Mobile wallets eliminate the need for carrying cash, thus decreasing the possibility of theft or losing money

Mobile wallet market value will exceed $1T in 2020. Source: shutterstock.com

The global mobile wallet market is expected to become a $1 trillion worth industry in 2020, according to LearnBonds. The forecast predicts the entire market will reach a $2.1 trillion value in terms of compound annual growth rate.

In recent years, the number of people choosing mobile wallets to manage their payment has increased. For example, in 2017, 824 million people worldwide had been using this payment.

The data revealed that the number of users jumped to 1.3 billion since 2017, growing by 13.5% year-on-year. Millennials and Gen Zers are using mobile wallets the most, with 37% and 25% share, respectively. The total number of people using mobile wallets is believed to increase to 1.6 billion by 2023.

According to the study, the mobile wallet market is dominated by Asian countries, with China at the top. Indeed, nearly 70% of Chinese surveyed use mobile wallets on a regular basis. In general, the country is believed to generate almost 80% of global mobile wallet incomes in 2020.

Western countries are far behind in terms of mobile wallet usage since people still preferring cash, credit, and debit cards.

The second-largest mobile wallet market is the US, with $116 billion worth. The UK takes third place as the largest mobile wallet industry, expected to exceed $14.9 billion worth transactions in 2020.

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