There is absolutely no doubt that the global Covid-19 Pandemic had established new dimensions for procurement of materials and all at the click of a button. In a similar way, the utilization of Mobile E-Wallets has been a huge hit and their utilization is on constant enduring heights all across the globe.
Quite interestingly, the popularity of the POS payment approaches the preceding year, contributed for approximately 21.5 percent of overall global dealings payment market share. Debit as well as Credit Card dealings had an overall share of 20 percentage and 12 percentage respectively.
As per the latest Boku’s Mobile Wallets Report, the entire Southeast Asian territory had achieved a remarkable position as being touted as the Swiftest-progressing territory globally. The Covid-19 Pandemic had also played out a vital role within the swiftening of the utilization of Mobile Wallets in territories like that of Southeast Asian territory, Latin America as well as African territories.
As per a latest research paper, approximately half of the global populace (50%) will be utilizing the Mobile Wallet. Within the Cease of the preceding year in 2020, approximately 2.8 percent Mobile Wallets were in the usage globally.
The Chief Product Officer at Boku, Adam Lee, stated out that; “While mobile wallets are being used on a global basis, we see two distinct types being used today. One is card-based mobile wallets, like Apple Pay and Google Pay, which provide an easier way to pay with cards people already have. The other is stored value mobile wallets, like AliPay and GrabPay, that enable consumers to transact with digital cash and are popular in emerging markets with fast growing eCommerce sectors.”
“The markets that are set to grow the fastest are those with the lowest levels of card penetration, stored value wallets are thriving. In North America and Western Europe, which are dominated by card-based mobile wallets, we are seeing the slowest growth in mobile wallet adoption, as the technology provides merely incremental benefit.”
He further as well as added that, “We are seeing clear bifurcation in the market between card-based mobile wallets in developed markets and stored value mobile wallets that are ubiquitous in Asia and rapidly growing in all emerging markets.”
Within the next two years in 2023 Mobile Wallet Industry to nurture as a $3.5 trillion industry
While debit or credit cards endure to be a central form of payment in established economies, mobile wallets or digital payments are on the upsurge in emerging markets like that of the Southeast Asia or the Sub-Saharan African Economies.
A latest report from finance and investment company Finaria discovered that the mobile wallet industry will nurture to $2.4 trillion this year, a 24 percent intensification year-on-year.
The report further revealed that mobile wallets will become a $3.5 trillion business by 2023. It is, without doubt, we can say China is undoubtedly still the global leader when it arises to digital payment. Chinese firms like that of the Alipay and WeChat modernized the way of digital payments. However, amazingly, markets like that of the US are picking up the trend.
Covid-19 fast-tracking mobile wallet utilization
The Covid-19 pandemic has unquestionably swift-tracked digital adoption. Due to its infectious nature of the Covid-19 virus, individuals are being asked to remain indoors and that they are going online to content with their requirements.
As an outcome of the pandemic, we are perceiving a paradigm shift in payments powered by mobile wallets. In the preceding year, E-commerce has resounded substantially across the globe which is smoothing digital payments. Many stores are now contributing the digital wallet payments to restrict the spread of the virus. Tech giants like that of the Google and Apple or even Facebook have also arrived this space recently.