoption. The study proposes a multi-layer adoption framework emphasizing infrastructure reliability, inclusive design, and socio-economic adaptability.