Mobile Wallet Market Share is Projected to Reach USD 750.3 Billion By 2028

According to findings of Zion Market Research, Mobile Wallet industry amassed returns worth nearly US$ 101.2 billion in 2020 and is set to register profits of approximately US$ 750.3 billion by 2028. Moreover,

Rise in use of smart equipment including smartphones and iPhones has culminated into humungous expansion of mobile wallet industry. With smart city concept gaining traction in emerging economies, market for mobile wallet is likely to witness commendable growth over ensuing years. Large discount offers and attractive cash back schemes offered by firms in mobile wallet business will proliferate size of mobile wallet industry over forthcoming years. Apart from this, growing customer demand for online payment due to digitization and COVID-19 outbreak will help market garner huge revenue over coming years.

Growing demand for near field communications can be credited to huge level of encoding & information security provided by NFC enabled equipment. Apart from this, NFC-based mobile wallets possess additional security layer and thus can thwart information from getting intercepted by third parties. Additionally, NFC tool provides seamless experience to end-users in their online financial dealings and thus enhances customer satisfaction. It will also help in increasing sales & profits of mobile wallets. Adoption of NFC technology will spur online payments through mobile wallets across businesses of varied sizes.