mobile wallets

The mobile wallets industry continues booming, with more people than ever choosing mobile payment services as a safer and more convenient way of managing money.

According to data presented by BlockArabia.com, the transaction value in the mobile POS payments segment is expected to hit $2,48-trillion in 2021, a massive $481-billion increase in a year.

The global shift towards a cashless society created a huge space for mobile wallets. Over the last few years, they became very popular among tech-savvy consumers in developed countries. They also provided access to electronic transactions for hundreds of millions of people in underbanked markets.

However, as people started questioning the safety of using banknotes amid the Covid-19 pandemic, the entire sector witnessed unprecedented growth. The Statista survey showed the transaction value in the mobile POS payments segment surged by 67% last year, rising from $1,19-trillion to over $2-trillion.

In 2021, the entire market is expected to grow by another 24% and hit nearly $2,5-trillion value. Furthermore, statistics show that mobile wallet payments are forecast to continue rising by an average of 20% YoY in the following years and hit $3,51-trillion by 2023.

Although the mobile wallets market is generally dominated by Asian countries, spearheaded by China as the global leader, other regions are expected to witness much bigger growth. By 2023, the Asian mobile wallets market will grow by 29% and hit a $1,91-trillion value, up from $1,47-trillion this year.

As the second-largest region, North America is expected to witness a 50% growth in this period, with the transaction value jumping from $503,2-billion in 2021 to $758,6-billion in 2023.

However, Europe, with the UK as the leading market, is set to witness even more impressive market growth. Statistics show mobile payments in the European countries are forecast to surge by 67% to $590,4-billion in 2023, compared to $352,9-billion in 2021.

The Statista survey showed the number of people using mobile wallets to make payments also surged since the pandemic hit and is expected to continue growing strongly in the following years.

In 2021, the number of users in the mobile POS payments segment is forecast to reach 1,48-billion, with a 19,7% penetration rate on a global level. Nearly two-thirds of mobile wallet users, or 1,1-billion, are from Asian countries. Europe and North America follow with 135,5-billion and 80,1-billion users, respectively.

Statistics show that the number of users will jump over 1,7-billion in the next two years, with the penetration rate rising to 22,3%. Again, most of them are expected to come from Asian countries, or around 1,24-billion, with an impressive 27,6% penetration rate.

The European and North American markets are forecast to reach 161-million and 98,7-million users by 2023, respectively.

Editor@tech-talk.co.za

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