The mobile wallet market size was valued at $1.04trn in 2019 and is projected to reach $7.58trn by 2027, growing at a compound annual growth rate of of 28.2% from 2020 to 2027, according to new research.
The report from ResearchAndMarkets.com explainst that mobile wallets, which provide way for businesses that allow customers to purchase their products online with greater ease, has grown thanks to the wide adoption of mobile phones.
It also highlights that a mobile wallet is any virtual wallet payment service and can also be called mWallet, digital wallet, or eWallet.
However, the researchers highlighted that factors such as high deployment costs, security concerns, and lack of awareness pertaining to mobile phone wallet technology may halt the growth of the stated market moderately.
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