Fintech experts have long predicted the widespread use of mobile wallets for assorted payments, but adoption has been sluggish in many Western countries. So who is using them, and why?
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Garter predicts that the global mobile payments industry will be worth $720 billion in 2017, up from $235 in 2014. Predictions like these are driving mobile money service providers to offer newer and better options, such as international money transfers.
Today’s average mobile phone user never let’s their phone leave their side, leading many fintech experts to predict widespread use of mobile wallets for assorted payments; however, adoption of the technology has been sluggish in many Western countries. Of the over 200 mobile payment providers right now, most are found in Asia, Africa, and the Middle East.
Although there isn’t a paucity of mobile payment providers in Western countries, it all comes down to need – Western users have a wide variety of payment methods, while those in developing countries may distrust banks or the government and are using mobile payments as a more secure and immediate option.
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