mobile wallet

Are Mobile Wallets Replacing the Need for Physical Wallets

mobile wallets replace physical wallets

According to the New York Times, 17% of smartphone users made a payment with a mobile wallet application last year, which is almost triple the amount from 2012. So why are mobile applications getting so much attention? They're convenient. Having these mobile wallets available to users makes it easier to make transactions, borrow money and pay people back, as well as split bills when out with friends or family. 

Mobile wallets are still in the beginning stages, with the majority of these users being early adopters like college students. However, more and more stores are allowing customers to pay with their phones. Last week we wrote about how restaurants like Starbucks and Yogen Früz were utilizing mobile wallet applications to create a rewards program for their customers. There are already utilizing mobile wallet applications in unique ways, and there will only be more options available as more and more people catch on to the trend. ZDNet even went as far as to say that that mobile wallets could overtake physical wallets within the next ten years.

What do you think about mobile wallets? Are they something that would be useful to you or your business? Let us know your thoughts in the comments!