New Report Projects Mobile Wallet Adoption to Grow 183% by 2017

January 9, 2014 – One-fifth of U.S. smartphone owners used a mobile wallet in 2013, according to a new report from market research firm Parks Associates. That comes out to 40 million Americans. The market research firm forecasts that this number will grow 183% to 113 million, or 43% of smartphone owners, by 2017.

One factor that the report finds will likely drive growth is an explosion in payments technologies coming onto the market, which will have broader application beyond payments, including mobile loyalty programs and in-store marketing. These will give a greater number of smartphone users and merchants a reason to start using and accepting mobile wallets.

“After years in development, the mobile wallet market is making progress towards viability,” said Jennifer Kent, Senior Analyst, Parks Associates. “Mobile wallet apps exist at the intersection of marketing and payment, and because of this unique position, they are valuable and insightful tools for merchants and advertisers.”

Parks Associates announced the new research Transforming Commerce: Mobile Wallets and LBS during the ninth-annual CONNECTIONS Summit at CES.

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About Parks Associates
Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.