In our modern, tech-savvy world, the use of digital wallets has become increasingly popular. These virtual wallets allow for secure transactions to be made with ease, without the need for cash or card. One type of digital wallet that has captured the attention of many is the prepaid option. With a prepaid digital wallet, users can fund their account in advance, allowing for convenient spending without the worry of going over budget or overspending.
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Data for today’s episode is provided by Javelin Strategy & Research’s Report: Prepaid Mobile Expanding Its Use Case in a 5G World.
Apple Pay Payment Services Used in Past 12 Months
- 21% of consumers used Apple Pay for in-store purchases only
- 32% of of consumers used Apple Pay for both online and in-store purchases
- 45% of consumers used Apple Pay for online purchases only
In short order, the mobile phone market, and with it prepaid mobile plans, have gone from simple and inexpensive voice connectivity to an emerging player as the primary path to deliver internet capabilities worldwide. Currently, the prepaid market offers a steady but varying market presence worldwide, with developed countries using prepaid to augment postpaid subscriptions and developing nations utilizing prepaid as the primary source of accessibility.
The advent of high-speed 5G networks will enable a market shift from voice and data connectivity through mobile devices to a full array of internet services, free from the built-in infrastructure of wired services. This change is starting slowly, adding to incremental market growth in the short term, but will likely explode in the next decade, allowing for significant scale expansion of prepaid options to service a more comprehensive array of potential consumer use.