Evolution of Mobile Wallets in the Global Financial Sector

  • Authors

    • Divya Sharma HR Manager, Cognizant, India. Author

    DOI:

    https://doi.org/10.67228/3071642X/IJCFDE-2021PI6V3Z

    Published 01-02-2021

  • Mobile Wallets, Digital Payments, Financial Technology, Fintech, Cashless Economy, Financial Inclusion, Mobile Banking, Digital Transformation

    Issue

    Vol. 4 No. 1 (2021)

    Section

    Articles

    How to Cite

    Sharma, D. (2021). Evolution of Mobile Wallets in the Global Financial Sector. International Journal of Commerce, Finance and Digital Economy, 4(1), 01-16. https://doi.org/10.67228/3071642X/IJCFDE-2021PI6V3Z

  • Abstract

    The rapid growth of digital technologies has transformed the financial sector, making mobile wallets a vital component of digital payment systems. Initially designed for electronic payments, mobile wallets have evolved into comprehensive financial platforms offering services such as payments, savings, investments, lending, insurance, and remittances. Advances in NFC, QR codes, cloud computing, biometric authentication, blockchain, and artificial intelligence, along with increased smartphone usage and government support for cashless economies, have accelerated their adoption worldwide. Mobile wallets have significantly improved financial inclusion by providing affordable and accessible financial services to underserved populations, particularly in rural and low-income regions. This study reviews literature published before 2021 to examine the evolution, adoption, benefits, challenges, and future prospects of mobile wallets. Using a qualitative analysis of secondary data from academic and industry sources, the findings indicate that mobile wallets have progressed from simple payment tools to integrated financial ecosystems. While security, regulatory support, and consumer trust drive adoption, challenges such as cybersecurity risks, privacy concerns, interoperability issues, and digital literacy barriers remain. The study concludes that mobile wallets will continue to play a crucial role in digital financial transformation, with future developments focusing on AI-driven services, blockchain-based security, open banking integration, and enhanced cross-border payment solutions.

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