Online payment: mobile wallets are going to overtake credit cards

Consumers can choose from a variety of online payment services to process transactions. One of the latest technologies out there is mobile wallets. For quite a long time, credit cards were the most preferred form of settlement in the US. It seems that this is now changing. According to the Worldpay from FIS 2020 Global Payments Report, these payment solutions will make up 38% of e-commerce spending by 2023. Meanwhile, the percentage for credit cards will decrease to 25 percent and debit cards will fall to 16%.

Mobile wallet spending is going to increase