Millions of people choose mobile wallets as an appealing method of managing money

Mobile wallets payments to increase by half amid coronacrisis. Source: shutterstock.com

According to a study by BuyShares.co.uk, the global mobile wallets industry is expected to boost nearly 50%, reaching $1.47 trillion value in 2020. For comparison, the global mobile wallets market was worth $405 billion in 2017.

Before the pandemic, the digital wallet’s value was expected to jump over $1 trillion this year.

As to the major advantage, mobile wallets eliminate the need for carrying money thus reducing the chances of theft or losing currency.

The study also revealed that this dominant upward trend is set to continue in the next 12 months. At the same time, the total transaction value growing more than $2 trillion in 2021, reaching $4.1 trillion by 2024.

We’ve reported that Facebook introduced Novi — the new name and brand for its digital wallet Calibra.? The company believes it will help people send and hold Libra digital currencies.

SEE ALSO:

• 4 best biometric cards already on the market
• Digital Banking Age: how to remain competitive
• How to engage Millennials into banking: top ways