According to a recent report from TradingPlatfroms.com, cash transitions are predicted to drop to 12.7% in 2024 from 20.5% in 2020.
With the rise of cashless payment options, mobile wallets will account for one-third of all point-of-sales (POS) transactions worldwide, as per the study. Digital/mobile wallet payments with 44% of the share, were two times more accepted than credit cards and three times more than debit cards in 2020.
Moreover, by 2024, mobile wallets are expected to be a $4 trillion industry, with 1.48 billion individuals worldwide using mobile payments in 2021. The US is ranked as the second-largest mobile payments market in the world.
In addition, the US market is predicted to have more growth in mobile payments in the future. Jastra Kranjec, author of the TradingPlatforms’ report says, mobile payments have “became very popular among tech-savvy consumers in developed countries.”
[2 minute read]