As has been thoroughly demonstrated over the last several years of fintech success, mobile payments options have become a necessity of modern life in less than a decade. With mobile wallets allowing users to access their funds from anywhere with an internet connection or mobile signal, the number of consumers enrolling in digital wallet solutions has continued to balloon.
According to a report completed by mobile payments company Boku, digital wallets are poised for continued growth, with one in two individuals holding a digital wallet by 2025. The report went on to explain how, unlike traditional financial institutions or credit offerings, fintech-powered digital payments solutions may be the solution the world has been looking for to close the finance gap between the developing and industrialized worlds.
“Mobile wallets have lowered the barrier to making digital payments and ushered billions of new consumers into e-commerce,” wrote Jon Prideaux, Boku’s Chief Executive Officer. “These consumers are not in North America or Western Europe, they are in emerging markets, and while they don’t have credit cards, they overwhelmingly have mobile wallets.”