Covid-19 has paved the way for contactless pay. Mobile wallets have certainly seen their own growth spurt in use.
The mobile wallet industry is expected to become a $2.4 trillion industry by the end of this year, according to research by Finaria, an investment and finance firm. That’s a 24% increase compared to last year.
This number is expected to reach $3.5 trillion by 2023.
Still, mobile wallets aren’t in preferred payment territory just yet. A study by PaymentsSource last year found that while digital forms of payments have certainly accelerated as a result of the pandemic, there still remain some pretty clear roadblocks for mobile wallets before they can completely replace people’s actual wallets.
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