In this day and age, we are getting more and more accustomed to using technology for almost everything in our daily lives. Now, the ongoing pandemic froze the entire world for quite some time, and people are starting to rely on mobile wallet payments more than they ever did.
According to data gathered by BuyShares, the mobile wallet-made payments are estimated to grow by almost 50% for 2020, mainly because of the COVID-19 situation. In comparison to last year, the global mobile wallet transactions have risen by 38.7% in 2020. This option of executing payment, both in-stores and online, proves to be quite convenient to consumers.
Transaction value, estimations in billion USD, before and after COVID-19; Source - Statista Digital Market Outlook
Estimations show that the entire mobile wallet market is likely going to amount to $1.47 trillion of transaction value this year and it's currently continuing its growth. Statistics imply that the mobile wallet market could reach the staggering $4.1 trillion by the year 2024. Therefore, it’s estimated that more than 1.7 billion people will use mobile wallets by 2024.
Transaction value for 2020, in billion USD, for leading mobile wallet markets; Source - Statista Digital Market Outlook
In particular, in the US, the mobile wallet transaction value was estimated at $116 billion before the coronavirus pandemic. However, the public health crisis changed those estimations and the new statistics are reporting more than 200% growth, meaning the transaction value is reaching $357.5 billion, just in the States. Other countries, where the mobile wallet market is reportedly leading, are China, the United Kingdom and Brazil.
Izzy, a tech enthusiast and a key part of the PhoneArena team, specializes in delivering the latest mobile tech news and finding the best tech deals. Her interests extend to cybersecurity, phone design innovations, and camera capabilities. Outside her professional life, Izzy, a literature master's degree holder, enjoys reading, painting, and learning languages. She's also a personal growth advocate, believing in the power of experience and gratitude. Whether it's walking her Chihuahua or singing her heart out, Izzy embraces life with passion and curiosity.
Recommended Stories
Loading Comments...
COMMENT
All comments need to comply with our
Community Guidelines
Phonearena comments rules
A discussion is a place, where people can voice their opinion, no matter if it
is positive, neutral or negative. However, when posting, one must stay true to the topic, and not just share some
random thoughts, which are not directly related to the matter.
Things that are NOT allowed:
Off-topic talk - you must stick to the subject of discussion
Offensive, hate speech - if you want to say something, say it politely
Spam/Advertisements - these posts are deleted
Multiple accounts - one person can have only one account
Impersonations and offensive nicknames - these accounts get banned
Moderation is done by humans. We try to be as objective as possible and moderate with zero bias. If you think a
post should be moderated - please, report it.
Have a question about the rules or why you have been moderated/limited/banned? Please,
contact us.
FCC OKs Cingular\'s purchase of AT&T Wireless
Things that are NOT allowed: