The rapid growth of digital wallets and contactless payment solutions explained

Smartphone usage has increased tremendously, in particular, the number of payments executed via smartphones. According to statistics, both the number of users engaging in this kind of payments as well as the transaction values have increased considerably.  The latest predictions estimate that digital wallets may become a $2.5 trillion industry this year. The total value of all digital transactions displayed an increase of close to 25 per cent compared to the previous year. It is further forecast that the value of transactions will continue to grow steadily in the near future. We spotted a dramatic increase in numbers of people picking mobile wallets to manage their financial transactions. In 2019, as many as 901 million people globally used this payment method.  According to the Statista website, it is expected that the number of people using mobile wallets to manage their payments will reach 1.5 billion in 2021, which would represent a healthy increase of more than 10 per cent year on year. By 2023, the total number of people using digital wallets globally is expected to reach the 1.7 billion mark.  World leaders in contactless payments It is well-known that the most common...