Global Mobile Wallet Market Trends
Global smartphone adoption is rising.
Global demand for mobile wallets is expanding as smartphones become more widely used. Over the previous ten years, there has been a noticeable increase in the use of smart gadgets. Globally, there were more than 2.26 billion smartphones in 2017. Smartphones are expected to account for over 77% of internet-enabled devices by 2025. The increasing use of smartphones has led to a surge in financial services on mobile devices since they are convenient and affordable. This has prompted financial institutions and technology companies to respond to the growing need for mobile applications that facilitate payments.
Increase in online shopping services
The expansion of e-wallet platforms is also contributing to the growth of the e-wallet market. More than 1.5 billion people made purchases online in 2018. An estimated 2.5 billion consumers are expected to shop online by 2020. The payment methods have changed along with the expansion of internet usage and international e-commerce development. Customers concentrate on making quick, easy, and efficient purchases of the products they want from anywhere in the world. This is the main reason why mobile wallets are being used on different e-commerce sites.
On the other hand, the target market's growth is constrained by mounting worries about data security and breaches and the high price of mobile wallet technology.