Categories: FinanceNews

Mobile Wallet Sector Set To Explode By 2021

Mobile wallets hold a certain appeal for consumers all over the world, as they seem to remove the need for credit cards and cash altogether. Although most of the traditional financial solutions are nothing more than appified credit cards, this is a booming market for sure. In fact, mobile wallet revenue will pass the one bn EUR mark by 2021, which could mean big things for Bitcoin too.

Also read: Three More Online Gambling Platforms Now Accept Bitcoin

The Rise of Mobile Wallets Worldwide

When it comes to mobile wallet solutions in the Bitcoin world, there are quite a lot of different options to choose from. Even though some solutions are linked to one particular service or company – which is quite a shame –  the majority of them do bring financial freedom to users all over the world. But the mobile wallet trend extends far beyond the digital currency world.

Smart Insights has done some research into the matter and come up with some interesting numbers. According to their latest report, mobile wallet transactions in the EU will explode in the next few years, and even surpass the total revenue mark of 1 billion EUR by 2021. Compare dot the current revenue numbers, this is quite a leap, to say the least.

Europe is an attractive market when it comes to mobile wallets, as this trend has been on the rise for several years now. Although there is no mass adoption level to speak of just yet in the EU, things are definitely on the up. Only time will tell if the predictions by Smart Insights are even remotely close, but they do not seem to be outrageous.

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There is a lot of competition in the European mobile wallet space, ranging from banks and other financial institutions to mobile companies, individual retailers, and the ever present Fintech industry. But Bitcoin is a competitor as well, although most research agencies would not give it a second thought in its current state.

Unlike most traditional mobile wallets, the Bitcoin counterparts are not a digitized version of cash and credit cards. Bitcoin has nothing to do with the traditional financial system, and the currency is entirely different from any other mobile wallet offering in existence today. Whether or not the digital currency can benefit from the predicted growth in European mobile wallet popularity, remains a big question for now.

Source: Talking Payments

Images credit 1,2

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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