How will the escalating deployment of mobile wallets help enhance consumer experience and sustain business growth?

Over the past decade, mobile connectivity has given rise to innumerable business opportunities and consumer-centric developments, the mobile wallet being one of them, that have grown beyond expectations. From taking low quality pictures to QR code scanning and from mere internet browsing to digital payment applications, mobile phone technology has significantly advanced to deliver more convenience to users as fast as possible. As money transactions are an obligatory part of everyday life, they represent a boundless potential for different payment solutions to be utilized in various commercial settings. One can say that initially, e-commerce platforms had already laid down the foundation and shown the viability of secure online payments, inspiring technology companies to seek ways for making them simpler.

What pegs the smartphone as an ideal platform to offer payment alternatives to users, is that telecom leaders indicate there are more than 5 billion unique subscribers of mobile phone connections around the world. Effectively, this figure demonstrates a vast target base for banks, technology firms and fintech startups to influence people having access to mobile phones. Consistent rise in the affordability of mobile devices and networks is ensuring that more consumers are able to enjoy all the services available online, looking for easier and quicker ways to complete various tasks. It is therefore not surprising that the global mobile wallet market, that is slated to surpass a remuneration of USD 250 billion by 2024, has seen an amazingly large number of competitors emerging to develop better, safer and faster payment methods for physical and e-commerce transactions. Moreover, some would argue that the rapid advancement in cybersecurity and data verification techniques has made digital payments more secure than many web-based services. Although the probability of data being compromised is still existent, dedicated security teams at tech firms and innovations in technologies such as blockchain will keep fortifying mobile wallet platforms, encouraging consumers to store and spend money digitally.

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