According to data gathered by news site LearnBonds.com, the mobile wallets market is set to become a USD 1 tillion worth industry in 2020.
The strong rising trend is forecast to continue in the following years with the entire market reaching USD 2.1 trillion value. The number of people choosing mobile wallets to manage their payment also witnessed a massive jump in recent years. In 2017, 824 million people globally had been using this method of making payments.
According to Statista survey, the number of users jumped to 1.3 billion in the last three years, growing by 13.5% year-on-year. Millennials (people between 23 to 38) and Gen Z (those between 7 and 22) members represent the major user groups, with 37% and 25% share, respectively. By 2023, the total number of people using mobile wallets is expected to jump to 1.6 billion worldwide.
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