1、The Pivotal Role of Mobile Wallets in a Cashless WAlthough contactless cards provide a touchless payment experience,mobile wallets are seen as a more convenient alternative to using cash,checks,or credit cards thanks to societies reliance on mobile,always having it on their persons,while combining t

2、he contactless form factor with biometrics for a secure,seamless,and limitless transaction experience.A mobile wallet is defined as a payment service through which businesses and individuals can transact,sending and receiving payments via mobile devices.Mobile wallets are often used to facilitate pr

3、oximity payments,where the payer and the payee are in the same location,and where the communication between their devices occurs through proximity technology,such as Near Field Communication(NFC),Quick Response(QR)code,or Bluetooth.Today,mobile wallet use cases are expanding,and in omnichannel appro

4、aches,merchants are enabling the use of mobile payment platforms for e-commerce transactions as well,creating a one-button checkout experience,expanding the use case of mobile payments beyond the realms of proximity.The Transition to a Cashless World Has Been Accelerated by the COVID-19 PCash-Free T

5、ransactionsIn a post-COVID-19 world,mobile wallets will be a significant facilitator as economies continue to gravitate toward cash-free transactions.ABI Research expects the global installed base of mobile wallets to grow at a Compound Annual Growth Rate(CAGR)of 10.6%between 2022 and 2027from 3.5 b

6、illion to 5.6 billion.While Apple Pay is the most popular mobile wallet provider in North America and Europe,it is just the third largest market share leader worldwide,behind Alipay and WeChat Pay,due to the latter two brands significant penetration in the Asia-Pacific region.However,ABI Research ex