This report provides an overview and analysis of the current state of the mobile wallet space. It examines the market’s size on a global and country level as well as looking at what drives consumers to adopt and use mobile wallets and what deters those averse to them. The report also looks at how the market has developed over the last few years and how mobile payments will evolve and change in the future.
The mobile wallet has come a long way since it was introduced over a decade ago. Adoption and usage have witnessed exponential growth over the years in many parts of the world. The evolution over time has led to the development of two different mobile payment systems: QR and NFC-based authentication methods. Additionally, in some markets, the concept of mobile wallet-based super apps has popped up, combining functions such as taxi-hailing, food ordering and delivery, bill payments, and travel ticketing, just to name a few. As the mobile wallet is a game changer in the area of payments, it is interesting to find out how the payment environment will further change going forward. With technological advancements in biometrics, there are many strong indications that payments with the palm will be the next big thing in the payments space. Many payment industry heavyweights such as Mastercard and Visa are launching their own palm payment systems.
The mobile wallet has come a long way since it was introduced over a decade ago. Adoption and usage have witnessed exponential growth over the years in many parts of the world. The evolution over time has led to the development of two different mobile payment systems: QR and NFC-based authentication methods. Additionally, in some markets, the concept of mobile wallet-based super apps has popped up, combining functions such as taxi-hailing, food ordering and delivery, bill payments, and travel ticketing, just to name a few. As the mobile wallet is a game changer in the area of payments, it is interesting to find out how the payment environment will further change going forward. With technological advancements in biometrics, there are many strong indications that payments with the palm will be the next big thing in the payments space. Many payment industry heavyweights such as Mastercard and Visa are launching their own palm payment systems.
Scope
- While security is still a concern for consumers who are averse to mobile payments, they have been exposed to such payment methods long enough that these concerns have fallen off the top reasons they avoid paying by mobile.
- There are still segments of the market that cannot see the advantages of using mobile wallets, and they need to be handheld and shown the way.
- The fastest way to get consumers to try out mobile payments is to offer them incentives such as cashback rewards for using mobile payments.
Reasons to Buy
- Gain an understanding of mobile wallet adoption and usage based on the analyst’s annual Financial Services Consumer Survey.
- Learn about how the mobile wallet has developed over the years around the world.
- Discover what the payment industry heavyweights are planning for the future using biometric authentication.
Table of Contents
- Introduction
- Usage Growth and Future Forecast
- Understanding Consumers
- The Global Evolution of Mobile Payments
- What Convinces Consumers?
- The Future of Mobile Proximity Payments
- Key Takeouts
- Appendix
