Mobile Wallet (NFC, Digital Wallet) Market 2019: The Emerging Industry in Technology

The Global mobile wallet market size was valued at $16,650 million in 2013 and is projected to reach $ 5,250 billion by 2020, growing at a CAGR of 127.5% from 2013 to 2020. Although mobile payment services have the potential to transform the shopping and payment experience, most consumers still prefer cash or credit card payment due to their concerns related to security and technology infancy of mobile wallet. On the other hand, higher investment and deployment issues have also been detrimental to mobile wallet industry. Although these restraints are prevalent, companies from the telecommunication industry are collaborating to better serve the needs of the customers with new and improved product/service innovations, which will help to better the adoption both in consumer and merchant groups.