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.