Global Mobile Wallet Market Will Grow 36% Per Year Through 2021
Mobile wallet usage around the world will experience a 35.5% compound annual growth rate from 2017 to 2021, according to the global mobile wallet forecast from Research and Markets. This includes the use of mobile coupons, money transfers and mobile commerce transactions.
The major contributor to this growth will be the expansion of 3G and 2G mobile data worldwide. 4G technology is prevalent in America, but many developing countries do not have access to those speeds. However, 2G or 3G mobile data gives consumers in developing countries enough power to process payments through mobile wallets as well as make payments through their phones.
One of the hurdles standing in the way of greater mobile wallet growth is the availability of NFC-enabled payment terminals. Again, these are fairly common here in the United States, but they are not as easily accessible worldwide. Research and Markets asserts many retailers are not ready to commit to the expense of installing NFC-enabled payment terminals because contactless payments are not popular enough just yet. Once they pick up speed, the retailers are expected to follow.
“This inter-dependence of retailers and technology providers is slowing down the growth of the global mobile wallet market,” the study said.
Some of the key vendors in the study include PayPal, Samsung, MasterCard, Google, Apple, Visa, LevelUp, Venmo, and Square.