The market for the global mobile wallet is expected to register a CAGR of 15% over the forecast period. Over the years, the mode of payment has become increasingly streamlined from cash to debit cards, to online transactions additionally with the advent of eCommerce methods such as Paypal has initiated the major adoption of mobile wallet, Since then the concept of the digital wallet has evolved replacing the traditional physical-digital wallet.
The smartphone industry over the course of years has witnessed rapid technological advancements in terms of features offered including NFC, 5G adoption, biometrics, encryption, AI among others which is evident with greater penetration of smartphones in users’ everyday activities which thereby is leveraging the growth of various industries including the financial industry that is leveraging the gaining momentum of growing smartphone users owing to the cost-effectiveness and convenience offered by the mobile wallets.
Also, The platforms such as eCommerce and mCommerce have played a major role in altering the habits of users while doing monetary transactions such as shopping by allowing users to enter the banking information into their respective wallet and enabling mobile phone as a mode payment in the place of credit and debit cards while ensuring security is handled on their side leveraging technologies such as tokenization and essentially eliminating the risk of being stolen thereby has fostered the growth of the market.
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Mobile-point-of-sale solutions such as Near field Communication, Sound wave payments, MST payments enable the service and sale organizations to conduct the monetary transaction in a versatile way without restricting to a single location allowing merchants to run mobility businesses such as food tracks, trade shows while improving the user experience which is evident by major retailers adopting the mPOS technology to support the decline foot traffic. For instance, NFC powers the technology behind major mobile wallets like Apple Pay, Samsung Pay, and Google Pay.
Additionally, the mobile payment systems are expanding beyond the scope of smartphones and tablets with the use of wearable technology such as smartwatches, rings vendors are now embracing IoT while leveraging the potential of disruptive technologies such as blockchain to ensure the security of transaction and countering the concerns over data privacy. For instance, Apple Inc offers services such as contactless payments, person to person payments, Transit cards through their mobile wallet offering Apple pay onto their smartwatch called Apple Watch.
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