Report on Mobile Wallets

May 23, 2014 – A new report from Juniper Research finds that one in five mobile phones will have mobile wallet capability by 2018. In contrast, at the end of 2013, only 1 in 10 were mobile-wallet enabled.

The research shows two distinct models; in developing countries Stored Value Accounts are brining access to the previously underserved, while in North America and Europe, contactless payments are expected to drive interest and adoption. According to the report over half of mobile wallets in developed markets will feature contactless payment by 2018.

Person-to-person payments platforms are also expected to increase consumer’s ease of payment and desire for mobile wallet transactions, particularly amongst younger demographics. “While P2P mobile payment services have struggled to gain traction in developed markets, financial institutions are keen to commit to them as they can serve as an attractive value-add to consumers in an increasingly cashless society,” Dr. Windsor Holden, the report’s author, said in a press release.

Read the full report here:
http://www.juniperresearch.com/viewpressrelease.php?pr=446