By the year 2020, mobile technology and cellular networks will allow millions of people to select and pay for vending options using a mobile wallet or e-wallet, according to an analysis by Grand View Research.

The global mobile wallet market is expected to reach $2,950.2 billion by 2020, the report stated.

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These options will support mobile payments by storing payment credentials and making them available at the point of sale. Other functionalities will be location-based marketing offers and automatic loyalty program redemption, the report said.

This vending payment option will increase the ease and security of payments and allow integration of multipe tickets, coupons and cards. The report noted that vending options are "expected to positively impact market growth over the forecast period."

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