With each passing day, the mobile wallet industry is expected to rise significantly. Due to increased internet penetration in numerous industries around the world, digital wallets and mobile banking have acquired a lot of traction in recent years.
Banks and other financial institutions are launching their own mobile wallets nowadays in order to improve user experience and expand their customer base. They’re going after the millennial demographic since they’re the ones who utilize digital banking the most.
“Young people all around the world prefer to use digital wallets instead of carrying actual wallets since they can access their money more easily and safely.”
According to research, the total amount of mobile wallet transactions in 2018 was $4,296 billion. By 2022, this figure is expected to reach a staggering $13,979 billion US dollars.
A quick view of the upcoming trends of mobile wallet apps:
In the following years, more powerful mobile wallet technologies will develop, with the potential to completely eliminate the use of paper money. This platform prioritizes security, scalability, and omnichannel capabilities, as well as a simplified e-KYC process for wallet activation and simple transactions with only a few clicks.
Do you intend to create a mobile wallet app to capitalize on the growing trend of mobile banking? Zoondia, a leading application development firm with over a decade of experience, can help you succeed with our turnkey solutions and enter the niche of mobile banking wallets with a flawlessly operating, unique fintech product.
Get in touch with our team to get started.<< Back