A wallet was a talisman of manhood when I was growing up in the 1970s. It was the place for cash when we had it, a driver’s license when we got it, a college ID when we didn’t lose it, and the catchall for assorted photos, receipts, tickets, fortune cookie fortunes and so on.
Who carries cash around these days? Or photos or tickets even. Digital payment methods via cyber wallets are the rage today — and demand is growing globally. Yogiata Sharma, a research analyst with Allied Market Research, wrote in an email forwarded to me that the North American mobile wallets market is expected to reach $22.4 billion by 2002. The United States accounted for more than 50 percent of market revenue in 2016, she wrote.
The “notable growth” of e-commerce, more smartphones and “the rising need for quick and hassle-free transactions” are the reasons for this growth, she wrote, adding, “Given the launch of user-friendly mobile wallets such as Apple Pay, Android Pay, Capitol One Wallet and Samsung Pay that offer incentives and special discount offers, it is anticipated that in coming years, there will be a rise in penetration of mobile wallets in North America.”
Lori Fairbanks wrote “The Best Mobile Wallets of 2017″ for Top Ten Reviews, a website operated by Purch Group, a New York City-based online media content group. “Whether we stow our bulky wallets in our back pockets or our purses, we dream of being able to grab our phone and keys and have everything we need for the day,” wrote Fairbanks, the website’s domain editor. “Electronic wallets offer a solution that gets us a step closer to achieving this aspiration by consolidating many of the cards we use daily onto our phones.”