A balanced payment ecosystem is where the four pillars of a digital payment process are benefitted. These are - consumers, merchants, banks, and digital banking platform provider. The world is witnessing a move from cash to digital payment options with increased number of smartphones, online shopping platforms, and mobile payment options.

This has majorly affected the digital banking ecosystem with new players entering the market and the incumbents trying to woo their customers. This blog discusses the phenomena of mobile wallet or mobile money that is set to change the digital banking scenes across the world with its usability, flexibility and scalability.

What is a Mobile Wallet?
A mobile wallet is a virtual wallet usually run on a mobile device that allows the user to transact without the use of cash, cards or cheques.

According to reports, the mobile wallet market is expected to become a $1 trillion industry by the end of 2020, growing by a remarkable 36.5% YOY. This trend is set to put the mobile wallet industry at a staggering $2.1 trillion in the subsequent years.

Prospects for the Development of Mobile Wallet
There are several factors that directly affect the propagation and acceptance of mobile wallets. These include everything from societal factors to technological advancements. Here we talk about a few of them.