Factors Likely to Drive Global Mobile Wallet Market Expansion

With increasing restrictions on public movement and offline retail operations, the growing demand for online shopping amid the COVID-19 pandemic is propelling global mobile wallet industry growth. The growing preference for contactless payment methods over the traditional payment systems to curb the virus spread is supporting the adoption of digital wallet payment systems. It has been estimated that credit-card giant, Mastercard observed a 40 percent jump in contactless payments, comprising tap-to-pay and mobile pay in the first quarter of 2020 as a large number of shoppers feared germs on cash and credit cards. 

As per a recent report by Global Market Insights, mobile wallet market size is projected to exceed USD 700 billion by 2027.

Surging Deployment in the Restaurant IndustryMobile wallets are expected to record a strong footprint in restaurants on account of the ongoing concerns over sanitation as well as minimizing contact between customers and staffers. This payment method…