Mobile Wallets & Payments are taking the world by storm. By 2020, $1 Trillion Dollars will move through Mobile Wallet or Payments every year
Chicago, IL -- (ReleaseWire) -- 09/21/2016 --According to a new infographic from Coupon Hippo, the future of Fintech is Mobile. Especially in developing countries where smartphones are enabling first access to the internet.
Mobile Wallets have some great benefits when compared to normal banking and payments. Phone features like fingerprint scanning and the inability for theives to do credit card "skimming" make them arguably safer. Add fraud monitoring and not carrying any cash for anyone to steal and you start to see why it is better to use a mobile wallet in some developing countries.
The most popular mobile wallets have figured out ways to bundle with popular services like recharging talk & data minutes or direct shopping for things like Movie or Bus tickets. Features like these make users check their wallets daily.
Currently, the most popular countries for mobile commerce & payments are China and the United States. Developing countries like India and Africa are on hockey stick mobile growth and are skipping traditional banks altogether in favor of mobile wallets.
There is still a huge upside to Mobile Wallets & Payments over the next 10 years. Over that time period the world will see 6.1 billion people getting access to the internet via smartphones (70% of the world's population).
To learn more about how Mobile Wallets & Payments check out the full infographic from Coupon Hippo.