In 2017, the mobile wallet market was worth $880.21 billion. Over the next eight years, experts at the ResearchandMarkets.com website project that the worldwide market value will go up to $9.35 trillion. Again, that’s “trillion” with a T, so according to this projection, the market will grow by more than 10 times in less than a decade.
There are a few reasons why these numbers are going up: smartphones are continuing to spread through developed and developing nations, people are learning more about what mobile wallets can do, and the wallet apps themselves are updating to add more features and more convenience. For instance, most leading wallets can store all your credit and debit card information, connect to your bank accounts directly, and send money either to the cash register in front of you or a consultant halfway around the world.
People have been slow to adopt mobile wallets for a few reasons, but a growing number of smartphone users are embracing them. Early wallets had very limited functions, plus people are usually take their time switching to new systems when it comes to money. However, the companies designing these apps have worked out most of the early-day kinks, and more places than ever are accepting mobile device signals as a way of making payments. This combination of security and convenience is causing more people to get on board with using mobile wallets.
Of course, if your business constantly accepts in-person payments, this means you can expect to see more people who want to pay their bill with a wave of their smartphone instead of paying with a card or cash. Fortunately, the technology you need to accept these payments is becoming just as common and often comes bundled in the same devices that can accept card chips. This means you shouldn’t have to worry about customers coming in and asking to pay with their mobile wallets if you have an up-to-date contract with a merchant processor.
Still, it’s important to have that option available, and with the rising market value it’s becoming more important with each passing year. While most people who use mobile wallets still carry cash and cards, we may start to see these older forms of payment start going the way of personal checks. Since customers also don’t like it when a business can’t take their first choice of payments, it’s in your best interest to get in on the ground floor and make sure you can start accepting mobile wallets.