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Money and the idea of how its exchanged has evolved and is unrecognisable to how it was originally conceived. From the exchange of goods and grains, metal coins to paper - bank accounts have now evolved to e-wallets and contactless payments - money and the shape is takes is continuously changing. Visa estimates 78 of its top 100 merchants by transactions in the US already offer the ability to tap to pay at the checkout. Last year, J.P. Morgan’s Chase said it would start issuing contactless cards to millions of its customers, and Visa expects more than 100m contactless cards to be in use by the end of 2019.
Apple were the front-runners when it came to launching the mobile wallet app, doing so in 2014. They were followed shortly thereafter by Samsung and Android a year later. The sector is expected to grow exponentially and by 2022, it’s estimated that the transaction value of mobile payment apps will reach nearly $14tn. But it is Chinese company WeChat Pay that now leads the way, with their 600 million users outranking all their competitors. Fellow Chinese platform Alipay also performs well, with an estimated 400 million users in 2017.
Innovation in the alternative payments sector and the numerous benefits it will bring to consumers, including increased security protection, and lower costs will undoubtably see an increase in the number of jobs created in the area. A study conducted by American firm Kenneth Research suggests the global e-wallet market is expected to grow at CAGR of 15% and estimated to reach market size of approximately $2.1tn by the end of 2023. This will lead to a massive increase in the number of jobs created for skilled professionals.