NEW YORK, Jan. 20, 2016 /PRNewswire/ --
After a promising number of mobile wallet initiatives in 2011, with Google Wallet a driving force, market expectations have fallen somewhat flat. Despite the emergence of alternative payment solutions, though, mobile wallet solutions appear to be back on the radar. The entire mobile industry (smartphone manufacturers, telecommunication companies, and chip makers) coupled with the finance ecosystem (banks, financial Institutions, payment processors, and platform providers) have invested heavily in the mobile payment opportunity. According to Frost & Sullivan, the value of mobile payment transactions will reach € billion in 2020, with a % compound annual growth rate (CAGR) evident from 2014 to 2020. Moreover, the number of active users will increase rapidly to reach million in 2023. By 2020, Asia-Pacific will represent % of transaction value, while the European region will hold a % share.
The mobile wallet will evolve from a simple payment solution to an application that will support various services such as loyalty and couponing. Mobile wallet adoption is directly linked to consumer perception — consumers must be convinced that it provides a real value add with discounts and coupons. The market is still fragmented, featuring a number of technologies, electronic devices, and security features. Nevertheless, consolidation is evident, with dedicated partnerships or acquisitions to take place in order to facilitate communication with a single product or brand, or message promotion. Innovation continues apace; wearable devices will undoubtedly have an impact on payment trends by changing usage models and consumers habits. Mobile wallets will probably be able to interact with or be embedded in wearables.
This analysis will answer the following questions for a global audience:
- What is the current mobile wallet landscape, and what are the latest trends?
- How much mobile wallet revenue can be expected through 2020?
- What is the anticipated adoption rate? How is the mobile wallet evolving by region?
Digital transformation has already happened in many banks and financial institutions. Services have been integrated into Web platforms, and a cloud-based approach appears to be the way to optimize costs and provide an exciting customer experience. Mobile devices are at the centre of this new strategy. Mobile payments and banking are now standard services at all banks.
The increasing number of new payment solutions, security mechanisms, and mobile technologies is revolutionizing the payment ecosystem; however, new entrants, historical participants, and innovative challengers have to fight to promote their solutions or initiatives. A flood of product announcements has left consumers bewildered and reluctant to adopt mobile payments. As a result, mobile wallet adoption has fallen short of expectations. Even in this challenging context, the payment industry is promoting mobile wallets as being frictionless, convenient, and speedy.
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