Data Snacks, Member Exclusive

More people would make contactless payments if they actually owned a contactless card

  • There is still a small but not insignificant portion of the population that doesn’t own a contactless card.
  • Card issuers could benefit from filling the gap in the market.
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More people would make contactless payments if they actually owned a contactless card

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. 

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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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