The use of mobile
wallets has been increasing exponentially for the past few years. It has
even been predicted that cashless payments will become so
popular that cash will no longer be used in the UK. However, Western countries
are still far behind other markets in terms of fintech services. Most consumers prefer to utilise fiduciary money
or debit and credit cards. With regards to mobile wallets, China is the
largest market across the world. It is ahead of the US which processes $116
billion worth of financial
transactions. This is still seven times less than China.
Mobile wallets are more prevalent in China
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