How Digital Wallets and Mobile Payments Are Evolving and What It Means for You

The digital wallet revolution has not have lived up to its expectations -- yet. According to Gallup, just 13 percent of smartphone owners have a digital wallet app, while the majority of those who do have an app (76 percent), rarely use it.

That may be disheartening for those of us involved in the industry, but there’s always a silver lining.

Business Insider is forecasting that in the U.S. alone mobile payments volume will increase to $503 billion by 2020 and will be used by 56 percent of the consumer population during that year. Meanwhile, Sweden, Singapore, the Netherlands, France, Canada, Belgium and the U.K. are already on their way to becoming cashless societies - with Australia, Brazil, India and much of Africa following suit.

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