Mobile payments are transactions through an individual’s bank account, debit card or credit card. However, mobile wallet payments are processed through a mobile wallet account. The key objective of the mobile wallet is to provide a user with an electronic wallet where all the contents of a real wallet, such as cash and cards, are electronically available at anytime and anywhere.

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The global mobile wallet and payment technology market was valued at $27.9 billion in 2017 and is estimated to grow at a compound annual growth rate (CAGR) of 31.1% to reach $138.4 billion by 2023 due to rapid growth of the e-commerce industry, the growing impact of social media and the increasing penetration of smart phones.

The rapid extension of the e-commerce industry is one of the major factors driving market growth. In recent years, more than half of the worlds internet traffic has come from mobile devices such as smart phones, tablets and PCs. The major reason for rising demand and growth of the e-commerce industry is the convenience offered by mobile wallet and payment gateways. However, slower adoption of contactless payments, fraud and risk of breach are expected to hinder the growth of this market.

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